Activating Your Socially Connected Business

During this webinar @OMLee and @johnlovett caused a minor flurry citing the IBM/comScore social sales data from Cyber Monday. The findings revealed $7 million dollars captured was directly attributable to social media. That's 0.56% of all Cyber Monday digital sales...

Storified by John Lovett · Fri, Dec 16 2011 16:43:19

Counting ROI in Pennies with Social Media | John Lovett at Web Analytics DemystifiedWeb Analytics Demystified is the web site of John Lovett and Web Analytics Demystified Consulting, the Web Analytics Wednesday social net...

On Cyber Monday, $7M was influenced by Social Media #IBMSocialJohn Lovett

“@johnlovett: On Cyber Monday, $7M was influenced by Social Media #IBMSocial” That's all? A rounding error.Casey Carey

@caseycarey $7m *directly* attributed. @johnlovett #IBMSocialLee Isensee

@johnlovett So if my math is correct Social Media "influenced" .56% of Cyber Monday sales #WhoopDeeFrigginDodeanshaw

@VineshC @johnlovett & that's such a tiny relative number anyway. #IBMSocialdan barker

@VineshC the number was based upon IBM Benchmark % of sales from social divided by comScore's $1.25B in revenue @johnlovett #IBMSocialLee Isensee

1/4 There's some buzz today about a study that suggests that $7 million of $1.3 billion on Cyber Monday was caused by Social Media.Kevin Hillstrom

2/4 Let's assume that $7 million is a reasonable/accurate. For an average e-commerce business, Cyber Monday is maybe 1% of annual sales.Kevin Hillstrom

3/4 Let's assume you work for a $50,000,000 business. If so, Cyber Monday is $500,000, and then, Social Media caused about $3,000.Kevin Hillstrom

4/4 At a $100 AOV, it's 30 orders, a little over 1 per hour for a $50mil business from SM. $7mil is big, true. 1 order/hour, ho hum.Kevin Hillstrom

@deanshaw Agreed 0.56% isn't a big deal for social spend today, but online just hit $1b+ and it was 1/2% not too long ago. #SocialAnalyticsJohn Lovett

@johnlovett Agreed. But if I told a retailer I had a strategy for increasing sales by .56% I'd be laughed out of the meeting.deanshaw

@deanshaw Well therein lies the hole in your strategy my friend...social ain't all about the money. #SocialAnalyticsJohn Lovett