Here’s an rock solid presentation on social media return on investment (ROI) to your CEO (or your boss) by Olivier Blanchard on slideshare. He made these available 2 years ago; that’s a long time in Internet years, maybe even longer in Internet marketing years. But his message is still quite relevant today and will be still relevant tomorrow. For business leaders who (still) have challenges in understanding this social media thing, this should help make things clearer.

Takeaway points:

• Social media is not free. It takes 1) people, 2) technology, and 3) time.
• Social media, like everything else in a business, must help reduce cost and increase revenue.
• Analytics only reports on non-financial impacts of social media.
• Social media performance needs to be tied to financial impact.
• To measure financial impacts of social media efforts, try the following:
  1. Establish a baseline (pre-social media measurements,)
  2. Create and report on social media activities timelines (social media activities over time,)
  3. Compare sales figures, number of transactions, net new customers before and since social media started; and be sure to include plenty of specific details on transactions.
  4. Measure transaction precursors such as new mentions, store traffic, website visitors, click through rates, blog comments, etc.
  5. Overlay all timelines to view transactions cause and effect together at the same time.
  6. Look for trends and related patterns.
• Then make business decisions to enhance what ‘s working and rectify what’s not.

Post from: Marketing Autopsy Blog
© 2009 Marketing Autopsy Blog.

The Basics of Social Media ROI

I missed the webinar and a chance to win his new book, but, courtesy of Hubspot’s Internet Marketing Webinars, here’s the video with David Meerman Scott discussing viral marketing, Feb 13, 2009.

David Meerman Scott’s World Wide Rave rules:

• Nobody cares about your products (except you).
• No coercion required.
• Lose control.
• Put down roots.
• Create triggers that encourage people to share.
• Point the world to your (virtual) doorstep.

Viral marketing. World wide rave. Looks like Mr. Scott is trying to brand a new social media phrase. I have no problem with this, but here’s real social media at work: he can do this because he’s become a “thought leader”, and we’re virally spreading his message. 

_{»crosslinked«}

Post from: Marketing Autopsy Blog
© 2009 Marketing Autopsy Blog.

Viral Marketing: Create a World Wide Rave with David Meerman Scott