Once in a while, I peruse the questions asked on LinkedIn in the Marketing and Business Development sections. Earlier today, the 1 million dollar question on social business was raised: “How will you measure the actual ROI from social media campaigns?”.
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Dependent on the campaign, objective and industry, to my mind Social ROI is either measurable as a KPI that initiatives can be attributed to or part of the broader mix and more difficult to measure. At eg Philips the social programme in B2B differentiates between a number of online & social KPIs to track the success of the campaign down the various stages of the funnel (reach, image, traffic, subscriptions etc) in the short & medium term whilst measuring NPS/ net promoter score in the long run. Using a benchmark of social vs non social (campaign with or without, comparable hotel on Booking.com with or without social shares/ recommendations) may also enable you to build insights into 2.0 ROI.
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Social adepts will refer to ROI as the equivalent to Risk of Ignoring (social media). Whilst I’d agree with that notion, most decision makers nowadays will want to see a business case and KPIs backed up by relevant numbers also.
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For some KPIs useful to assess social ROI in the various steps in the funnel, see this model below (click to expand view).
/wp-content/uploads/2018/12/logo_DQ_kleur_2018-1.png00Paul Hassels Mönning/wp-content/uploads/2018/12/logo_DQ_kleur_2018-1.pngPaul Hassels Mönning2011-08-12 10:40:212011-08-12 10:40:21The ROI of social media marketing | some answers
Over the past few months I’ve had the privilege of working as marketing programme manager with Philips Lighting on a new social initiative in B2B. Today June 1st, the time has come to reveal more details… For information as to how the Tour evolves, please follow @PhilipsLight and my blog over the next few weeks & months.
Philips is announcing the launch of the 2011 Light World Tour, an initiative designed to share visual inspiration in the professional lighting design community. Individuals who work on or are touched by lighting design are invited to win a three-month tour to search for and visit the most inspiring and innovative lighting sights on earth. The winner is required to share the journey through daily blogging, photo and video uploads and tweets, developing a social media following of fellow lighting design professionals and enthusiasts.
Participation starts by uploading examples of which lighting designs inspire the entrants most, from natural wonders to professional installations and events such as the Guangzhou tower or the Australian Light in Winter festival. They can use the site’s social media features to drum up support for their entries. Site visitors and entrants’ supporters will vote for their favorite entries via Twitter, Facebook and LinkedIn to propel contestants into the list of ten finalists.
Supporters and anyone who shares a passion for lighting can also use the site to recommend specific destinations for the winner’s travel itinerary. By uploading photos and videos of their favorite lighting sights, they will help Light World Tour create a permanent, shared online “sketchbook” of stimulating views and ideas for the global lighting professionals community.
User votes will determine the ten finalists and the winner will be selected by an international panel of experts chaired by Philips Lighting Vice President and Design Officer, Rogier van der Heide.
The winner will enjoy a trip of a lifetime around the world to visit the most compelling lighting sites, installations, and events. The chosen traveler will also have the opportunity to conduct interviews with leading designers, architects, technology experts and artists in the field. The traveler will use the Light World Tour website to make daily reports of the experience in writing, photo and video.
Rogier van der Heide, Vice President and Chief Design Officer, Philips Lighting: “Light World Tour is this year’s greatest opportunity for lighting professionals, lighting designers, architects and enthusiasts alike to visually share the planet’s best lighting inspiration.”
Detailed criteria for entries and online submissions for the Philips 2011 Light World Tour award can be found at www.lightworldtour.com.
/wp-content/uploads/2018/12/logo_DQ_kleur_2018-1.png00Paul Hassels Mönning/wp-content/uploads/2018/12/logo_DQ_kleur_2018-1.pngPaul Hassels Mönning2011-06-01 14:22:372018-06-06 18:14:21Light World Tour | new ‘best job in the world’ social competition launched
Results of a study amongst 132 B2B marketers jointly conducted by Booz & Co, American Business Media (ABA) and the Association of National Advertisers (ANA) was presented last week. Assuming the findings are (or will soon be) relevant for the European and Dutch marketplace as well, this survey made me wonder.
Marketing taken seriously?! Current perception of marketing all too often is inextricably linked to advertising, branding and creativity. For marketing’s declining reputation to be improved, it increasingly needs accountability and a closer link to tangible business benefits and financial objectives. This was the key finding of recent award-winning research by Verhoef and Leeflang of Groningen University, the Netherlands.
As new, promising kid on the marketing block, social media need to be accompanied by tangible ROI to be taken seriously by senior decision makers. As Calibrero’s Ewald Jozefzoon illustrates, sometimes ROI in social media seems to be replaced by eg ROE. Return on Engagement is defined as “the measurement of involvement in social media based on online interactions and relationships.”
Hard or soft ROI It’s better, ‘cause it’s new. Isn’t that almost how some fast movers promote their new toothpastes, washing powders and detergents? As new element in the marketingmix, web 2.0 or social media are receiving an ever-widening audience and bigger attention. And a lively discussion is emerging as to how to measure their actual business benefits.
