Tweet Smarter, Not Harder:  Methodology and Impact of a Social Media Project to Encourage Savings Barbara O’Neill, Andrew ...
Workshop Objective <ul><li>Discuss pilot test of the FSA CoP’s ability to implement and evaluate a national social media f...
Program Description <ul><ul><li>National grant-funded social media outreach project to promote savings </li></ul></ul><ul>...
Definition of Social Media <ul><ul><li>Digital networks (blogs, Facebook, Farmville, Twitter, wikis, YouTube) that enable ...
IF  FACEBOOK  WERE A COUNTRY, IT WOULD BE THE THIRD LARGEST. THERE ARE MORE FACEBOOK USERS THAN PEOPLE IN THE UNITED STATE...
Four-Step Project Methodology <ul><li>FSA CoP social media capacity needs assessment (survey) </li></ul><ul><li>FSA CoP ca...
CoP Capacity Survey Topics <ul><li>Social media tools used </li></ul><ul><li>Frequency of use </li></ul><ul><li>Descriptio...
Use of Social Media by FSA CoP <ul><li>Frequency of Social Media Use by Extension Family Economics Educators (N =45) </li>...
Subsequent FSA CoP  Social Media Webinar <ul><li>How to Use and Evaluate Social Media in Financial Education </li></ul><ul...
FSA CoP Social Media  Webinar Topics <ul><li>How to use Twitter </li></ul><ul><li>How to use Facebook </li></ul><ul><li>Ho...
Project Implementation <ul><li>70 Facebook messages and 70 tweets </li></ul><ul><ul><li>Saving, debt/expense reduction,  A...
Sample Facebook Messages <ul><li>Save your loose change! According to  America Saves , saving fifty cents a day over the c...
Sample Tweets <ul><li>Save loose change. Saving $1 + change/day allows u 2 save $500/yr. Small changes=big savings! For mo...
Triangulation (Multiple Methods) Evaluation Approach <ul><li>Unique Twitter hashtag: #eXasw </li></ul><ul><li>Follow-up fo...
Quantitative Impact Data <ul><li>1,190 tweets were recorded with #eXasw </li></ul><ul><li>Several thousand Facebook messag...
Follower/Friend Survey Results <ul><li>N = 45; 32% “very helpful” and 57% “helpful” </li></ul><ul><li>48% visited ASW link...
Follower/Friend  Survey Comments <ul><li>“ Keep up the good work,”   </li></ul><ul><li>“ These tips are timely and benefic...
Monitoring Twitter Impact <ul><li>http://klout.com   </li></ul>
Monitoring Twitter Impact <ul><li>http://www.peerindex.net   </li></ul>
Professional Collaborator Survey Results <ul><li>N = 36; average of 226 followers/friends </li></ul><ul><li>17/22 Klout sc...
Professional Collaborator Survey Comments <ul><li>“ V ery good idea to get the word out”  </li></ul><ul><li>“ We hope to r...
Future Directions <ul><li>Apply for funding in 2012 </li></ul><ul><li>Seek funding for a larger scale project </li></ul><u...
Project Summary <ul><li>Social media is good method for increasing awareness but poor method for action </li></ul><ul><ul>...
Comments? Questions? <ul><li>Our project methodology can very easily be replicated by other eXtension CoPs </li></ul><ul><...
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E xtension 2011 fsa cop social media project-05-11

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E xtension 2011 fsa cop social media project-05-11

  1. 1. Tweet Smarter, Not Harder: Methodology and Impact of a Social Media Project to Encourage Savings Barbara O’Neill, Andrew Zumwalt, Rebecca Travnichek, Michael Gutter eXtension Financial Security for All (FSA) Community of Practice
  2. 2. Workshop Objective <ul><li>Discuss pilot test of the FSA CoP’s ability to implement and evaluate a national social media financial education project. </li></ul>
  3. 3. Program Description <ul><ul><li>National grant-funded social media outreach project to promote savings </li></ul></ul><ul><ul><ul><li>$1,200 mini-grant for America Saves Week 2011 </li></ul></ul></ul><ul><ul><li>Greatly elevated the social media capacity of the FSA CoP </li></ul></ul><ul><ul><li>Use a triangulation (multiple methods) evaluation approach </li></ul></ul>
  4. 4. Definition of Social Media <ul><ul><li>Digital networks (blogs, Facebook, Farmville, Twitter, wikis, YouTube) that enable people to: </li></ul></ul><ul><ul><li>Organize </li></ul></ul><ul><ul><li>Socialize </li></ul></ul><ul><ul><li>Learn </li></ul></ul><ul><ul><li>Play </li></ul></ul><ul><ul><li>Participate in e-Commerce transactions </li></ul></ul>
  5. 5. IF FACEBOOK WERE A COUNTRY, IT WOULD BE THE THIRD LARGEST. THERE ARE MORE FACEBOOK USERS THAN PEOPLE IN THE UNITED STATES. THE WORLD’S SECOND MOST POPULAR SEARCH ENGINE IS YOUTUBE. MORE THAN 75 MILLION PEOPLE WERE ON TWITTER in 2009 (and over 200 million in December 2010) AND IT IS GROWING FASTER THAN ANY OTHER SOCIAL NETWORKING SITE, ESPECIALLY AMONG 50-SOMETHINGS
  6. 6. Four-Step Project Methodology <ul><li>FSA CoP social media capacity needs assessment (survey) </li></ul><ul><li>FSA CoP capacity–building training </li></ul><ul><li>Program implementation and delivery </li></ul><ul><li>Triangulated impact evaluation assessment </li></ul>
  7. 7. CoP Capacity Survey Topics <ul><li>Social media tools used </li></ul><ul><li>Frequency of use </li></ul><ul><li>Description of content posted </li></ul><ul><li>Number of friends/followers </li></ul><ul><li>Social media impact evaluation methods </li></ul>
