Speaker 1: Social Media Analytics and Measuring Return on Investment, otherwise known as ROI. So what's an intro to social media ROI, return on investment? How do you measure the number of impressions or reach for a billboard? It's okay, like a physical manifestation of what we're doing here, social selling. With traditional marketing methodologies like these, it can be nearly impossible to prove return on investment. You don't know exactly how much that physical billboard got you. However, many marketers are still poking holes in social media saying, oh well you can't measure that. I'm here to say it's probably a lot better than that billboard you see people driving by. Spending billions of dollars on traditional advertising like print, so some people are still skeptical spending money there, when they should be allocating these budgets to social media where there are a ton of customers. So how do we define social media ROI? Well social media return on investment, or ROI, is a measurement of the value from social media marketing. Essentially, what is the return from investments made in social media? So if you put a dollar on social media, what's the return you're getting? ROI, by revenue formula, is profit divided by total investment, which results in a decimal number, times 100 to get a percentage. So we're getting 110% every time we spend a dollar we're making a buck ten, for example. Calculate the ROI of social media campaign for, say, a new purse. Alright, so you can follow a product all the way through the market and figure out, hey I've spent a dollar promoting this purse, or like what we're doing with Buoy with our bags and our Mimic Social, which you need to wrap up this week. What is our return on every dollar spent? And you hope it's more than just the dollar. You don't want to break even. You want to make money, right? Alright, so a common misconception about social media is that being active and posting updates will create hundreds of conversions. No, you gotta be smart about the social selling. So if you haven't watched the chapter 17 video that's posted about social selling, double back and take a look at that one. It's not very long. Oftentimes, the true value of social media, like brand awareness, cannot be measured in dollars and cents. So it gets to be kind of tough to measure, but if you do it, you can see some sales. Now, only 15% of CMOs have been able to quantify their impact of social media. So, for example, organizations that are using social media. It's very difficult. What are the three most challenging aspects of your social media program? It's measuring ROI, tying social activities to business outcomes, and developing our social media strategy. See, here's the thing. This class here, your final project, you're working on the social media strategy. That is something people really struggle with, and the reason why they struggle tying their social activities to business outcomes is they don't have a strategy, a written out plan, and that's another reason why they can't identify any metrics as to how much is a dollar spent on social media getting me in return, okay? ROI can be very tough, especially if you don't have a plan. So why is it important to measure ROI? Justifying the time and money spent on social media marketing, you need to know for every dollar spent what it gets you in return. Change the perception of social media across the organization. Keep in mind, you're going to have some people ahead of you that don't see value in social media. You're going to have to convince them with data. You're going to secure additional budget when you establish your ROI, and you can expand future social media marketing initiatives and understand what's working and what's not. So we've spent this course going through a lot of analytics, looking at a lot of reach, new follows, conversions, that type of thing on each major social media platform. So we got to figure out how to measure social media ROI. So we need to link it to our strategic intent. And so again, you got to go back here. You got to have an intent. You got to have a plan. That's why I'm making you do this in here. And you're like, wait, what do I do? What do I do? Oh my goodness, I don't know what to write. Tell me exactly what to write. You're not going to have me when you're out there trying to do social media marketing. You're going to have to think critically for yourself. Thus, I need you to come up with a strategic plan that has specific goals that, for example, increase brand awareness. Then you need to have objectives. Okay, well on Facebook, I want to have that community grow by 100%. So it's 100 people now. I want it to be 200 people by the end of this campaign. I want to increase engagement by 50% per post. I want to see who's clicking on my post. I want to make my post more shareable. I want to generate 50 more percent in traffic on our website off of, say, Facebook. This is a goal, but it's no good unless you have these specific objectives. And then how do you measure ROI? Is nail it down to a specific metric. So for example, if I'm going to grow Facebook community, it's easy for me to say, by 100%, I need to look at the number of new fans, how many people are liking my page. Increase engagement by 50%, number of likes, comments, and shares. That's engagement with your posts. Increase virility and shareability of content, number of hashtags, brand mentions, where are you getting retweeted, where are you getting shares on Facebook? All right, that's a metric you can measure. That's a metric if you buy marketing through Facebook, Instagram, et cetera, that you can track. During 50% more traffic on our website, 50% growth in page views and visitors. You can track that through your company. How many people are going to our website because we posted something on Facebook. All of these metrics are very specific. So you start broad with your goal. You have these objectives and you measure your metrics. That way you can say, hey, we spent 20 bucks here on Facebook. We got $60 in outcome. That's $3 for every $1 we spent. That is valuable data and we'll get you more funds. So a few definitions first. Social media, share of voices, the percentage of brand mentions, or people talking about the company online