Vico Software is a small, less than $10 million, 2.5 years old, B2B construction software company. When I first met Holly Allison, as moderator of a panel on SMCBoston, she apologized because she had only prepared for our panel on the trip out to Framingham. She proceeded to give an amazing presentation, and I’d can’t imagine what would have happened had she had more time to prepare!
My first question to the panel was, “What are you currently doing to measure your social media efforts?” Her response was (I’ve paraphrased): “Our initial thought was that maybe we could start a community to help do tech support for our product. Then we realized that we could drive traffic to our website. So our most recent KPIs show that 16% of visitors to our web site come from our social media activities. Of those 27% turn into a qualified lead and 15% download something and 8% turn into customers. We calculate ROI by looking at revenue minus my salary times hours spent on social media.“
For once I was speechless – I’m not sure I’ve ever seen a better measurement plan!
Just to elaborate, they use SalesForce to keep track of leads, HubSpot to track web activity, and better yet, have such solid numbers that they can actually project how much they will need to increase traffic, based on sales forecasts and revenue projections. They’re even tracking leads from YouTube and Linked In. According to Holly: “There are over 108 groups dedicated to construction on Linked In. We participate in 39 on a daily basis, and we know what our click-through rate is on a per group basis.”
Way to go! And congrats on the Measurement Maven of the Month Award. --KDP
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