Archive for December, 2010
How to measure ROT (Return on TwitVestment)
Chances are that your business has a Twitter account. If you don’t then you are in the minority – the tipping point has been reached and everyone and their dog are tweeting. But how do you translate your tweets into cash money (or at least measure a return?)
Measure your Return on TwitVestment (ROT)!
Measuring your ROT can be done in a few ways – the challenge is to pick one that works for your business.
1. Opportunity Cost
While Twitter is free, the time you and your team spend tweeting is not. Therefore one useful measure is to determine what you could be doing instead of Twitter – while this measure is somewhat fuzzy, if you are tweeting at the expense of other, more proven channels then you need to assess the true value of your tweets.
2. ReTweets & Twitter Mentions
The more times you are retweeted, or tweeted about for that matter, the greater awareness the market will have about your brand. This should be a +/- measure to account for negative tweets (let’s face it, they happen sometimes!)
So, for example, start with a score of 0, then add 1 for each positive tweet and subtract 1 for each negative tweet. This will give you a plus/minus score of your overall Twitter presence. Restart it on a regular basis and you will be able to monitor awareness and perception trends.
3. Web Traffic
Twitter can be an effective way to drive traffic to your site. You can measure this in two ways:
- Goal conversions (that is, how many site visitors from Twitter complete a specific task)
- Total web impressions (particularly useful if you’re a publisher and sell CPM ad space)
You should be able to automate this level of reporting within your web analytics system. The downside of this method is you don’t get defined customer information, merely a macroscopic guide to Twitter user behaviour.
4. Data capture
Getting people onto your site is great… but true commercial engagement occurs down the line, once you have direct contact information for prospects. So – with each tweet, push people to a data capture squeeze page. The amount of new records you add to your database can then be multiplied by your expected customer value, as follows:
ROT = # new records captured * estimated value per customer * expected conversion rate
This is the most valuable ROT measure – an actual cash money number that you can then compare across all of your marketing channels.
We can help you automate this by creating optimised data capture forms and automated results tracking – contact your account manager for more info at strategy@adestra.com
Parry Malm, Account Director
Top tracked email metrics
The level of tracking and reporting available from your email marketing makes it by far one of the most measureable marketing channels. For their new chart, Marketing Sherpa surveyed of more than 1,100 email marketers, asking which email metrics their organizations followed.
It’s no suprise that Clickthrough rate, Open rates and Delivery rates are the most common metrics, but interestingly is that only 18% of people surveyed measure the rate of social sharing from their emails, especially wiith all of the buzz around social media.
If you’d like to know more about how to measure social sharing from your emails, come along to Publishing Expo on the 2nd March at Earls Court 2 where Parry Malm, Account Director at Adestra will be presenting on “HOW TO MEASURE RETURN ON SOCIAL MEDIA INVESTMENT (RoSMI)”.
In his presentation he will be talking about the fact that you may have 250,000 followers on Twitter, but how much is that actually worth? The money is in your list – and if you aren’t effectively capturing new data via your social media efforts then your marketing ecosystem is suffering. In this session you will learn a ‘warts-and-all’ approach to seamlessly integrating your social media marketing with innovative list building techniques… and learn how to measure your RoSMI.
To view the Marketing Sherpa chart click here >
To visit the Publishing Expo site click here >
Data lies at the heart of your email marketing strategy
According to our colleagues at Return Path, 90% of your email program is determined at the point of data collection. Therefore it is paramount that you get your data collection process correct. Many marketers are too focused on collecting as much data from the recipient as possible and don’t realise that their complicated and lengthy form could be the reason for drop outs.
Other common mistakes include being far too discreet about the opt-out processes. We’re not saying you should put it in flashing lights (not possible with email anyway) but often if a recipient cannot find the unsubscribe link they think hitting “Mark as SPAM” in their email browser will have the same effect…and we all know that enough of these can affect your deliverability. So how should you approach all of these data collection issues? We suggest you keep it simple and be as clear and transparent as possible!
We’ve summarised all the things you need to think about in connection with your data collection process into 15 tips in our most recent whitepaper:
Tip 1: Keep it simple
Tip 2: Be clear and make it memorable
Tip 3: Gain positive action
Tip 4: Link to your privacy policy
Tip 5: Be aware of legal requirements
Tip 6: Do use double opt-in
Tip 7: Include a welcome email
Tip 8: Encourage subscribers to mark you as safe
Tip 9: Include a data protection notice
Tip 10: Don’t hide or complicate the unsubscribe process
Tip 11: Do use a preference centre
Tip 12: Keep permissions current
Tip 13: Do make use of viral opportunities
Tip 14: Use validation
Tip 15: Do use drop down boxes
How to measure ROT (Return on TwitVestment)
Chances are that your business has a Twitter account. If you don’t then you are in the minority – the tipping point has been reached and everyone and their dog are tweeting. But how do you translate your tweets into cash money (or at least measure a return?)
