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You Don’t Get Social Media ROI Yet? C’mon, Man!

I was feeling good about social media ROI, and how/whether people understand it. I figured, at least my people — marketers — get it. They understand how to measure social media, or at least the principles behind it.

Apparently not.

eMarketer dashed those hopes to the ground with their December 20, 2011 article When Will Social Media Measurement Mature?.

Marketers know that counting fans, “likes” and followers is not the best way to measure success in social media marketing. Yet these metrics are often the top benchmarks for performance. It’s not surprising, then, that marketers consider calculating return on investment to be the biggest challenge of using social media, and that a majority of them believe they cannot measure social media campaigns effectively.

How to Calculate Social Media ROI

Calculating the ROI of anything is easy. Subtract how much you spent from how much you made, and that’s your answer. If you spent $10,000 on a social media marketing campaign, and you made $50,000, your social media ROI is $40,000.

Simple, right?

$50,000 – $10,000 = $40,000.

So how do you know whether sales are coming from your social media efforts?

I’m not going to delve into the step-by-step process, but I’ll give you the tools and concepts you’re going to need to get started.

  1. Set up Google Analytics, and install the code on every page on your website. If you have a blog, it only needs to be part of the code. If it’s on a website with pre-built pages, it needs to be on every page.
  2. Set up a Bitly account. Bitly is a URL shortener that also lets you do some basic analytics on the number of people that have clicked your link.
  3. Create a Google Analytics tracking campaign for any and all major links you’re sending out. This is how you’re going to measure a particular blog post, tweet, Facebook status update, etc. If it’s just a basic link to the website, a campaign code is optional. But if it’s a blog post about a particular marketing campaign, set up the Google Analytics campaign.
  4. Put a hyperlinked call to action in your blog posts that take people directly to a sales page or order page. Make sure that the hyperlink is given a unique campaign code.

Here’s what will happen:

  • You’ll send out a link to a blog post via Twitter, Facebook, etc. Let’s say that 10,000 people see that link on your various accounts.
  • 1,000 people visit your page and read that blog post, all within a 6-hour span.
  • Of that 1,000 people, 100 people actually make a purchase with a total of $10,000 in sales.
  • Those 100 people also fill out their contact information, which gets placed into your CRM.

By looking at these numbers, you can determine a number of things.

  • 1,000 visitors out of 10,000 social media followers, fans, and friends means you have a 10% click-through rate.
  • 100 sales out of 1,000 visitors is a 10% close rate; out of a 10,000-person network, that’s a 1% close rate.
  • By looking at the entrance and exit paths of that particular 6-hour period, or particular day, you can see that a majority of people were moved enough by the blog post to go directly to the order page. Compare that to another blog post that only lead to 30 sales out of 1,000 visitors, and you know it wasn’t as effective in moving people to act.
  • You can then subtract the cost of that particular campaign from the amount of money you made to calculate the total ROI for the day/week/month.

Calculating social media ROI is not that difficult. It’s just a matter of having the right tools and knowing basic analytics and campaign creation. There are literally hundreds of articles and several books on each step I first described. It’s just a matter of reading, and then trying out what you’ve learned. With some trial and error, and constant measuring, you’ll soon learn what works and what you can stop doing.

Or you could just hire a social media professional to do it all for you.

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Who Should Rule, Content or Marketing?

Over on his blog, Nashville writer Jeff Goins questions whether content is really king.

Well, actually, no he doesn’t. he said content is not king anymore. It’s a “fat, dethroned monarch, dis-empowered of his royal ability to influence.”

Janus, the two-faced Roman god, should represent content marketing.

Marketing — or as Jeff calls it, “relationships” — are the true king. Without relationships, without marketing, it doesn’t matter how awesome your writing is.

I used to be terrible at this. I thought all I had to do was be a good writer. But I was wrong.

I was scared. And lazy. I didn’t want to have to actually meet people. I just wanted to write.

But that’s not how the world works. So why would I think for one minute the Web would work that way? Yes, even in real life, it’s not just what you know that matters, but also who you know.

And even in business, the best way to promote an idea, product, or service is relationship. We all know this, because in this day of media saturation, we don’t buy what the ads tell us to buy. We buy what our friends recommend.

If I have to give an edge to either of them, I still side with content. Because hidden content can accidentally be discovered one day. I might write a post that gets picked up by search engines, and I could start being found for that topic.

But I could optimize and promote the bejeezus out of something really awful, and a lot of people could see it, but what do you think would happen if everyone showed up and saw — and said — how awful it was?

Still, it’s not a question of whether content or marketing is king.

