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How to Measure ROI from Social Media Marketing - YouTube
Channel: HubSpot Marketing
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Hi, I'm Daria, the product
manager for HubSpot's social
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media tools.
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We talk a lot about how your
business goals need to align
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with your social media goals.
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There are a number of metrics
you can measure to determine
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your return on investment, but
having a system in place for how
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you're mapping social actions to
those business goals will make
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it much easier.
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Most marketers are measured by
how their programs and campaigns
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perform in generating leads and
revenue.
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While positive brand sentiment
and a high level of customer
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service are important, your boss
wants to know that the time
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you're spending on social media
is actually translating into
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leads and customers.
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Essentially, revenue is the
ultimate indicator of social
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media marketing success, but
depending on your sales cycle,
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it can be months before you've
closed new customers from a
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social media campaign.
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Because of this delay, it's
important to use leading
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indicators of revenue success,
such as the following:
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Sign-ups for email, webinars,
and events: At HubSpot,
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We even have people sign-up for
reminders about our live events.
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Product downloads and trials.
Purchases: How many people buy
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your product or service as a
result of an action in social
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media? Downloads of marketing
materials.
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Your visit-to-lead conversion
rate: We love this one!
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Of the social media traffic that
you're generating, what
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percentage of those visitors
become leads?
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Sentiment analysis: How the
internet feels about your brand
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can be an indicator of
satisfaction, passion, and
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loyalty.
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Competitor benchmarking.
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Understanding how you stack up
against your competition can
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help you pivot and make better
business decisions.
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Website traffic. Reach and
engagement: This includes likes,
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shares, and comments.
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Audience size And finally,
campaign results.
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Dennis Yu, the Chief Technology
Officer of BlitzMetrics, tells
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us: The most important thing to
keep in mind when measuring
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social ROI is using the same
metric that you use for all the
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other channels.
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So you've got goals, content,
and targeting for your business.
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Maybe the goal is ROAS with a
revenue counterbalance.
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Maybe it's number of leads
versus a cost-per-lead.
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Maybe it's a particular product
launch that you're trying to get
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in front of a certain audience
at a certain recall rate.
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The same metrics that you use
for any other channel should be
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the same metrics, shouldn't they
be, for social?
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It's a question of how do you
measure that?
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To take a deeper look at how
social media could affect your
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business' key performance
indicators, or KPIs for short,
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here are some examples:
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Lifetime value: How much revenue
do you earn, on average,
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from a customer?
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Lifetime value multiplied by
conversion rate: How much is
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each potential visit worth to
you based on the percentage of
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visitors who convert?
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Average sale: How much is the
average purchase from social
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media into your website?
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Pay-per-click ad valuation: How
much would you end up paying if
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you were to use ads to achieve
the same social media results?
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Resource savings: Were you able
to have a customer take an
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action in social that will save
the company money elsewhere?
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For example, watching a video or
receiving a social media
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response rather than a lengthy
call into customer support?
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You'll also want to be tracking
your social media expenses so
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you can calculate ROI against
your marketing campaigns.
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Here are some things to track:
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Work-hours. Agency or freelance
costs.
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Social media software and
services. Content development
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expenses. Advertising costs.
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Once you understand what your
social media efforts cost,
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map those expenses to your
social media
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campaigns to determine your ROI,
return on investment.
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The ROI of a social media action
is calculated by dividing the
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net income by the cost of this
action and multiplying it by
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100.
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For example, let's say a
business invested $2200 dollars
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on a social media campaign to
promote a new product on
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Facebook and Twitter.
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Once they completed the
campaign, they found they made
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$9,500 in profit.
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The calculation for ROI would
look like this:
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9,500 / 2,200 x 100 = 432% ROI
How awesome is a number like
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that? While we might not all be
able to achieve this sort of
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success, you'll never know
unless you are tracking your
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efforts. It's also possible
you'll find that your ROI is
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negative. If so, you'll want to
adjust your campaigns or make
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changes to future campaigns
based on your learnings.
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And finally, make sure that you
report your findings back to
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your team and to your
executives.
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When it comes to measuring
return on investment, the
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benefits are endless.
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Brands can find new fans,
customers and leads, adjust
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campaigns to be more effective,
and shift spend toward programs
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that will be more beneficial to
the business.
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