Calculating the ROI of Monitoring/Listening efforts + Methodology Worksheet
Erin Korogodsky is Lithium's social media quarterback. Obsessed with social media, Erin has worked with clients like Newell
Rubbermaid, Wieden Kennedy and Vista Print to monitor their brands and
brainstorm engagement strategy. She is a frequent blogger on the Lithosphere (as ErinKoro) and you can follow her on twitter at @erinkoro and one of the team on @LithiumTech
Since I’ve been working in
social media at Scout Labs and Lithium Technologies, people ask me all the time
how to calculate the ROI of their monitoring/listening efforts. Typically, my response is “I don’t know –
what’s the ROI from answering your phone?
Reading your email?” Admittedly, this is a bit cheeky. That’s for good reason - I don’t know what
you know. What are you listening for in
the first place?
Clearly, each of these
areas has their own KPI’s,
costs and potential savings. The ROI
doesn’t come from listening; it comes from what you have learned by listening. Start with KPI’s because they lead you to ROI.
When I was invited to speak
at the 2011 eMarketing Summit a Special Event @ InnoTech, I thought this was a hot topic to tackle. I really wanted suggest a place to start,
identify what to measure and put it into a format that’s easy to share with
Since the event was in
Portland, I absolutely had to get Dean McBeth from W+K to join me and frame the whole thing around the
much-talked-about Old Spice Campaign. Who can blame me? These spots took off like a rocket ship that
has yet to land.
While not everyone has the
budget or even goal of creating a campaign of that scale, there’s much to be
learned from the measurement methodology.
Quickie overview came from Susan Etlinger of
Altimeter and goes like this:
measure the volume and gain insights from what you can learn about your industry.
Then look at your own company and competitors.
Finally, look at products, events
Thanks again to Dean for
joining and adding so much color commentary to boring old research and
math. Something about that Old Spice guy
just makes everything sing. Or whistle,
whichever the case may be.
Slides / Methodology spreadsheet from the presentations are below and attached. Thanks to all who attended!