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Basics of Social Media ROI

What you need to know to calculate the ROI of social media
Instructor:
Francisco Marco-Serrano
79 students enrolled
English [Auto-generated]
Understand how social media ROI is linked to company strategy
Address the issue about how social media can impact company results
Learn how to define and measure the ROI of social media with a simple example

Nowadays, social media ROI has become one of the most discussed and current topics around marketing, communication and digital media professionals. I decided to introduce you to the basics of social media ROI, so you can start your learning journey along this topic. 

This is a very short and lean course comprising a total of thirty minutes of videos explaining which concepts you need to master in order to develop a social media presence: there are linkages to strategy, marketing, communication and the financial outcomes. In the second part, ROI is explained on its raw hard metrics appearance: the costs and benefits of social media. 

So, if you are into social media and are interested in knowing what is the social media ROI, how it fits into your strategy and company objectives, and want to understand how it should be calculated, then this is your starting point. 

The ROI of Social Media

1
Introduction

What should you expect from this course? What are you going to learn (and what you are not going to)?

Although some topics may seem too basic, there are things that sometimes need to be told so they become so evident. So many organisations are embarking into social media without considering their overall strategy, so then generating inconsistencies in their brand image.

So, do you know how the strategic process, the marketing mix, and the sales funnel are going to be affected by social media? That´s what I summarise in Section 2.

In Section 3, a series of financial indicators are suggested for measuring the real return on the investment, and an example is provided.

This course does not aim to reveal the final truth of social media ROI (I don´t think a unique one exists), but to help you start your journey for finding yours.

Basics for understanding ROI in social media

1
The Strategy: Value Creation

Social media must help generate value. This forces the organisation to include the roles of the social media strategist and the community manager. Although they have some specific targets and use their own tools, as they need to stay aligned to the rest of the company structure they have to understand the concept of ROI.

2
The Strategy: Balanced Scorecard

The Balanced Scorecard is a management tool that allows us to design and monitor the business strategy. Using it we can show how social media can impact in the financial targets of a company.

You will learn:

  • What the Balanced Scorecard (BSc) is
  • How strategy can be summarised by using the BSc
3
The Marketing-mix

The marketing-mix model is explained so a better understanding of the effects of social media into the strategy is obtained. This is the most basic model to design and analyse the marketing of a brand.

You will learn:

  • Which factors affect marketing
  • How social media can transform them
4
The Conversion Funnel

The most important target in a company should be conversion. In this lecture I explain you what 'conversion' is and how a simple model can let you understand the process behind it.

You will learn:

  • What conversion is
  • What is the AIDA model in connection to conversion
  • How social media may be reshaping the conversion process
5
Creating the Social Media Strategy with the Business Model Canvas

Building up on the previous lectures, this video introduces the Business Model Canvas and gives some ideas about how to use it as a tool for creating the social media strategy.

The Business Model Canvas is a tool that has been created by two scholars as the result of years of research on business modeling tools. It is devised as a nine blocks canvas, which help analyse and explain the strategy and business model of an organisation. It is easily adaptable to account for a social media strategy.

You will learn:

  • What the Business Model Canvas is.
  • How it is related to the strategy and value creation.
  • Some ideas about how use it for creating your social media strategy.

Social media ROI into practice

1
What to measure

A broad list of costs and benefits attributable to social media are explained.

You will learn:

  • What costs have to be taken into account to calculate social media ROI
  • What benefits are to be considered when calculating social media ROI
2
Social media ROI calculator

Following on the previous lecture (What to measure), and using a prototype calculator, a pretended business case is shown so the student can figure out which kind of data should be collected to do a full calculation of the social media ROI.

It is recommended the attached document is downloaded before the video is watched.

You will learn:

  • What data is required to calculate social media ROI
  • How to calculate the social media ROI by applying the formula
3
Using the Fisher Exact Test to assess campaign success

As explained in a previous video, sometimes you have to prove campaign success using only a small sample of your users/consumers. The Fisher Exact Test can help you evaluating the relationship between a specific campaign and the outcomes (i.e. sales).

4
What do you know about social media ROI?

Test your brand new knowledge on social media ROI.

You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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