This is a guest post courtesy of Inner Architect CEO Susan Hanshaw:
In 1 Simple Ingredient for All Your ROI Needs, I discussed using a key code system to track the performance of individual social media efforts. While this practice is a great step towards tracking the sales performance of the social media channel, it is not enough if you truly want to learn how your social relationships are influencing sales in the long term.
What does it mean to measure impact on long term sales?
Think about it this way. Evaluating long term impact means there is going to be a starting point, a building up of history, and then a point where you measure what has happened since the starting point.
Starting point: Date of first sale
Building of history: Transactions made over a period of time
Measurement point: Recording cumulative sales that have occurred since the date of first sale
How do you apply this analysis to social media?
The goal here is to look at the buying history of the customers you have social relationships with versus those you don’t. This requires that you:
Identify which customers are Facebook fans and/or Twitter followers.
Append this information to your customer database or marketing database for future reference.
Segment your database into groups based upon relationship.
Further segment your groups into months or quarters based on first sale date.
In the example above, sales to Twitter followers is 14 points higher than average and 20 points higher than customers where there is no social relationship. To fully load this analysis to get a total ROI, you would need to load in the costs associated with social media. I’ll save this discussion for a future post. Please leave a comment or email me if you have any questions in the meantime.
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Many wine industry leaders are skeptical of the idea that social networks, Twitter and Facebook, have morphed into powerful direct sales and marketing channels like the traditional email, telephone, tasting room, eCommerce, or wine clubs. Many continue to deride the usefulness of these networks. And many continue to ask for return on investment white papers or reports without understanding the very basic features, benefits, and strategies of these networks.
Consequently, the key for full scale acceptance of Twitter and Facebook as direct sales and marketing channels for the wine industry is ROI. The first step to understanding your return on investment is measuring social media’s influence on the lifetime value of each wine consumer.
Very Basic Requirements to Measure Social Media ROI
Enterprise Buy-In: from the tasting room staff to the CEO, the entire winery must communicate the goals of their social media efforts and the strategies to be implemented.
Collect Data: at every level from tasting room to marketing department, customer sales data, contact information for multiple channels, and preferences must be collected. Information must be collected from each channel itself. From a telesales team, tasting staff, social media directors, and any other touch points.
Tag Consumer – Trade Lists: create identifying tags, compatible with the winery’s systems, and tag every Facebook fan and Twitter follower.
Timeline: identify the date of the first sale for each customer and continue to record all purchases from all the channels they utilize moving forward from that point.
Measure: begin to measure the lifetime sales, of exact start dates and like groups ie. club members or non members, of social media customers (Twitter and Facebook) vs. non-social media customers.
This is a very basic thumbnail sketch of the beginning steps to take in order to understand the social media ROI of Twitter and Facebook. The greater the detail in data collection, storing data in one central database, extrapolating the data, and then analyzing it- the greater the return on investment. The effort, time, and expertise it takes to leverage this type of strategy can be extreme but so are the benefits to the bottom line.
A. Embracing Social Media & Commerce: Cultivate Brand Loyalty
The session is about Cultivating Brand Loyalty and developing grassroots evangelists via social media with new and online wine lovers.
Moderator: Lisa M. de Bruin, National Account Development Specialist Hahn Family Wines
Panelists: Dean Guadagni, Business Director, Inner Architect; Judd Wallenbrock, President/General Manager Michel-Schlumberger Benchland Wine Estate; Hardy Wallace, Social Media Guru, Author, Dirty South Wine Blog, former Murphy Goode Wine County Lifestyle Correspondent.
