CBA vs ROI (cost benefit analysis vs return on investment)

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** Updated to include a new comparison example between CBA and ROI in the second table below **

A great table and explanation of the difference uses and value of the two forms of measurement for social marketeers, from Angie Schottmuller in Search Engine Watch:

Cost-Based Analysis (CBA)
Return on Investment (ROI)

Formula
Benefits – Costs
( Benefits – Costs ) /… Continue reading | 3 Comments

Four growth hacks for student social networking apps

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Want four growth hacks to grow student social networking app unii, that are low cost, easy to implement, and do not require big changes to the product.? Here you go. I like the last one best, allowing users to create groups called ‘cliques’.

Growth hack idea #1: Acquisition
To use online student community thestudentroom.co.uk and target applicants via an email campaign, so connecting with around 45,000 Year 13 students that are discussing about going to university, and use that to build a community on Facebook. This campaign can include tips on how to sign up to unii with email, through to advice on surviving Freshers’ Week. Metrics would include email open rates, and engagement on Facebook Page for example.

Growth hack idea #2: Acquisition
Implement a referral campaign on select campuses to test its success and monitor performance, with online and offline integration, to assist the promotion of the referral campaign. Ideally using existing college ‘influencers’ to promote this, with the value of each sign in terms of lifetime value underpinning the costing of the campaign. Online this might involve adding a referral link/icon within the app itself so users can easily and predictably find the referral program, for example in the Settings section.

Growth hack idea #3: Retention
Word of mouth is key to successful student marketing, simply because students see each other often, they always need new topics of conversation, which is itself a great built in engine for retention to be harnessed. Therefore I suggest creating a weekly email which gathers together a digest of the most noteworthy topics of conversation, making full use of wider trending content from across universities, to help inspire conversations within each campus, repacked as ‘Rumours’ to add a touch more social networking virality. This digest can be highlighted in either a push notification or a post within the app, whichever is proven to be more effective in terms of improving retention rates.

Growth hack idea #4: Retention
I believe there is existing functionality so that members can create their own groups of members. I would suggest removing the duplicate Favourite links, currently there is both an icon and link from ‘Favourites’ and use the space for a Group icon/link. Therefore when a student accesses their notifications they can click on anyone who has favourited a post, and add them to a custom group. Call them ‘Cliques’ to add a bit of competitive social gamesmanship, helping create word of mouth about whether you are part of a student’s ‘Clique’ on campus. Metrics wise, clique creation would also help identify social influencers on campus, in terms of who is the member of the most number of cliques.

 

 

 

It’s easy it is to get even simple data wrong

Take a look at that this useful document from Andrew Chen to growing user signups using data and analytical thinking.

There’s a small error but it’s not obvious. Unless you compare it with similar tables.

The error appears in the Baseline Example for the Daily Dairy, in the table on page 8 which displays the answer as 5.6% of new users who post.