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My talk on Social Media analytics from the OMG Social Media conference in Vancouver, BC on August 15, 2013. Most tweeted points: Responsibility of advertiser to add value to the conversation. The thing we forget about B2B is that we are still selling to a person. A new follower may be more valuable than a new customer. Deliver awesome content. That's how you increase Customer Lifetime Value. When people like your business on Facebook it means they're letting you into their lives ... Respect that!
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Conner Galway@Conner_G
#OMGConf
#OMGConfPlease remember to turn off
your phones during this conference.
SOCIAL MEDIA?
STRATEGY EXECUTION MEASUREMENT
HERE’S WHERE WE’RE AT:
IT DOESN’T HAVE TO BE THIS WAY
WHO IS THIS GUY?
MATH CAN BE SEXY
AFFECT vs EFFECT
AFFECT vs EFFECT
MOST COMMON QUESTIONS:
MOST COMMON QUESTIONS:
#1 How do I make money on social media?
MOST COMMON QUESTIONS:
#1 How do I make money on social media?
#2 I’m busy enough already, how am I supposed to find the time?
You don’t make money on social media, you make it where you
always have
CONVERSIONS =
The only things that really matter
CONVERSIONS =
Purchases, attendees, commitments, votes
CUSTOMER LIFETIME VALUE
= Your customers are always more
valuable in the future than they are today
CLV=
Average conversion valueX
Average # of lifetime conversions
MICRO-CONVERSION=
An opportunity to create Lifetime Value
MICRO-CONVERSION=
Any sign up, follow or opt in where people ask you to market
to them
Donation Today Newsletter Signup
Cash today $100 $0
Average monthly conversion 0% 10%
Average monthly conversion
value$0 $100
Average monthly value $0 $10
Average value after 1 year $100 $120
Average value after 5 years $100 $600
A new follower may be more valuable than a new customer
Donation Today Facebook Like
Cash today $50 $0
Average monthly conversion 0% 5%
Average monthly conversion
value$0 $50
Average monthly value $0 $2.50
Average value after 1 year $50 $30
Average value after 5 years $50 $150
People who Like you are more likely to like you
Now, the fun part.MATH!
The best type of conversion for my business is:
The average customer does business with me ___ times
An average conversion is worth ___$ to me
My average Customer Lifetime Value=
(# of conversions) x
(conversion value)
Micro-conversion opportunities:
Percentage who become customers:
Value of a micro-conversion to me=
(average conversion value)x
(micro-conversion percentage)
Value of a follower to me
Non-financial value
BONUS QUESTION
Percentage of website visitors who micro-convert
Value of a visitor to my website=
(average conversion rate)x
(micro-conversion value)
AMA
