Social Media Marketing ROI with @SteveCassady #VCBuzz

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Social Media Marketing ROI with @SteveCassady #VCBuzzSocial media marketing can make a huge difference to your business success, but how do we exactly estimate that success? What’s the social media marketing ROI and how to calculate it?

***Add #VCBuzz chats to your calendar here.

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About Steve

Steve helps companies optimize and plan their Return on Investment. He worked with over 100 companies in 36 states over the past eight years to create value in their operations and drive bottom line results.

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Questions we discussed

Q1 You’ve been into digital marketing for 8 years. How has it changed over that time? What was the most exciting trend you’ve been witnessing?

Has become Mainstream with explosion of users in 8 years. The web is now more than being found.

New Platforms with increasing focus on visual and mobile. Platforms and tools evolving with data to help target and track social ROI.

Lots of noise. Need to filter – Tools can help.

On the other hand, Dark Social Sharing is currently about 80% of Social Sharing making measurements more challenging.

Q2 What’s the most effective way for a small business owner to get into social media marketing? Where to start? What to invest time and resources into to see rapid results?

3 Key Steps: 1: Select social Goals, 2: Apply Value to Business objectives 3) Track Conversions & Identify top ROI activities.

Know the end game result you want and where your customers and prospective customers are. Know what your competitors are doing (doesn’t mean you copy).

Be active on key platforms based on that research and Integrate with marketing/advertising. Social is not a stand alone effort

Set up tracking. If appropriate have the right fields set up in your CRM. Connect the dots! Big if objective is sales focused

For small locally focused businesses don’t forget to check yelp and foursquare profiles. Seen many incomplete profiles.

Design processes to capture data & communicate. Have found cases employees didn’t realize name and number on autoreply leads.

Q3 How can a small business owner estimate social media ROI? It should be so hard since the social media activity is usually scattered and bring so many benefits you cannot really measure (brand awareness, loyalty, etc.)

Overall branding is tough and integrates with non social media marketing and messaging as well. However a lot of tactics and content can be measured. Key to set up how you will measure your end goal through the entire funnel.

True, need to educate that Social is generally not a quick tactic.  Like other marketing takes time.

Make sure Final Record is set up to hold the right data elements for monitoring. Does CRM capture inbound data or number? Can use some old school methods here. Specific Codes by social channel/campaign, Special 800 numbers as well as custom links.

For one client used different 800 numbers for Facebook Posts, Facebook Ads, and Twitter. Also utilized branded bitly links.

Very good. Able to track sales results with source and identify ROI differences between FB Sponsored Posts and Ads.

Q4 You are a frequent participant of digital marketing Twitter chats… Why do you invest time into Tweet chats? What’s the ROI of participating in Tweet chats?

I consider Twitter Chats as Personal Learning Centers. Lots of smart folks and willing to share knowledge and content.  Twitter chats help to develop your personal and business brand.

Developed short term projects from chats, Speaker at virtual conference on Twitter chats, Received referrals from participants. Received a long term contract job from Twitter Chat participation.

For me the ROI is there!

Also build relationships, so if stuck on a technical issue; someone is generally available to help or refer a source.

Q5 What are your favorite business productivity and efficiency tools?

I use many tools but answer is based on the question I am asking and information being sought. Lots of specializing out there.

Love @SproutSocial for Monitoring and high level reporting.

Use @SimplyMeasured, @oneQube, @Buzzsumo, Google Analytics when I have to get into details and influencers. Give @SimplyMeasured free tools a look. Lots of different insights on different platforms.

Love @Twitonomy for twitter account focused analysis.

Good news is that most core platforms are improving their reporting. If you haven’t checked @Twitter Analytics for your account it is a gold mind and it is free.

Twitter Analytics will even give you demographic data on your followers and your organic audience.

Our previous social media marketing chats:

 

VC Bee

Viral Content Bee is the free platform for social media sharing helping you get more shares for your high-quality content

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