Content Marketing Rules

This does not have to be an either/or proposition. You shouldn’t have to choose one over the other. And no, this is not one of those “why can’t everyone just get along” cop-outs that I detest. This is like arguing about whether peanut butter or jelly is more important on a PBJ.

Content and marketing have a symbiotic relationship. One cannot exist without the other. You can have great content, but if your marketing sucks, no one will see your stuff. And you can have great marketing, but if your writing sucks, no one will care.

There has to be a happy medium here. Or at the very least, we have to recognize that Content/Marketing is a two-faced king, like Janus, the Roman god of beginnings. You can’t have good marketing and lousy content, and you can’t have lousy marketing and good content. Without one, the other will die.

Content without good marketing is a private diary. Marketing without good content is spam.

I think once writers realize they need to market, we’ll see a bigger explosion in books and ebooks. And once marketers realize that content is not some throwaway afterthought, they’ll start seeing an explosion in sales and profits.

And if you want to learn how to do both, you can buy Branding Yourself or No Bullshit Social Media to see how.

(See what I did there?)

Photo credit: mscolly (Flickr)

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Should I Cover Up the Name of No Bullshit Social Media?

Update: Awesomize.me contacted me with a great response addressing this issue.

I wrote a book with a naughty word in the title.

My latest book, No Bullshit Social Media, which I wrote with my good friend Jason Falls, has generated surprisingly little controversy. It’s been placed cover out on all the shelves in all the Barnes & Noble bookstores. It was even on their New Arrivals shelf, top center, where everyone could see it.

Of course, there has been some controversy. I’ve given presentations where I had to refer to the book as “No BS.” One group asked that I not mention the book at all, and since they dealt with a lot of very conservative Christians, who would be attending the conference, I was fine with that. (I covered up most of the offending word, and kept the cover one the last slide of the slide deck though.)

I’m not ashamed of the title. I’m not sorry I did it. I understand that some people don’t like saying it, and I’m fine with that. If they want to call it No BS, they’re more than welcome to. I won’t tell someone to do something they’re not comfortable with.

But what’s bothering me today is a particular social network, awesomize.me is covering up the title of the book completely. In my bio, I included the title of my book, spelled out in all its 4 letter (8 letter?) glory.

However, the “no naughty words” algorithm covered up the word, and recast it as No @#$% Social Media.

This actually bothers me. I can’t tell you why. It’s not censorship, because awesomize.me is a private company, and they can do what they want. If they want to make a rule that says “no swear words,” then they’re free to do it.

But at the same time, I’m annoyed by the fact that on a social network made up of grownups, I can’t use a grownup word. Not in a gratuitous, shocking, let’s-make-everyone-giggle kind of a way. But in a this-is-a-real-book-title way.

The easy thing to do would be to just change the title of the book myself to “No BS Social Media,” or “No Bull***” or even “No Bullsh*t.” But I don’t want to. That’s not the name of the book.

Am I overreacting? Should I just toe the line and change the title of the book in my bio? Or should I stand firm on principle, and refuse to change it, even if it means that people are going to wonder what @#$% stands for?

What would you do?

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Four Online Predictions for 2012

Okay, I’m going to jump on the trends bandwagon and offer yet another online predictions blog post where I polish my crystal ball and predict the future of social media. I think I have a decent track record going for me. In 2010, I predicted that Android sales were going to outpace iPhones, and I was only six months late on that (it finally happened earlier this year). Of course, I also said SMS would become obsolete, and that ain’t happening any time soon, so I’m batting .500.

Emboldened by my previous success — and with a promise to Allison Carter (@allisonlcarter) that this list will not mention mobile or geo-location networks — here are my four predictions for 2012.

1. An even bigger focus on quality of written content.

Thanks to Google Panda, the traditional SEO techniques of on-site optimization and backlinking is not as effective or important as it once was. Now, Panda measures things like bounce rate and time on site. In other words, if your site sucks, your rankings will drop. If your site is good, your rankings will rise.

Want to improve your rankings? Improve the quality of your content, especially your writing. The better your writing is, the longer people will stick around.

We’ll see a bigger push for web designers and bloggers to have better writing, not just a bunch of schlocky writing. So for anyone who has been in the quantity-over-quality camp of blog writing, you’re going to have a tough time of it in 2012.

2. Disruption will be the watchword, and the way to make money.

We’re already seeing how social media, broadband, and mobile phones are disrupting some middle men businesses. People are canceling their cable and satellite TV, and instead watching videos on Netflix and Hulu. We’re getting local news from local bloggers, or national news from each other, instead of TV news and newspapers. I even quit listening to local commercial radio, choosing instead to listen to an awesome public radio station out of Louisville, KY. Traditional media has been disrupted, but that’s not all.