B. Consumer Compliance: The Next Generation The Next Generation of Issues on PCI Compliance
C. Google Analytics and other Free or Low Cost Technologies
What does it mean to turn 50 if you can’t share what you have learned with your friends? The following are 50 things, from business to life, I have learned, experienced, or watched in 50 years on this planet. If you have a list please let us hear it. The 50 things are categorized but not ranked~
1. “Your word is your reputation”: say what you’ll do, do what you say
2. “Learning requires heart”: if you don’t want it, it won’t happen
3. “People want to buy they don’t want to be sold”: help people get what they want then you get what you want
4. “Preparation starts at home”: show up to work ready to go
5. “Don’t lie to yourself, it’s unbecoming”: if you don’t believe in your work, you will never succeed
6. “Writing is your publication platform”: learn to blog, express your ideas, create your public record the first jewel in the triple crown of building you as a brand
7. “Under promise and over deliver”: if you positively surprise people they will always react positively
8. “Telephone cold calling is the most underrated business strategy”: the science meets art of selling
9. “Multi Level Marketing is rarely a Win-Win situation”: me first with a huge helping of pie in the sky
10. “Technology is the life blood of business”: things change for the better
11. “Networking is a contact activity”: working the room is NOT networking
12. “Everyone should have a manual labor job in their background”: lessons in humility one jackhammer blast at a time
13. “Education is the great equalizer”: don’t squander your opportunity
14. “You make your own breaks”: capitalize when the moment arrives
15. “Overconfidence is a weakness”: check your ego at the door it might save your deal
16. “Mentoring is a two way street”: whether you are giving or receiving it is a win-win situation
17. “Dress for success”: if you look good you feel good
18. “Never underestimate your opponent”: it may come back to haunt you
19. “Public speaking is crucial to a career”: this is the 2nd jewel in the trip crown of building you as a brand
20. “Leadership is a skill you can develop”: this is the 3rd jewel in the trip crown of building you as a brand
21. “Listening is the skill”: this separates the stars from the pack
22. “Fear is contageous”: if you are fearful in any business situation it shows
23. “Give respect”: recognize excellence
24. “Expectations are dangerous”: if you have to ask you have never had to live up to them
25. “Winning isn’t everything”: it’s the only thing
1. “Your family is your rock”: if you are blessed with a solid family you must never forget them
2. “Travel early and often”: experiencing other places at a young page accellerates personal growth
3. “Live somewhere else”: leave your hometown and live somewhere far away
4. “Learn to adapt”: if you can adapt you can survive
5. “Living overseas”: Athens, Greece is amazing
6. “Follow your dreams”: if you fear trying you will miss out
7. “College is irreplaceable”: personal growth that continues to show up years later
8. Working in the music business: scouting bands while in college a dream job
9. Basketball: playing in front of 5,000+ wishing I could make it a career
10. Room mates: in college at UC Davis 1980 the brother of King Huesen of Jordan
11. Training: one training session with 1980’s Professional Kickboxing Association light heavyweight champion Dennis Alexio
12. Robin Williams: partying with the legendary “Mork” without ever knowing it was him
13. My father: the greatest teacher of humility, graciousness, and toughness
14. My mother: my heart and the person who challenged me to be kind and positive
15. Saving a life: helping a friend make a new start
16. “Losing to learn”: losing teaches you about yourself, winning is not the same teacher
17. “Watching your childhood friend play in the NFL”: Monday night football at the ‘Stick and my friend is on the field as a starting wide receiver for the Atlanta Falcons
18. “Moderation is everything”: if you allow anything to control you, you haven’t learned a thing
19. Jet skiing in Greece: the greatest adventure in my life riding behind a 25 story cruise ship, inside the wake funnel, jumping through the wake 5 miles outside the Mykanos harbor
20. Regrets: being invited to tryout for my college basketball team by the coach and declining for nothing more than the fear of rejection
21. Redemption: learning from this fear and accepting every challenge and opportunity with open arms
22. “First Kisses”: Kim in 5th grade changed my view of girls forever
23. Wine: so much more than a drink. It’s a lifestyle, appreciation for history, part of my cultural background
24. “Friendship”: they last only when you participate, work at it, and give
25. “Humor”: nearly everything is better with a laugh
Creating a viral marketing army on Twitter, of people willing to RT your links and talk about your business, can be done in a number of short steps. The key to this strategy is an ongoing, consistent, and timely effort in executing the steps.
5 Ways to Create Your Viral Marketing Army
Targeting: follow people and companies you wish to sell to and do business with in the future
Lists: Create lists for your followers segmented by industry, niche, and logistics to your business. Example: prospect X is a lead, prospect Y is an affiliate business, prospect Z is a possible networking partner
#FollowFriday: use this to recognize valuable resources, attract new followers, recruit new fans who will take an interest in moving forward your messages to their audience
RT: retweet your prospects, your consumers, audience members and networking partners links. Help them move their information
Hashtags: find a specific hashtag event focusing on your niche and show up. Our focus is the wine industry and we are avid participants in #WineWednesday
If your company or association is searching for a valuable presentation on Social Media and how social networks are the new sales and marketing channels, please consider Innerarchitect.com your guide to social media strategies.