compared to its competitors. Top of mind awareness, T-O-M-A. A company or brand or product is first in customer's mind when they're thinking about a particular industry or category. So for example, when I say cola, most people think Coca-Cola. They think about Coke. They're top of mind. Earned media, the most valuable type of media. It is as it increases brand awareness with no additional effort on the part of the in-house marketers. So it's something that only social media can do is go viral. Net promoter score, NPS, is a metric that companies use to measure the willingness of customers to recommend a company's products or services to others. So are you getting referrals on there? Measuring total investment includes things like your inputs and what are you investing, employee hours and salaries, content creation, what it costs, social media tools, what that costs, and how much you're spending on ads. Now then you can look at these metrics that we're talking about up here, okay, and up here. Get these metrics. You can see them down here. Boom. Engagement, reach, targeting, types. You can look at likes, etc., etc. Social media, return on investment, resources, and tools. Google Analytics provides a lot. Hootsuite. This book, I had somebody ask me today, how do we get some examples of some of the things we're supposed to be doing? Dude, if you haven't noticed the book links Hootsuite like crazy. You should be definitely looking at that site as you write your final project. Buzzsumo, Sprinker, Spout Social, and several others. Okay. You can just take a look and see. Again, in the book you've got Hootsuite, Hootsuite, Hootsuite. Come on. There's a reason why we keep doing that. It's a good one. Google Analytics is good. Facebook Analytics is good. Measuring social media return, okay, on investment with Google Analytics. Setting up tracking code using Google Tag Manager so you can tag some kind of campaign you're doing. Creating UTM parameters. Tag URL. Boy, this is very technical. When clicked, basically you pay for Google Ads. They're going to tell you what you're going to get for that. I won't test you on this. Okay. Measuring social media return on investment, Google Analytics continued. Set up a custom social media goals with Google Analytics, and they give you a dashboard of following the steps. Okay. You've got an event. You've got destination, pages, duration. They'll tell you if people went to this online, stayed there, what they viewed, and how long they viewed it. That'll give you a better chance of knowing if you're being successful with your marketing campaign. Types of social media reports with Google Analytics. You guys know. You can see a very similar report to this on Facebook, Instagram, and most of the other major social media platforms. Now, with Google Ads, people go in and search. Let's say you have a plumbing business. They've searched for plumbing business, Spartanburg, South Carolina. You'll know if you pop up there. If you have Google Ads, you will pop up there, so keep that in mind. You'll look at social media traffic, network referrals, data hub activity, and landing pages. Types of social media reports from Google Analytics, UTM campaign results, your conversions, your plugins, your user flow, what are people, when are they coming, how long are they coming. You can look at days, weeks, months, what's the trends, what's the breakdown of time they're spending. You see Facebook, Google, Facebook, Twitter, Google. You can see who's clicking, how long they're staying there, and what they're doing. That's valuable information because you can set an advertising trap for them. Let's say they get on Facebook every night at 6.30 PM after dinner and they are looking for new running sneakers. Google can help you figure out what they're looking for and when to go get them. If you're looking at getting a return on investment, you need to be able to use these analytics. Here's for your resume builder, with and without MimicSocial. Let's pretend like we did this course without MimicSocial. You'd know how to develop content strategies on various social platforms. You'd grow an audience of followers on multiple social media outlets, at least have the building blocks for that, and build an employee advocacy program. Uh oh, what do we do if Karen gets on there and starts talking about politics? Whoops, that's great if we did not done Mimic. But with Mimic, you know those things, but you also know how to run paid ads on various social media platforms. You manage a large advertising budget and allocate funds for content creation and spend money, real money, pretend money, in Mimic. You identify a target market and boost revenue through the segmented ads. Why did I throw this slide in here last at the end of this condensed lecture here? Number one, being able to build a social media plan is not easy. It's guesswork to start, but then it's a growing document that keeps on getting better. I'm putting this in there because I want to challenge you to put this on your resume. You've now had a class, hopefully successful, let's see the projects and see what your final grade is, where you can put some things on some resumes. You've done everything up top without the MimicSocial, but with MimicSocial, you've done a simulation of the things below. That's attractive to this job market. Now, I don't want you to lie and say you've done it in real life, but you have done a simulation and you have had the course. This is the type of course when you graduate with a business degree that you need to point out as a bullet point on your resume that you have training in building social media content strategies. That is something that the market is keen on finding. It is something that a lot of people in the market do not have the skills for, but you do. I've seen you in class when I have my in-person classes, this online class, but I've seen you in class, a lot of people on social media in the middle of my class. Take that weakness and make it a strength. Take what you've learned on social media, build upon it, and help your career. Now, get back to studying. Get back to finishing up lectures. This is chapter 18, social media analytics, and we're getting a return on investment. Study hard, gang. Good luck.