Written on Tuesday, 1 October 2013 by Unknown
Alas, closure to the blogging saga with this final blog post. This week's post is measuring the ROI of social media for Cadbury.
Return on Investment (ROI) is a topic that any business should be very familiar with. There are two ways of calculating ROI. The standard calculation involves a measure of a
corporation's profitability, equal to a fiscal year's income divided by common stock and preferred stock equity plus long-term debt.
The
other methods involves non-financial returns. H
ow I believe ROI is calculated is when investment on a product or a service is measured against the benefits or values expected to be received whether it is profit or something intangible like increased productivity.
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| Image source by RMS |
This is crucial for businesses intending to venture on social media platforms as this can indicate whether using social technologies would be worth doing. Let's use Cadbury as an example to calculate how they managed to receive a ROI by using social media.
Cadbury Wispa Bar
Long before I was born in 1981, Cadbury introduced on the shelves the scrumptious milk chocolate, Wispa that everyone loved before disappearing off the shelves completely in 2003.
Consequently, the entire population of UK initiated a petition to demand their beloved Wispa bar back on Cadbury's Facebook and Twitter page.
Cadbury responded by sending out 40 million bars to the market! After 18 weeks to responding to the petition, all 40 million bars were sold. This added an additional 30% to Cadbury's annual profits.
How did this happen?
I wasn't able to find the exact number of followers they had on their Twitter and Facebook page at the time but we can assume it was more than enough to force Cadbury to review their decision for taking good old Wispa off the shelves. UK must really like their chocolate. Their social media presence has enabled Cadbury to listen to what their customers wanted most and as a result they obliged.
By demonstrating how Cadbury was able to calculate their ROI with social media, other businesses can evaluate the ROI of the use of Social media themselves and become one of many successful businesses to use social media.
Here's another random fact..
After
winning a high court battle, Cadbury owns Pantone 2685C purple by trademark rules which prevents other companies from using that colour.
Thank you for reading, it has been a pleasure.
You can read more on Social media ROI importance
here.
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Written on Saturday, 21 September 2013 by Unknown
I have covered in earlier blogs the benefits of implementing social media technologies from a wide range of organizations. This week we gauge on GoPro's social media performance using the social monitoring tool, RowFeeder.
GoPro
You might have heard of the extensive and highly versatile camera manufacturing company,
GoPro. GoPro is a brand of high-definition personal cameras, often used in extreme action video photography. They are known for being lightweight, rugged, wearable (head-mounted) or mountable in unusual places such as outside planes, cars, or boats.
I've chosen GoPro as my rat for this social monitoring tool experiment. GoPro has a high involvement in social media and popular range of products, I thought it would be the perfect company to monitor socially. So let's see how well they performed according to RowFeeder.
Row Feeder
RowFeeder works well with tracking posts and tweets on Facebook and Twitter. What makes
RowFeeder different from their competitors is that it provides users with t
he raw data you need in flexible, familiar excel reports. Simply input your term that you would like to track and raw data is delivered in a spreadsheet. The service will then use the Google search database to track down all trends, tags, conversations and mentions of the term on Twitter and Facebook for up to about 20,000 hits. This process can take a long time depending search term.
There were some pro's and cons' that I found while I was socially stalking GoPro. These apply to both the free and paid versions of RowFeeder (I have tested each account type).
Pro’s
There are a wide range of report types you could generate. I was able to save a report into excel format from one of 7 report types below:
- Volume and Time Analysis -- See when people are talking and measure the size and velocity of the conversation.
- Conversation Driver Analysis -- See what people are talking about. Search the underlying themes within the conversation.
- Location Analysis -- See where the conversation is happening by country, state, and city relative to population.
- People Analysis -- See who is driving the conversation. Draw out the most influential and active users.
- Multiple Terms/Share of Voice -- Compare the relative volume and velocity of multiple topics, brands, or competitors.
- Influencer Analysis -- Analyze the impact of influencers on the conversation based on followers and Klout score.
- Contest Winner Selection -- Quickly export your contest participants and draw a random winner.
There were also no complex diagrams and data was easily interpreted.
Cons
Absolute sluggish process.Waiting for Rowfeeder to find GoPro hits on Facebook and Twitter database took nearly 20 mins just to find only 49 matches. RowFeeder needs to cycle through a range of non-relevant posts each time if you’re on the free account. This was a huge let-down.
After inputting my search terms then selecting which social services I wanted to retrieve data from, I noticed how unreliable the data will be due to only analysing Facebook and Twitter social networks. In saying this, blog posts and YouTube videos aren't included within the search pool.
Another con I found was when selecting the time of relevance manually, this was missing from the service completely.
Insights
As you can see in the pie graph of Twitter’s post mix only 54% out of 94 posts found were relevant to GoPro, the other 56% weren't.
.
From these results shown above, you can see the mix and frequencies of the top related keywords & frequency of posts to be able to see which social media site has a stronger impact based on the term.
Overall, if GoPro became more socially active over their Twitter and Facebook networks it is possible to see higher figures in all areas of frequency and popularity of the search term.
We can expect to see improvements once GoPro releases a new camera and through mainstream social media for marketing.
You can check out the details of GoPro’s social monitoring results I found with RowFeeder
here.
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