Social Media Strategy

Determining Social Media ROI

October 12, 2009 By Justin Levy 20 Comments

A few weeks before the Inbound Marketing Summit took place, Chris Penn and I were discussing what he should speak about. Of that discussion came the decision to do the presentation on how to determine the ROI of social media. Figuring out social media ROI continues to be a very hot topic not only for the social media geeks but also for big brands that want to determine success measurements of their investment into the space.

Outside of this conversation I had been bugging Chris to analyze my restaurant, Caminito Argentinean Steakhouse, for some time now. Other case studies have focused on what we’ve done but not tearing apart the metrics. Chris is a genuis at analysis and analytics. So, I really wanted him to expand my knowledge and ability Google Analytics and other tools to properly analyze our efforts at the steakhouse and determine our ROI. For those that don’t know, approximately 1.5 years ago we cut out 80% of our traditional marketing budget and turned our focus to our website, SEO, social media and other digital initiatives as a way to drive sales. Surprise, surprise, it worked. Since then we have seen a minimum of 20% increase in sales when comparing the same month the previous year. But, one thing we never did was break out and track those individual efforts between the website, social media, and other areas we were spending our time online.

As part of his presentation Chris asked if he could use the restaurant as an example and do an analysis of our ROI. What Chris found, in terms of hard dollars, surprised me and I think it will surprise you too.

You can check out Chris’ presentation, both slides and videos below:

Video

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Slides

As I said, I was surprised at the actual dollar values but I wasn’t surprised at the result that Chris found. For us, our entire focus has been on SEO. We have used social media as a tool to augment that but not as a primary vehicle to drive revenue for the restaurant. For instance, we have made a conscious decision to not set up a Twitter account where offer discounts. It is something we’re considering doing in the future, but right now we aren’t utilizing social media in that way.

While this presentation gives you some information about my brick and mortar and the decisions that we face and have to make, have you taken these steps to determine the ROI of your efforts on your website, blog, or social media profiles? If you have done this exercise, did you change anything about the way you spend your time post-analysis?

Note: This is the first post of many highlighting videos from the Inbound Marketing Summit that was held at Gillette Stadium on October 7-8, 2009. All posts will be tagged ims09 for aggregation purposes.

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How Naked Are You

May 8, 2009 By Justin Levy 14 Comments

Yes, you read the title right. I want to know how naked are you. Do you prefer to wear a parka, hoodie, t-shirt, undershirt, jeans and everything else possible to cover yourself up? Or do you prefer to run around completely naked? Maybe you’re somewhere in between. You’re probably partially confused right now. I haven’t told you what the weather is like and where you’re going. Does it really matter? Would you really ever agree to run around completely naked? (Remember, public blog post…don’t answer that )

One thing everyone deals with as they start signing up for social networks is how transparent (er, naked) they’re going to be. It is something that you really have to give a lot of thought to. Who will see the information you post? What’s the reach of it? Where do you draw the line between what’s really personal and what’s ok to share? These are all normal questions that run through a person’s head when they first discover social networking.

With the ability to share so much about yourself comes many concerns. One of which is a concern for safety. I am fascinated with BrightKite (though I haven’t done much with it lately), due in part to what fellow pirate Chris Brogan uses it for. One day someone told me they were scared of it. Never expected the answer I would get. That person said they don’t like using location-awareness tools like BrightKite because then people with not such great intentions know where you are….or where you aren’t (like at home). I didn’t expect that answer because I had never thought of it in that light before. I can understand where that would be a serious concern. In my opinion, if someone is set to do harm to you, they will. They won’t need BrightKite to tell them you’re not home, they’ll see your vehicle is gone.

Another concern that comes up often, even more than safety, is regarding privacy. Most of these sites require some level of personal information. Couple that with the type and frequency of the information you choose to share and that gets people worried about their privacy. It is definitely a real concern but I think similar concerns existed when email, GPS and other forms of technology hit the streets.

So, how much and what should you share? How naked should you be?

There isn’t one blanket answer. The feature set of the social network dictates how transparent someone can be. Everyone has a different comfy level when it comes to sharing aspects of their life. Also, each users’ community will share and receive information in different ways. Bottom line is that you need to share what you’re comfortable sharing. I choose to share a lot about my personal life whether it’s through Twitter updates, photos from my engagement shoot, or sending happy birthday wishes.

I enjoy sharing a lot about myself because it has helped me to find whole niche communities of awesome people to connect with. I guess that means that I’m that guy running around nearly naked.

I hope that you all continue to enjoy what I share. Let me know if you want me to share more, it’s just right, or a little less.

How have you addressed how naked you’re willing to be?

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Photo by: Kables

Filed Under: Social Media, Social Media Strategy Tagged With: Social Media, Social Media Strategy, social networks, transparency

Wading Through the Noise on Twitter

May 2, 2009 By Justin Levy 7 Comments

One of the reasons why we all love Twitter is the ability to have instantaneous one-on-one conversations with like-minded folks. Until recently Twitter was like a closed community to marketing and tech geeks but as more businesses, celebrities and mainstream media pick up on it, Twitter is seeing growth of mind-blowing rates. Unique visitors grew from 7.9 million in February 2009 to 14 million in March 2009. So, as Twitter becomes more mainstream, how do you wade through all of the noise and find people to follow and interact with who provide value to you or your business?

First, remember that Twitter is 100% opt-in. Only those people that you choose to follow will show up in your stream. If you don’t find value in that interaction, there is no rule saying that you must follow anyone.

Second, use Twellow and Twitter Grader to search the bios of Twitter users. You can use these services to search for people with similar careers, interests, etc. Of course, Twitter does not standardize the bio area so it is based on whatever users type in. Therefore make sure you search different variations, especially if you’re searching job titles. For instance, a search for “Director of Marketing” will yield different results than a search for “Dir. of Marketing”, “Dir. of Mkt” or any other similar searches.

Third, use Twitter Search to find conversations that are taking place around subjects that interest you. From there you can see who is talking about those subjects and what else they generally have to say. Interested? Follow them and start engaging. Want to really become a pro? Try using Advanced Search…

These tools will help you to find those people or businesses that are talking about subjects that are interesting to you. But remember that it’s up to ensure that you’re engaging in meaningful conversations.

What other ways do you use to find people to follow on Twitter?

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Filed Under: Social Media, Social Media Strategy, Twitter Tagged With: Social Media, Social Media Strategy, Twitter

Using Social Media to Drive Sales for Small Business

March 31, 2009 By Justin Levy 20 Comments

Recently I had the opportunity to speak at Social Media Jungle: Boston hosted by Jeff Pulver. The topic of my presentation was how brick and mortar businesses can use social media to drive sales.

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If you run a small business, how do you use new media for your business? Has it been successful? What tools do you choose to use?

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Filed Under: Business strategy, Caminito, Social Media, Social Media Strategy, Videos Tagged With: Caminito, smallbusiness, Social Media, social media jungle, Social Media Strategy, speaking, Videos

Eating at the Social Media Steakhouse

February 20, 2009 By Justin Levy 5 Comments

Today, Danny Brown takes over my blog with a guest post about eating and social media…two of my favorite things

I’m a man that likes his food. While I may not always be the healthiest of eaters, I do try and stay away from the junk and eat as much homemade food as possible. Not always easy to juggle with time constraints, but I try.Being a meat lover, I’ve already told Justin that if I’m ever in Northampton, MA then I’ll be stopping over at his Caminito Argentinean Steakhouse for a house special. I already have a huge amount of respect for Justin, and the fact that he can feed me meat just adds to his star!

It’s pretty apt that he has this steakhouse, as I’ve often said that using social media is a lot like eating at a good steakhouse.

Strategy Appetizers

You always have to start somewhere, and it can be confusing. Looking at the menu, not knowing what you want with so much on offer. Sure, your friends may have been there before, but who’s to say you’ll always like what they do?

Best approach? Take your time. Find out what looks good to you and your tastes. Don’t be afraid to experiment a little – after all, if you don’t like your first choice there’s always the next time. The main thing is go with what you feel would be best for you.

Recommended starters: flickr, Facebook, MySpace

Filling Up On The Main Course

Once you’ve overcome your curiosity and wetted your taste buds with the appetizer, you’re ready for the main course. This is where you can really go to town. You know what you like and what works for you, so now’s the time to start satisfying your hunger.

Don’t be afraid to experiment. The great thing with main courses is that you can really mix and match to get a meal that’s just right for you. Take traditional courses and add your own flavor. Treat it like a buffet, if you want – mix up side dishes that wouldn’t normally be recommended and add little nuggets here and there as you go along.

The trick to really enjoying a main course is knowing that it’s the reason you’re here. Don’t be left disappointed – sample the dishes that appeal to you the most.

Recommended main courses: twitter, blogging, technorati, friendfeed, LinkedIn, delicious, Viddler

Spoil Yourself With Dessert

The way to finish any good meal (apart from a great wine) is with dessert – it just adds the perfect touch to a (hopefully) perfect experience. Besides, who doesn’t like spoiling themselves?

What’s ideal about desserts is that there generally aren’t any bad ones. Unless you have an aversion to sweet things, then there are all sorts of decadent goodies waiting for you. Best approach to dessert? Just lick your lips and dive in!

Recommended desserts: Wordcamp, Podcamp, tweetups

Of course, everyone eats differently. How do you satisfy your hunger?

——

Danny Brown is the owner of Press Release PR, a boutique agency combining traditional PR and marketing with social media. He provides consultancy services to clients in both the consumer and commercial markets, from small start-ups to Fortune 500 businesses.

He is also founder of the 12for12k Challenge, a unique charity project using social media to change the lives of millions in 2009. You can read more from Danny at his social media PR and marketing blog or connect with Danny on twitter.

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