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ROI Of A Social Media Community 6/30/2009

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Michael Flint
Michael Flint

Mark Wallace presented on realizing ROI from social media initiatives. He outlined that social media ROI differs from traditional marketing ROI by focusing on reach, influence, participation and customer satisfaction rather than just conversions. Wallace provided 5 tips for realizing ROI including aligning social media goals to business drivers, regularly reporting key metrics and findings, communicating successes, and continuously improving data quality. Realizing ROI requires agreement on objectives, gathering intelligence, and adapting as needs change.

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Realize the ROI of Social Media Mark Wallace Vice President, Social Media Environmental Data Resources @mwallcomm June 30, 2009 Sponsored by: Confidential Property of EDR
Agenda ge da ? Traditional Marketing ROI vs. Social Media ROI ? EDR & commonground ? 5 ROI & Reporting Tips ? R Recap/Summary /S
Traditional Marketing ROI vs. Social Media ROI vs Confidential Property of EDR
¡°Return on Marketing Investment (ROMI) and Marketing ROI are defined as the optimization of marketing spend for the short and long term in support of the brand strategy by building a market model using valid objective marketing metrics valid, metrics. Improving ROMI leads to improved marketing effectiveness, increased revenue, profit and market share for the same amount of marketing spend.¡± Wikipedia¡¯s definition
ROI: What We Are Used To O at e e o ? Conversion ¨C cost per conversion ¨C conversion rate ? Engagement ¨C throughout the buy cycle ¨C compelling content ? Awareness ¨C company recognition ¨C product recognition
¡°ROI, or as we call it at EDR, Return on Initiative, is defined as the ability to quantify and report the y q y p results of our social networking efforts to all key stakeholders. We analyze traditional marketing, social or influence marketing, and search effectiveness, to name a few. It is not an exact science ¡± science. Mark Wallace
The ROI Rules Have C a ged e O u es a e Changed ? Social Networks ¨C reach ¨C influence ¨C presence ? Customer Satisfaction ¨C references ¨C lifetime value of a customer ? Participation: ¨C basics ¨C advanced Web.media.MIT.edu
EDR and commonground Confidential Property of EDR
Environmental Data Resources ( o e ta ata esou ces (EDR) ) ? EDR provides unique information services to reduce environmental risk associated with property i k i t d ith t ? #1 provider of environmental reports for Commercial Real Estate ? At one point, one of FedEx¡¯s largest customers in New England ? Portfolio company for the Daily Mail & General Trust in London ? C t d commonground j t over a year ago ¨C th social network f Created d just the i l t k for environmental and property due diligence professionals (B2B)
Ou St ateg c Soc a ed a Goals Our Strategic Social Media Goa s ? Evolve the EDR & The Daily Mail & General Trust brands and culture y ? Solidify EDR¡¯s relationships with customers and help them grow ? Improve EDR¡¯s marketing and web effectiveness ? Generate new sources of recurring revenue
5 ROI & Reporting Tips Confidential Property of EDR
Tip # Agree o Your Business Drivers p #1: g ee on ou us ess es For commonground, they are: ? Evolve and elevate brand ? Increase customer loyalty ? Maximize marketing effectiveness ? Generate sales
Tip # Report The Basics at Least Bi-Weekly p #2: epo t e as cs east ee y For commonground, here are a few examples: ? 3,500 Members from 1,600+ unique companies ? 18% are owners CEOs, principals, and leaders of their companies owners, CEOs principals ? 67 countries ? 11% participation rate ? 18 bloggers and over 560 blogs
Tip #3 Report Key Findings Ad Hoc p #3: epo t ey d gs d oc ? Since 9/08, Alexa rankings have gone up 420,000 points ? Si Since 10/08 EDR webgrade h gone f 10/08, b d has from a 66 t a 91 to ? Since 10/08, commonground webgrade has gone from a 74 to an 88 ? I the last month, our Google indexed pages h In th l t th G l i d d have i increased 30 ! d 30x!
Tip #4: Make Time to Co p# a e e Communicate u cate ? Regular in person communication to CEO, Sr. Staff, and Board ? Share successes frequently with members, coworkers, Advisory Panel ? Use blended approach to highlight milestones ? R Regularly thank all membership and i di id l members l l h k ll b hi d individual b ? Educate continuously
Tip #5 Research How to Improve Data Qua ty p #5: esea c o p o e ata Quality ? Market is evolving ¨C new technology out there every day ? Executives and investors want real data ? Make it loud and clear that your social networking efforts are strategic
Return on ou co etu o our commonground S Initiative o g ou d SM t at e ? Featured as a top 10 initiative in the DMGT ¡®09 annual report ? R f Referred t as now as an ¡° d to ¡°asset¡± vs. an ¡°initiative¡± t¡± ¡°i iti ti ¡± ? Customers are telling us they are receiving real value answers, jobs, and business ? Significant search engine optimization improvements ? E i Environmental B i t l Business J Journal A l Award i F b d in February ? Member referrals are picking up considerably (viral kicking in) ? Our first monetization effort exceeded expectations
Summary/Recap Confidential Property of EDR
5 Steps To Realizing Soc a Media ROI o ea g Social ed a O 1. Alignment ¨C 100% agreement on your business drivers 2. Gather and share intelligence, user data, and trends 3. Report advanced findings ad hoc ¨C the more the merrier 4. Make time to communicate with all stakeholders (¡­and thank them) 5. Do your homework ¨C as your community evolves, so won¡¯t your needs. Be prepared.
Q&A Contact information Mark Wallace VP, VP Social Media Environmental Data Resources (EDR) Twitter: @mwallcomm Twitter: commonground @edrcommonground LinkedIn: linkedin.com/in/mwallace6161 Questions via twitter #CommROI Special thanks to:

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ROI Of A Social Media Community 6/30/2009

  • 1. Realize the ROI of Social Media Mark Wallace Vice President, Social Media Environmental Data Resources @mwallcomm June 30, 2009 Sponsored by: Confidential Property of EDR
  • 2. Agenda ge da ? Traditional Marketing ROI vs. Social Media ROI ? EDR & commonground ? 5 ROI & Reporting Tips ? R Recap/Summary /S
  • 3. Traditional Marketing ROI vs. Social Media ROI vs Confidential Property of EDR
  • 4. ¡°Return on Marketing Investment (ROMI) and Marketing ROI are defined as the optimization of marketing spend for the short and long term in support of the brand strategy by building a market model using valid objective marketing metrics valid, metrics. Improving ROMI leads to improved marketing effectiveness, increased revenue, profit and market share for the same amount of marketing spend.¡± Wikipedia¡¯s definition
  • 5. ROI: What We Are Used To O at e e o ? Conversion ¨C cost per conversion ¨C conversion rate ? Engagement ¨C throughout the buy cycle ¨C compelling content ? Awareness ¨C company recognition ¨C product recognition
  • 6. ¡°ROI, or as we call it at EDR, Return on Initiative, is defined as the ability to quantify and report the y q y p results of our social networking efforts to all key stakeholders. We analyze traditional marketing, social or influence marketing, and search effectiveness, to name a few. It is not an exact science ¡± science. Mark Wallace
  • 7. The ROI Rules Have C a ged e O u es a e Changed ? Social Networks ¨C reach ¨C influence ¨C presence ? Customer Satisfaction ¨C references ¨C lifetime value of a customer ? Participation: ¨C basics ¨C advanced Web.media.MIT.edu
  • 9. Environmental Data Resources ( o e ta ata esou ces (EDR) ) ? EDR provides unique information services to reduce environmental risk associated with property i k i t d ith t ? #1 provider of environmental reports for Commercial Real Estate ? At one point, one of FedEx¡¯s largest customers in New England ? Portfolio company for the Daily Mail & General Trust in London ? C t d commonground j t over a year ago ¨C th social network f Created d just the i l t k for environmental and property due diligence professionals (B2B)
  • 10. Ou St ateg c Soc a ed a Goals Our Strategic Social Media Goa s ? Evolve the EDR & The Daily Mail & General Trust brands and culture y ? Solidify EDR¡¯s relationships with customers and help them grow ? Improve EDR¡¯s marketing and web effectiveness ? Generate new sources of recurring revenue
  • 11. 5 ROI & Reporting Tips Confidential Property of EDR
  • 12. Tip # Agree o Your Business Drivers p #1: g ee on ou us ess es For commonground, they are: ? Evolve and elevate brand ? Increase customer loyalty ? Maximize marketing effectiveness ? Generate sales
  • 13. Tip # Report The Basics at Least Bi-Weekly p #2: epo t e as cs east ee y For commonground, here are a few examples: ? 3,500 Members from 1,600+ unique companies ? 18% are owners CEOs, principals, and leaders of their companies owners, CEOs principals ? 67 countries ? 11% participation rate ? 18 bloggers and over 560 blogs
  • 14. Tip #3 Report Key Findings Ad Hoc p #3: epo t ey d gs d oc ? Since 9/08, Alexa rankings have gone up 420,000 points ? Si Since 10/08 EDR webgrade h gone f 10/08, b d has from a 66 t a 91 to ? Since 10/08, commonground webgrade has gone from a 74 to an 88 ? I the last month, our Google indexed pages h In th l t th G l i d d have i increased 30 ! d 30x!
  • 15. Tip #4: Make Time to Co p# a e e Communicate u cate ? Regular in person communication to CEO, Sr. Staff, and Board ? Share successes frequently with members, coworkers, Advisory Panel ? Use blended approach to highlight milestones ? R Regularly thank all membership and i di id l members l l h k ll b hi d individual b ? Educate continuously
  • 16. Tip #5 Research How to Improve Data Qua ty p #5: esea c o p o e ata Quality ? Market is evolving ¨C new technology out there every day ? Executives and investors want real data ? Make it loud and clear that your social networking efforts are strategic
  • 17. Return on ou co etu o our commonground S Initiative o g ou d SM t at e ? Featured as a top 10 initiative in the DMGT ¡®09 annual report ? R f Referred t as now as an ¡° d to ¡°asset¡± vs. an ¡°initiative¡± t¡± ¡°i iti ti ¡± ? Customers are telling us they are receiving real value answers, jobs, and business ? Significant search engine optimization improvements ? E i Environmental B i t l Business J Journal A l Award i F b d in February ? Member referrals are picking up considerably (viral kicking in) ? Our first monetization effort exceeded expectations
  • 19. 5 Steps To Realizing Soc a Media ROI o ea g Social ed a O 1. Alignment ¨C 100% agreement on your business drivers 2. Gather and share intelligence, user data, and trends 3. Report advanced findings ad hoc ¨C the more the merrier 4. Make time to communicate with all stakeholders (¡­and thank them) 5. Do your homework ¨C as your community evolves, so won¡¯t your needs. Be prepared.
  • 20. Q&A Contact information Mark Wallace VP, VP Social Media Environmental Data Resources (EDR) Twitter: @mwallcomm Twitter: commonground @edrcommonground LinkedIn: linkedin.com/in/mwallace6161 Questions via twitter #CommROI Special thanks to: