Seven Guidelines for Achieving ROI from Social Media (Webinar with eMarketer’s Geoff Ramsey)
Friday, April 30th, 2010Yesterday, I attended a webinar from eMarketer with their CEO, Geoff Ramsey. Per usual, eMarketer boasted a ton of great statistics – many of which I won’t get into, but a few I will.
I’d like to start with a great quote Geoff gave during the presentation:
Think less about buying social media, and more about how you can earn and own it!
Geoff provided a ton of great stats showing that marketers are indeed thinking about social media - it’s at the forefront of most marketing strategies for 2010.
The base of social media spending, however, is small:
- Social media ad spending = 5.5% of total US online ad spending (eMarketer)
- For average US B2B/B2C marketer, social media = 5.6% marketing spend (Duke University)
- Among 73% of US social media marketers, budgets are <$25,000
What are people doing socially?
- Placing ad dollars on social sites = 40-48% of social media marketers
- Building on social presence = 57-74% of social media marketers
10 Best Practices for Social Media
- Think social marketing, not media.
- Know your objectives. (Top two objectives: enhance relationships with customers/clients, build company’s brand.)
- Leverage trust.
- Listening comes first.
- Join the conversation – but add value.
- Be authentic, humble, transparent.
- Recruit from your core,
- Target the influentials.
- Adopt a long-term, real-time approach.
- Integrate with other communications.
A few fun facts:
- Friends, family, and face-to-face personal interactions still trump “Social site” interactions.
- Less than 1/5 marketers are measuring social media ROI.
- Biggest problem w/ social media: lack of clear objectives.
- David Berkowitz’s post – 100 Ways to Measure Social Media
7 Guidelines for Achieving ROI from Social Media
- Establish clear marketing goals (and then identify social metrics that directly support those objectives.)
- Organize your metrics (and measurements) into a logical framework
- Exposure->Engagement->ROI/Outcome
- Take a long-term outlook with social media interactions and measurements. It’s a commitment, not a campaign
- If hard ROI metrics are difficult to track directly (like sales, leads, cost/sale, profit), consider a range of softer metrics (like consumer sentiment, video sharing rate, # followers/fans/brand searches) that can be linked to desired outcomes.
- Determine a dollar value for customers who choose to opt in and engage with your brand via social networks.
- Listening can save you market research dollars.
- Build the technological capabilities to measure your customers’ complete digital footprint – in real time.
Geoff Ramsey, CEO of eMarketer