We’ll continue to see more middle men being disrupted by fast phones and social media — look for advertising and PR agencies, publishers, banks, and credit card companies to take a big hit as people figure out how to circumvent these gatekeepers. Look for other people who figure it out to make a buttload of money being the disruptions, or taking advantage of the new disruptions.

(Case in point, Dwolla, which only charges $.25 per transaction for anything over $10 (under $10 is free), and is currently on course to move about $350 million per year.)

3. Citizen journalism will continue to grow and become more important.

Newspapers have taken a big hit in the last 10 years, thanks to online media — a disruption that’s been years in the making — but people still want local news. The newspapers that will survive and thrive will be the dailies in smaller cities, and the weeklies in small towns. In the big cities, we’ll see more citizen journalism as people report on their local stories. More Twitpics, more cell phone videos, more stories that are pieced together through people acting like their own journalists.

I would love to see some news-minded entrepreneur figure out a way to gather all of this content and monetize it. While that may not happen in 2012, look for online-only newspapers like The American Reporter to pick up the slack of the big city papers, and local news outlets like Patch to become more widespread and easier to use.

We’re going to see more news, commentary, sports, etc. covered up by real people, not professional journalists. I also think we’ll see smaller print newspapers get smarter about their online efforts, and even TV stations to continue to embrace the web. Could we also see someone start an Internet-only TV news style of website?

4. Teenagers will begin to leave Facebook in droves.

Their moms and dads are on Facebook. Their grandparents are on Facebook. The whole point behind Facebook was it was a place to go where you could be cool. And as everyone knows, it’s impossible to be cool when your parents are around. They’re moving to other networks where their parents are not. Even Ben Bajarin (@benbajarin) of Time Magazine is questioning whether it’s the beginning of the end for Facebook. (Hint: No, not yet. But don’t be surprised if it happens one day far off into the future.)

Where they’re all going is still unknown. MySpace is still popular among teenagers. YouTube is actually the second biggest network among teenagers (Facebook is still first). And the gaming console networks are seeing a big uptick. But when all the stats are showing that 1 in 5 teenagers are leaving Facebook, it’s time for marketers to stop with this “social media is for young people” nonsense and recognize that the parents and grandparents are embracing it more easily now.

Photo credit: JasonLangheine (Flickr)

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Quantify the Value of Social Media for a Music or Arts Festival

Let’s say you work for a large country music festival in Prince Edward Island, Canada, and you want to quantify the value of your social network so you can get sponsors for it.

Okay, this may only apply to one of you in the entire world, but the ideas are transferable to anyone who wants to determine the value of their social network, so you can sell it to sponsors and advertisers.

Kim Doyle (@Kim_Doyle) works for the Cavendish Beach Music Festival, which is held every July. I emailed a response to her and then figured it would make a good blog post, especially since I love going to music and art festivals, and am hoping one of them will arrange an onsite consulting gig at the festival. (I’m just sayin’.)

What is the Value of a Social Network?

Basically, the statement you want to be able to make to your sponsors is “our network will have X value to you.”

Pemberton Music Festival

This is a little tough for a new network, because it has no “value,” since it’s still unproven. But an established network has more value, because you know how big it can get, you’ve already seen what it can do, and you’ve been delivering clicks and eyeballs to your other social properties.

We can’t say for certain what value the network will be until AFTER the festival happens. Next year, you can demonstrate last year’s numbers. And if you’ve been doing it for a few years, you can show growth. But it’s hard to say, our network will deliver X visitors.

That’s because you need to be able to trace the interactions and transactions from your network to the sponsor’s properties, and they need to trace what happens from there. But if they’re not doing any monitoring or measuring themselves, then they have no idea what those visitors are worth. You can only show them raw numbers, but it’s up to them to demonstrate the value.

Measuring the Social Media Traffic

1) Show them how you can track all the visitors to your website, all the members of your social network, and measure the amount of time they spend interacting with the site and with each other.

You’ll do this through Google Analytics (# of visitors, time on site, # of pages visited), Klout score (especially your influence and reach), Facebook analytics, and Bitly (# of links clicked).

Include links on your blog (“Please visit our sponsors who make this possible. The more you visit, the more they support us.“), and count the number of times people click those links. Post links to their sites via Twitter (“we want to thank Floaty Bits Bottled Water for supporting Cavendish Beach Music. Visit them here.”)

If you can show those numbers, you can show sponsors what you can deliver. If this is a new venture, start measuring the size of your network, plot its growth, and see if you can start driving traffic to your site in order to show potential.

2) Show them the demographics of who they will be reaching. If you can know a few demographics of the people who come to your festival, you can show sponsors why you’re going to reach them better than traditional mass media.