Tech Crunchies take the softer ROE stance, emphasizing the need for social media engagement and relative lack in control of who one reaches, when. In a recent blogpost they do include a handy overview of ‘All Social Media statistics and Facts’ that, quite consistently, largely falls in the ROE segment as well.
Even @equalman | Erik Qualman, emphasizes the value of Socialnomics predominantly in terms of means or inputs rather than business and monetary ends. He thereby confirms that social media in essence embody a new, highly successful channel, intelligence and communications instrument with a phenomenonal penetration speed.
Value of social media Don’t get me wrong. I love social media as – depending on the time of day – the digital 2.0 equivalent of an inspiring newspaper or an Irish pub. I equally welcome trials and experiments in social media to separate best from worst practices and to refine its discipline. From that perspective, I’m inclined to supporting the notion by @MktgROIorDIE that “many of the activities of creating soft ROI are often stepping stones in achieving hard ROI.”
Over the next months and moving into 2010 I will be trying to uncover best practices in B2B, resulting in a tangible, measurable financially-sound ROI. I will also be keen to jointly discovering new insights to properly/ best (re)defining the return of social media. This might refer to either improving a company’s bottomline by leveraging cost efficiencies or its top line growth. And, with the relatively smaller customer base in B2B, what tangible contribution is the adoption of social media bringing to enhancing customer lifetime value? Your feedback, suggestions and experiences are highly appreciated!
With in excess of 70 million YouTube videos, more than 130 million weblogs, in excess of 1,1 billion tweets to date, 10 million Wikipedia articles and more than 1,000,000,000,000 (one trillion!) unique URLs in Google’s index according to the FutureBuzz – it’s a truly insanely staggering amount of data and information that humankind is producing. Content is king. Is it?
From retrospective knowledge management to real time insights Less than one decade ago, knowledge management experts and solutions aimed at making implicit or tacit knowledge – stored in the heads of experts – explicit in some form of content management system. Intranet, extranet and other solutions were implemented to help enable the corporate flow of data, information and knowledge within and beyond corporate boundaries. The digital role of the community was known yet undervalued.
Overtime the ever increasing amount of content, added with the difficulty of keeping everybody disciplined in posting regular updates, has given rise to more emphasis on the network or community of people. Rather than making all content explicit, wouldn’t professionals be better off having a transparent and actual rather than retrospective view of who does and knows what? Here is where communities come in and why social media have started to play such a dominant role in sharing and exchanging views, information, experiences on a whole host of topics including services, products and the companies behind these.
If Google can’t answer the need for social search, who can? Google has only been around for some 10 years and has become one of the most successful companies on the planet as @JeffJarvis brilliantly describes in What Would Google Do. Besides rumours on an updated search interface, Google has recently announced social search, by which insights from one’s network pop up to the search to complement historical, 3rd party sources as traditionally displayed. Yet, as the Socialized blog wants it, there are new kids on the block. Microsoft’s Bing has made a successful appearance on the search scene with more relevant social search value to be announced in 2010. Integrated into Bing, Wolfram Alpha has the built-in power as ‘computional knowledge engine’ to provide the one and only just answer to a question submitted rather than generating thousands or millions of hits for the users to filter.
As the amount of content and the number of sources themselves become overwhelming, the human inclination may well be to simply ask for advice or recommendation in one’s own small circle. From a consumer point of view real time answer to a quest for the ‘best’ product or service then simply comes from the most recent blogs, facebook posts and tweets generated by one’s inner circle of friends and followers. I agree with @lewmoorman in his blog Beyond 140 that Twitter therefore becomes a serious alternative to Google. In quest of relevant, authentic information and real customer feedback when researching companies, products and services, breaking news and live events/conference updates, Twitter search is a fine place to go [pls note, Twitter search no longer exists today].
Consumer trends 2010 & search Diagonally scanning the well-defined 10 key consumer trends 2010, the new search paradigm to my mind becomes apparent in at least a blend of trends #3 (real time reviews), 5 (mass mingling), 7 (tracking & alerting) and 9 (profile myning). ‘Nowism’ refers to consumers’ lust for instant gratification as well as their almost incessant contribution to the real-time content stream of reviews and write-ups. Searching and finding relevant opinions and socializing online thru social media will lead to more physical mass mingling as people inherently enjoy meeting up with other people.
Search has the notion of information pull, yet the growing usage of tracking and alerting may complement the conventional search with a push version, see for example the online tracking programme that reveals New York’s city agency performance. Lufthansa’s myskystatus keeps the family and loved ones up to date on the progress of a journey. Furthermore, data and profile myning (no, not mining) refers to the huge untapped potential of consumers revealing their preferences, needs, wants and full personal profile possibly in exchange for a lower search burden.
With the strong human preference for impromptu decision making in combination with getting visual information, the forecast take-off of augmented reality (AR) should pave the way for a new generation of search platforms to be used anywhere, anytime and providing far better visual clues – solutions one could perhaps better refer to as ‘find’, ‘match’ or ‘insight’ solutions in the first place.
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