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Taming the Social Media Beast - Social Media Analytics for Marketers
- 1. Taming the social media beast Marianne Madden 1
- 2. The Challenge How to quantify relationships, communities, influence and engagement 2
- 3. The Challenge How to stay focused on meaningful metrics and ignore the noise -- in the midst of hoopla, skepticism or impatience 3
- 4. The Challenge How to draw a straight line from social media activities to profits 4
- 5. The Challenge How to find out what’s working and what’s not – so you can refine and optimize 5
- 6. The Challenge How to set appropriate expectations 6
- 7. But first… 7
- 8. 8
- 9. Criticism • Bad execution • Locked children out • Encouraged false conversations • “The problem is that Skittles attempted to enter the social network without really engaging in it” 9
- 10. Effects 1 0
- 11. It all begs the question… What were they really trying to accomplish? 1 1
- 12. 1 2
- 13. How much time will it take for a social media strategy to help my business?
- 14. The POST Process • Define target audience (People) • Define Objectives • Define Strategy – Rules of engagement – Assign responsibilities – Analytics tracking – Etc. • Define appropriate Technologies • Launch • Measure results, optimize, repeat 1 4
- 15. Morals of the story • Take the time to nail strategy/planning • Quality of execution is everything • Launch of social media engagement is only the beginning
- 16. And whatever you do… Don’t give in to execs who try to rush deployment
- 17. Which metrics can help me assess my social media campaign for each type of objective: awareness, acquisition and retention?
- 19. Measuring awareness from SM • The basics: traffic, links, rankings, time interacting with you/your site • Spread/sharing of assets: use tracking codes • Sustained increase in keyword volume for your brand • Online buzz: use monitoring solution like Radian6 • Social bookmarking • Interaction with widgets/apps
- 20. Measuring acquisition from SM • Direct links/sales from SM efforts, shared content, etc. • Conversion rates from SM; value of SM customers • Email newsletter subscribers, RSS subscribers, etc. • Gain understanding of who you’re reaching via SM that you couldn’t reach via traditional means
- 21. Measuring retention • Audience empowerment • Purchase rate/value and lifetime value of customers from SM • Quantity and quality of conversations – How many customers are having issues resolved through SM? • Ability to answer questions, nip customer service issues in the bud
- 23. Measuring engagement • Joining the community • Submitting a comment/rating/review • Contributing UGC, incl. questions/replies • Saving a social bookmark • Favoriting videos • RSS subscribers • Clickstream data
- 24. Measuring ORM from SM • SERPs • Content of online chatter • How your content is tagged • Keyword trends
- 25. Rules of thumb Define concrete KPIs beforehand; zero in on your real objectives
- 26. Rules of thumb Allow campaign (and its KPIs) to evolve
- 27. Rules of thumb Look at the campaign holistically
- 28. Rules of thumb Keep your eyes peeled for unintended consequences
- 29. Rules of thumb Use SM to gain an understanding of who you’re reaching
- 30. Pesky qualitative considerations Engagement Audience empowerment Influence Community Trust Transparency Instant feedback Ability to flip the script Coolness factor
- 31. How to beat back the monster • Focus on what’s important, and what you can reliably measure • Study others • Do projections
- 32. What’s important? ROI! ROI = Value of benefit -------------------------------------------------------- Planning and development + Ongoing costs
- 33. Projecting ROI of a forum Baseline numbers: • Number of customers • Number of customers participating in forum (~1% annually) • Additional customers viewing content (Spectators) (~5% annually) Then estimate: • Total support calls these customers would have made (~1 call per customer) • Support calls avoided b/c of forum (assume 33% find answers on forum) • Cost savings from avoided calls (assume $10 per call)
- 34. Projecting ROI of ratings/reviews Baseline numbers: • Site visitors • Sales at typical conversion rate and transaction value Then estimate: • Visitors seeing reviews (~20%) • Increased conversion rate and transaction value • Net additional sales
- 35. Projecting ROI of a company blog • Advertising value (visibility/traffic) • PR value (press stories written about/driven from blog content) • Word of mouth value (referring posts) • Support value (support calls avoided) • Research value (customer insights)
- 36. Parting thoughts Measurement must evolve beyond web analytics and now focus on community insights.” - Jeremiah Owyang “Not everything that can be counted counts, and not everything that counts can be counted.” - Albert Einstein
- 38. References • Chart, slide 18 • Slides 32-35: Groundswell