For example, if a big part of your audience falls within Generation Y, you can find articles and studies that show a lot of Generation Y doesn’t watch TV, they Tivo it and skip commercials, or they watch a lot of YouTube videos on their mobile phones. So create promotional videos, put them on YouTube with a sponsor’s logo in the bottom right corner just like on TV.

See how many different ways you can drive traffic to the video, and measure each channel to see what drove the most traffic (use different Bitly links per source, 1 for Twitter, 1 for Facebook, 1 for the blog, etc.) Measuring that traffic will give a sponsor an idea of the kind of traffic you’ll be able to drive for them.

3) Remind them that they are going to be reaching a niche audience in a way that no one else can: they will reach a large group of people who are passionate about your festival and that music/art. But unlike the festival-only sponsors, they’ll be reaching them long before and long after the festival ends.

And not in the “your logo will be on the t-shirt” way of reaching them.

But if you’re sending out tweets that point to videos with a sponsor’s logo on it, and those fans watch the videos to see who will be playing, or to see a recap of the last festival, those sponsors get more exposure than the ones who were only visible during the festival itself. And any links from the YouTube page to the sponsor’s page can have a major positive impact on their search engine placement.

Consider doing a daily/nightly recap of the festival each day. Treat it like a little newscast where a “reporter” is on scene (film it with a high-def digital camera, not a mobile phone), interviewing artists and fans, showing a few seconds of the artist playing, and then putting it all into a YouTube video (complete with sponsor logo). Tweet that out a few times the next day, let people access it via QR code, and put it on Facebook for the fans who couldn’t make it, and count the traffic there too.

These are just a few ways music and arts festivals can find a sponsor specifically for their social media marketing and social networking efforts. These kinds of affinity groups can be a marketing goldmine for marketers because they’re reaching a dedicated niche audience who has an affinity for that festival, and are more inclined to support people who support something they love.

Photo credit: theburied.life

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Search and Social: A Partnership for the Ages

Robbie Williams is an SEO Consultant at Slingshot, and wrote this guest post in exchange for a guest post I wrote for their website.

Robbie Williams. I love his version of 'Somewhere Beyond the Sea' from Finding Nemo

What grabs a social media guru’s attention faster than mentioning the term “social media guru?”

The answer: Providing data-driven ROI statistics for their industry and, better yet, doing it in conjunction with SEO.

Worked, didn’t it?

Now that I have your attention, I want you to dabble in my thoughts for a moment.

I’ve often pondered how a social media practitioner would address the topic of “Search and Social” as they are the two dominating powers on the Internet. Now I know. They turn to the SEO professionals to address it.

As we all know, the Google algo is one of mankind’s best kept secrets. So I’m not going to come out and tell you that I know anything in my industry to be a 100% fact — aside from what Google tells us directly (which often keeps me up at night). However, I can back up my opinions and observations with the experience of day-in, day-out SEO practice, where dealing with rankings for an array of keywords is my entire world.

Within this digital domain, I’ve had first-hand experience with the algorithm and how it responds to certain human signals; e.g., social signals. However, (drumroll please….) social signals alone have yet to produce an identifiable, data-proven effect on rankings in the majority of SERPs. So yes, given the access to the data streams of Twitter and Facebook, there has been a trace amount of evidence where social media has had a noticeable effect on rankings in certain keyword search queries.

Now, back to proving ROI for social media with search. We all know how powerful social media has become and it’s not unreasonable to think that Google doesn’t realize it too. As a matter of fact, it has attempted to gain access to the Twitter and Facebook “fire hoses” (the full feed of information behind their massive firewalls) but to no avail … yet. As soon as this happens, you better believe that social media is going to have a significant effect on rankings, and it’s only a matter of time.

***Disclaimer: As an SEO professional, I am required to mention the discussion Correlation vs. Causation when discussing this topic. So here it goes: a page/brand/keyword will typically have social cues surrounding it because it’s a good page/brand/keyword and it will rank accordingly because of this. The reverse is not true, a page/brand/keyword will not rank only because it has social. In the world of SEO, it’s never that simple.***

Imagine a graph illustrating the respective positions of traffic-driving, conversion-producing keywords in individual SERPs (Search Engine Results Pages). Now overlay it with another graph of social media activity that’s been strategically produced around the same SEO keywords.

What do you see? Positive correlation (not necessarily causation). Additionally, imagine a Google Analytics graph showing increased conversion, increased on-page time and click-through rates, as well as a decrease in user bounce rates for those same keywords and their associated pages, overlaid on top. (I’m drooling at the thought of this, I don’t know about you…)

Boom. professional search engine optimization company. Aside from work, he loves being outside; running, mountain biking, adventure racing, etc. Robbie’s current motto: If you keep life full, you never have time to worry about tomorrow.