Three Wise Dames

Marketing in the Life Science Industry

Guest Post Part III: Judging Social Media Success February 21, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
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Guest Wise Dame Susan L. Brown for Brown & Associates

elephantWboyWguitarROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

“The most socially engaged companies typically enjoyed revenue growth of 18% on average over the last 12 months, while the least socially engaged brands saw revenues fall 6%.”

  • The study also showed that social media reach alone may have a positive impact: BUTTERFLIES enjoyed significantly stronger revenue returns than SELECTIVES or WALLFLOWERS. Why? Because more touch points can present a ripple effect, inducing viral marketing, boosting brand recognition and driving sales volume.
  • SELECTIVES delivered higher gross and net margins, suggesting that deep engagement in a few channels can be a rewarding and effective social media strategy. Focusing on depth over breadth present an opportunity to better understand the customer, react quickly to customer demand, and improve satisfaction – which in turn generates pricing power and drives business success.

Key Take-aways:

  • Engagement via social media IS important — and we CAN quantify it.
  • It pays in both revenue and profits to engage meaningfully in social media. Emphasize quality, not just quantity.
  • To scale engagement, make social media part of everyone’s job.
  • Doing it all may not be for you — but you must do something.
  • Find your sweet spot – it is better to be consistent and participate in fewer channels than to spread yourself too thin.

How Companies Judge Social Media Success

The amount of web site traffic generated is the most popular way that companies in this study measure the success of their social media initiatives, followed by engagement with prospects and brand awareness.

Figure 1: Top Social Media Success Metrics

SuccessMetrics

 The next figure shows the bottom two box (Not at All, Barely) and top two box (Well, Very Well) percentages for respondents using each of the success metrics

Respondents were asked how well they can see the impact of company social media initiatives on the success metrics they use today using the following scale:

1. Not at All – Unable to Measure

2. Barely – May or May Not Have the Data

3. Somewhat – Data is There but You Have to Dig

4. Well – Most of the Data is Easily Accessed

5. Very Well – Part of Standard Reports

Figure 2: Ability to See Impact of Social Media Initiatives on Success Metrics

SocialMediaSuccessMetrics

Don’t Miss:

Part I: 6 Key Steps to Determine Social Media ROI

Part II: Social Media’s Impact on Purchases

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

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Guest Post Part II: Social Media’s Impact on Purchases February 14, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
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elephantWgirlWstickGuest Wise Dame Susan L. Brown for Brown & Associates

ROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

How Does Social Impact Brands and Purchase?  Some Use Statistics

Performics is a Publicis-owned company that focuses on digital marketing optimization including assessments of how consumers talk about brands on the social web. It conducted an online survey of U.S. consumers who access at least one social network regularly and determined what kind of impact social networking has on the purchase process. 34% of social networkers had taken action on an ad they had seen on a social networking site by doing a further search on the product, while 30% had learned about a new product while on a social networking site. One quarter of respondents were making product recommendations while social networking.

Use of Social Networking in the Purchase Process:

I have discussed products/services/brands on social networking sites after seeing an ad elsewhere: 20%

I have recommended a product/service/brand to my friends via a social networking site: 25%

I have gone directly to an online retailer or ecommerce site after learning about a product/ service/brand via a social networking site: 25%

I am receptive to invitations to events, special offers or promotions from advertisers communicated to me through social networking sites 27%

I have learned about a new product, service and/ or brand from a social networking site: 30%

I have used a search engine to find information on a product/service/brand after seeing an advertisement on a social networking site: 34%

Source: Performics, 2009; The Impact of Social Media Methodology: Online survey of 3,011 who access at least one social network regularly

Another landmark study conducted by the Altimeter Group and Wet Paint has found that the most valuable brands in the world are experiencing a direct correlation between top financial performance and deep social engagement. The relationship is apparent and significant: socially engaged companies are in fact more financially successful.

Key Findings of the Study:

1) Depth of engagement can be measured.
As the number of channels increase, overall engagement increases at a faster rate. Engagement differs by industry.

2) Brands participating in the social space fall into one of four engagement profiles.

SelMavWallButterMAVENS – These brands are engaged in seven or more channels and have an above-average engagement score. Mavens not only have a robust strategy and dedicated teams focused on social media, but also make it a core part of their go-to-market strategy.

BUTTERFLIES – These brands are engaged in seven or more channels but have lower than average engagement scores. Butterflies have initiatives in many different channels, but tend to spread themselves too thin, investing in a few channels while letting others languish.

SELECTIVES – These brands are engaged in six or fewer channels and have higher than average engagement scores. Selectives have a very strong presence in just a few channels where they focus on engaging customers deeply when and where it matters most.

WALLFLOWERS – These brands are engaged in six or fewer channels and have below-average engagement scores. They are still trying to figure out social media by testing just a few channels. They are also cautious about the risks, uncertain about the benefits, and therefore engage only lightly in the channels where they are present.

3) Financial performance correlates with engagement

  • The findings revealed that there is a financial correlation showing companies that are both deeply and widely engaged in social media, or MAVENS, surpass their peers in terms of both revenue and profit performance by a significant difference.

