30 Aug So who cares about ROI – what is it anyway?
Now there are tools that help you measure your return on the investment you make in social media.
Topic – How to kill your brand on social
Mentor – Joel Leslie
- The tools
- Calculate the value of your time
Developing your leadership style – Jacob Aldridge – The best 3 things Jacob has learned from leaders
Kevin: Back once again, as we talk to Joel Leslie about how to kill your brand on social, if that’s what you want to do, we’re giving you all the ways not to do that. But today we’re going to maybe take a slight deviation. Still a danger sign, but we’re going to talk about return on investment. Joel is from Propify.online. Joel, is it possible to measure return on investment in social media?
Joel Leslie: Hi, Kevin. Thanks for having me again. Absolutely. Social media is one of the best platforms to measure your ROI and the reason being is that you know the target audience that you’re reaching and you know the value and the investment you’ve put in can return back onto you.
Kevin: Okay. So, just describe return on investment for me because as I understand it, tomorrow we’re going to talk about how much money you need to spend on social, investment to me is like the investment in time and money. So how do I measure that?
Joel Leslie: So social media has some very good reporting platforms, specifically with organic, which I’m a big supporter of, or organic reach to your target audience.
Kevin: We’ll talk more about that tomorrow I think, don’t we?
Joel Leslie: Yeah, that’s right. So with your return from social, there are different applications out there that can help you derive across the entire landscape. So I’m not just talking about logging into Facebook and going to their analytics part or going into Twitter’s and then creating a report yourself. There are some very good applications, good tools that help you deliver for your vendor the best strategy, the best report that you possibly can. So if you have, you’re selling 10 Smith Street for instance, and you’ve put it onto all the different social medias you need to then go through and to get the views, the impressions, the clicks-
Joel Leslie: The necessary analytics to create that one report that you will then send to the vendor. So there are tools out there that actually help you do that and that-
Kevin: Are they automated tools?
Joel Leslie: They are automated tools. That’s right, yeah. They help you illustrate like what you were saying, time and money, but in this case we’re talking about views, impressions, clicks, engagement levels, which is different algorithms that they use to derive this type of thing and then they report so that you can hand to your vendor to say, “This is how successful you were on social.”
Kevin: The reports that I get, how do I know what’s good, how do I know what’s bad? Is there some sort of comparison like an industry average that we should be trying to reach?
Joel Leslie: There isn’t an average per se, but you will get a level of understanding when you send it. You’re not going to send a report to a vendor that has one view on it. It just clearly isn’t helpful for the situation and it also isn’t indicative of what was actually happening at that time because the property could have been loaded at the last minute of the day or all these different scenarios coming to place. So it’s something that you will actually gauge as you use this and that’s why it’s important to have the specialists around you actually understand that type of technology.
Kevin: Yeah. Because what we’re talking about here could be very, very time consuming for an agent. I can imagine a lot of agents listening now would be almost glazing over thinking, “I just don’t have time to do all that stuff.”
Joel Leslie: That’s right.
Kevin: Things like A/B testing do you do that? Do you test different headlines and what’s going to turn people on?
Joel Leslie: That’s right, and they’re called journeys and you can build out your journeys and test your different workings and things like that. That’s why you do engage these top level media companies or sorry, social media management companies that can help you or provide a tool to your own staff that can do that themselves. That’s all part of the package that they get access to.
Kevin: Joel in Propify, are any of these tools available. How does Propify work?
Joel Leslie: Yeah. So we provide a tool because we found that agents were marketing their properties on social media willy-nilly, so to speak, we wanted to make sure that it happened in a streamlined and systematic approach. So we created a tool that allows agents to put their properties onto all the social networks at the same time, but then report on the performance of those back in the system that then they can actually get that and create a report for their vendor in one click. So it takes away a lot of that time that’s currently being used by whether it is a social media management company or whether it is actually your receptionist or your social media manager that you might have in your office. So we provide that tool that helps them do that.
Kevin: Do you help with the testing headlines and giving advice on what’s going to create more engagement?
Joel Leslie: We don’t at the moment, but one of the new pieces that we’re working on is an AI piece and that is actually very cool piece of technology and it derives all the social data that we’re pulling from social media, and then creates it in a way that actually gives you guidance on who’s going to buy next, so to speak. So let’s say if John Smith-
Kevin: It’s a predictive tool, is it?
Joel Leslie: Predictive analysis on social media. So I could say John Smith’s just left his job in Sydney, is looking for a new place to live in Redcliffe or vice versa. It gives you that heads up on this type of landscape.
Kevin: Great stuff, Joel Leslie. I guess we’ll run the series out tomorrow with Joel. I want to talk about money, Joel. I want to talk about how much money do we need to spend on social to make it worthwhile and I guess that follows on from today’s episode as well. Joel Leslie, my guest from Propify.online. Thanks, Joel. Talk to you tomorrow morning.
Joel Leslie: Thank you.
For more information, check out Propify.