Measure your Return on TwitVestment (ROT)!
Measuring your ROT can be done in a few ways – the challenge is to pick one that works for your business.
1. Opportunity Cost
While Twitter is free, the time you and your team spend tweeting is not. Therefore one useful measure is to determine what you could be doing instead of Twitter – while this measure is somewhat fuzzy, if you are tweeting at the expense of other, more proven channels then you need to assess the true value of your tweets.
2. ReTweets & Twitter Mentions
The more times you are retweeted, or tweeted about for that matter, the greater awareness the market will have about your brand. This should be a +/- measure to account for negative tweets (let’s face it, they happen sometimes!)
So, for example, start with a score of 0, then add 1 for each positive tweet and subtract 1 for each negative tweet. This will give you a plus/minus score of your overall Twitter presence. Restart it on a regular basis and you will be able to monitor awareness and perception trends.
3. Web Traffic
Twitter can be an effective way to drive traffic to your site. You can measure this in two ways:
- Goal conversions (that is, how many site visitors from Twitter complete a specific task)
- Total web impressions (particularly useful if you’re a publisher and sell CPM ad space)
You should be able to automate this level of reporting within your web analytics system. The downside of this method is you don’t get defined customer information, merely a macroscopic guide to Twitter user behaviour.
4. Data capture
Getting people onto your site is great… but true commercial engagement occurs down the line, once you have direct contact information for prospects. So – with each tweet, push people to a data capture squeeze page. The amount of new records you add to your database can then be multiplied by your expected customer value, as follows:
ROT = # new records captured * estimated value per customer * expected conversion rate
This is the most valuable ROT measure – an actual cash money number that you can then compare across all of your marketing channels.
We can help you automate this by creating optimised data capture forms and automated results tracking – contact your account manager for more info at strategy@adestra.com
Parry Malm, Account Director
Top tracked email metrics
The level of tracking and reporting available from your email marketing makes it by far one of the most measureable marketing channels. For their new chart, Marketing Sherpa surveyed of more than 1,100 email marketers, asking which email metrics their organizations followed.
It’s no suprise that Clickthrough rate, Open rates and Delivery rates are the most common metrics, but interestingly is that only 18% of people surveyed measure the rate of social sharing from their emails, especially wiith all of the buzz around social media.
If you’d like to know more about how to measure social sharing from your emails, come along to Publishing Expo on the 2nd March at Earls Court 2 where Parry Malm, Account Director at Adestra will be presenting on “HOW TO MEASURE RETURN ON SOCIAL MEDIA INVESTMENT (RoSMI)”.
In his presentation he will be talking about the fact that you may have 250,000 followers on Twitter, but how much is that actually worth? The money is in your list – and if you aren’t effectively capturing new data via your social media efforts then your marketing ecosystem is suffering. In this session you will learn a ‘warts-and-all’ approach to seamlessly integrating your social media marketing with innovative list building techniques… and learn how to measure your RoSMI.
To view the Marketing Sherpa chart click here >
To visit the Publishing Expo site click here >
Data lies at the heart of your email marketing strategy
According to our colleagues at Return Path, 90% of your email program is determined at the point of data collection. Therefore it is paramount that you get your data collection process correct. Many marketers are too focused on collecting as much data from the recipient as possible and don’t realise that their complicated and lengthy form could be the reason for drop outs.
Other common mistakes include being far too discreet about the opt-out processes. We’re not saying you should put it in flashing lights (not possible with email anyway) but often if a recipient cannot find the unsubscribe link they think hitting “Mark as SPAM” in their email browser will have the same effect…and we all know that enough of these can affect your deliverability. So how should you approach all of these data collection issues? We suggest you keep it simple and be as clear and transparent as possible!
We’ve summarised all the things you need to think about in connection with your data collection process into 15 tips in our most recent whitepaper:
Tip 1: Keep it simple
Tip 2: Be clear and make it memorable
Tip 3: Gain positive action
Tip 4: Link to your privacy policy
Tip 5: Be aware of legal requirements
Tip 6: Do use double opt-in
Tip 7: Include a welcome email
Tip 8: Encourage subscribers to mark you as safe
Tip 9: Include a data protection notice
Tip 10: Don’t hide or complicate the unsubscribe process
Tip 11: Do use a preference centre
Tip 12: Keep permissions current
Tip 13: Do make use of viral opportunities
Tip 14: Use validation
Tip 15: Do use drop down boxes