Next–Part III: Judging Social Media Success

Don’t miss–Part I: 6 Key Steps to Determine Social Media ROI

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

 

Guest Post Part I: 6 Key Steps to Determine Social Media ROI February 7, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
Tags: ,

Guest Wise Dame Susan L. Brown for Brown & Associates

elelphantWgirlWbananasROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

Addressing these questions is the first step to defining Social Media ROI.

Context is everything

The first issue to realize is that while social media and networking communities are new vehicles, however, they must be evaluated in context of each company’s business model, objectives, market and customers. Without this context there is no objective way to determine the value of social media and communities in a business situation.

What are these vehicles and why are they different? Mainly because the value of social media is interactive and immediate feedback as well as “user generated content,” a marketing-speak way of saying the content includes a dialogue with participants, instead of the advertising model where copywriters create text and readers are passive recipients.

Success in online marketing hinges on effective budget allocation and marketing mix decision making. Practitioners and executives must be able to identify the marketing campaigns and assets that help drive the business’ top and bottom lines, and invest in and optimize them accordingly. This of course requires access to comprehensive, granular, and accurate web analytics data with which marketers can measure campaign performance and understand the complex website and social media behaviors of prospects and customers. Performance measurements should not occur solely within the confines of individual channels and campaigns. The best online marketers measure performance and ROI in a comprehensive view that comprises all online channels, be they social media, paid and natural search, email marketing, banner or display ads as well as lead generation webinars, opt-in advertising campaigns, website content, coupons, contests, blogs, videos, etc.

Social Media Benefits and Risks


Benefits


Risks

  • Distribution is cost effective with potential wide global reach
  • Reduced customer acquisition costs
  • Increased website traffic potential
  • Direct sales opportunities
  • Immediate feedback gives ability to respond to issues or complaints in a timely manner
  • Capability of viral marketing—to build a brand through building “fans”
  • Communities can create unique customer engagement and retention and selling opportunities
  • Lack of message  “control”—companies fear potential legal risk and liability for unauthorized statements
  • Social media requires ongoing updates and responses to participants’ issues; resources need to be assigned and costs more than originally estimated
  • Monitored vs. Open Forums; decisions regarding the type of communities need to be addressed; and what guidelines to be developed

6 Key Steps to Determine Social Media ROI

  1. What are your purposes and objectives?
    • To introduce new products and services?
    • To provide customer support and/or reduce call center expenses?
    • To generate leads?
    • To create customer, partner, patient communities as a vehicle for engagement and retention?
    • To create internal communities or collaboration portals for employee retention, engagement and to add to innovation?
    • To use communities to increase revenue through coupons, contests, direct sales?
    • Can you use social media to sell directly?
  1. What elements of social media would be most important and yield greatest benefits and ROI for your business?
    • Blogs
    • Customer, Partner, Patient, Internal Communities
    • Facebook page(s)
    • Twitter campaigns
    • Online ads
    • YouTube Channel
  1. Budgeting and Resources?
    • Determine % of Budget for Social Media (Consider 2-5 % of marketing budget to start)
    • Content creation; at least one dedicated FTE per blog, or vehicle; or outsource?
    • Participant response: at least one dedicated FTE per blog or vehicle; or outsource?
  1. Creating On-Going Content; What Content aggregation, lead management or listening tools to use?
    • Ping.fm
    • Seesmic.com
    • Hootsuite
    • Social Mention
    • Marketo
    • Meltwater
    • Radian6
    • TweetDeck
    • Eloqua
    • Silverpop
    • Others?
  1. What to measure?
    • Website click through, Page views, downloads, etc.
    • Community/Fan page followers; membership, referrals, etc.
    • Social media activity; Community, Facebook, Twitter retweets/ activity/responses, engagement
    • Online ad follow through (leads, conversion to sales, etc.)
    • Lead results (qualified leads, scoring, contacts, registrations, etc.)
    • Customer or user conversion
  2. What analytic/measurement tools to use?

Next–Part II: Social Media’s Impact on Purchases

Don’t Miss–Part III: Judging Social Media Success

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

 

Guest Post: Barbara Dunn from HAI Watch News May 4, 2011

As a companion to our 3WD Kathryn Bowsher interview and her role as CEO of PurThread, I thought it would be appropriate to publish a guest post from blogger Barbara Dunn.

Earlier this year, the Department of Health & Human Services released its annual report on the quality of health care Americans receive. While there have been some improvements, hospitals still have work to do to put an end to the ongoing, but solvable, problem of Healthcare-Associated Infections (HAIs).

Caregivers and other healthcare professionals know steps need to be taken to protect patients from HAIs, but it will take strong leadership to make the changes necessary to reduce the likelihood of these life-threatening infections. To help achieve this goal, Kimberly-Clark Health Care launched “Not on My Watch” (www.haiwatch.com), a website that provides tools and information to help facilities eliminate HAIs.

I hope you will help in this effort by informing the readers of Three Wise Dames about this initiative. I’ve created a useful site that you’re welcome to grab resources from: http://haiwatchnews.com

Thanks Barbara, the ThreeWiseDames wish you the best in getting the word out about healthcare associated infections.

(C) 2011 eGold Solutions, all rights reserved.

Related Sites:

PurThread Home Page

Controversies in Hospital Infection Prevention Blog

 

 
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