  8. 8. Use of Social Media by FSA CoP <ul><li>Frequency of Social Media Use by Extension Family Economics Educators (N =45) </li></ul><ul><li>Social Media Site Almost Daily Frequently Sometimes Rarely Never </li></ul><ul><li>Facebook 42% 20% 22% 9% 7% </li></ul><ul><li>Twitter 7% 14% 2% 39% 39% </li></ul><ul><li>YouTube 5% 25% 48% 16% 7% </li></ul><ul><li>Blog (any) 5% 5% 35% 7% 49% </li></ul><ul><li>Linked In 2% 11% 20% 27% 39% </li></ul><ul><li>Flickr 0% 0% 7% 19% 74% </li></ul><ul><li>Plaxo 0% 0% 7% 0% 93% </li></ul><ul><li>My Space 0% 0% 0% 9% 91% </li></ul><ul><li>Digg 0% 0% 0% 5% 95% </li></ul>
  9. 9. Subsequent FSA CoP Social Media Webinar <ul><li>How to Use and Evaluate Social Media in Financial Education </li></ul><ul><li>Duration: 01:28:44 </li></ul><ul><li>URL for Viewing: https://connect.extension.iastate.edu/p52944724/ </li></ul>
  10. 10. FSA CoP Social Media Webinar Topics <ul><li>How to use Twitter </li></ul><ul><li>How to use Facebook </li></ul><ul><li>How to assess social media outreach and influence </li></ul>
  11. 11. Project Implementation <ul><li>70 Facebook messages and 70 tweets </li></ul><ul><ul><li>Saving, debt/expense reduction, America Saves , ASW </li></ul></ul><ul><li>94 project cooperators </li></ul><ul><ul><li>From eXtension, Saves campaigns, military, others </li></ul></ul><ul><li>One of first financial education social media projects EVER with a focused evaluation methodology </li></ul>
  12. 12. Sample Facebook Messages <ul><li>Save your loose change! According to America Saves , saving fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund. Remember, small changes equal big savings! For more information, visit http://bit.ly/fHbGQy . </li></ul><ul><li>Do you keep track of your spending?  The America Saves program suggests that you review your purchases using credit and debit card receipts, bank statements, and/or online records. Then, ask yourself if you should reallocate some of this spending to an emergency savings account. For more savings tips, visit: http://bit.ly/fLuD29 . </li></ul><ul><li>Need help establishing a budget? America Saves offers this great tip: Beginning on the first day of a new month, track everything you purchase. Then, review your list at the end of the month. It will be much easier to make a budget once you see where your money is going. For more savings tips, visit: http://bit.ly/fLuD29 . </li></ul><ul><li>Want to save money? Take advantage of discounts and/or incentive programs provided through your employer. Many companies offer discounted rates for computers, fitness center memberships, movie tickets, hotels, cellular services, and more. Talk to your human resources representative to see what perks your company offers. For more savings tips, visit: http://bit.ly/fLuD29 . </li></ul>
  13. 13. Sample Tweets <ul><li>Save loose change. Saving $1 + change/day allows u 2 save $500/yr. Small changes=big savings! For more info, http://bit.ly/ASaves #eXasw </li></ul><ul><li>Do u track your spending?  America Saves says 2 review monthly purchases & put $ into savings. For more info, http://bit.ly/ASaves #eXasw </li></ul><ul><li>Save >$2/day buying coffee vs. latte. In 1 year, you could “find” $500 to save. Wake up & smell the coffee! http://bit.ly/ASEnroll #eXasw </li></ul><ul><li>Keep your car engine tuned & tires inflated to proper pressure to save >$100/yr in gas, says America Saves : http://bit.ly/ASTips #eXasw </li></ul><ul><li>Consider nixing cable movies. This saves >$500/yr. Use local $1 movie kiosks instead. For more saving info, http://bit.ly/ASaves #eXasw </li></ul><ul><li>Avoid expensive purchases on impulse. Think it over for 24 hours. Avoid buyer’s remorse & save $$. More tips: http://bit.ly/ASTips #eXasw </li></ul>
  14. 14. Triangulation (Multiple Methods) Evaluation Approach <ul><li>Unique Twitter hashtag: #eXasw </li></ul><ul><li>Follow-up follower/friend survey </li></ul><ul><li>Follow-up project participant survey </li></ul><ul><li>bit.ly analytics to determine number of clicks on unique embedded links </li></ul><ul><li>Pre- and post-ASW Twitter influence metrics </li></ul>
  15. 15. Quantitative Impact Data <ul><li>1,190 tweets were recorded with #eXasw </li></ul><ul><li>Several thousand Facebook messages </li></ul><ul><li>877 clicks from Facebook messages </li></ul><ul><li>275 clicks from tweets </li></ul><ul><li>36 of 94 cooperators reported a total of 8,163 followers/friends; estimate of 15,000 reached </li></ul>
  16. 16. Follower/Friend Survey Results <ul><li>N = 45; 32% “very helpful” and 57% “helpful” </li></ul><ul><li>48% visited ASW links; 25% planned to </li></ul><ul><li>11% joined AS; 32% planned to; 18% were already in AS; 39% had not joined </li></ul><ul><li>Mostly positive comments about messages </li></ul><ul><li>A few negative comments about “overkill” </li></ul>
  17. 17. Follower/Friend Survey Comments <ul><li>“ Keep up the good work,” </li></ul><ul><li>“ These tips are timely and beneficial. I appreciate the effort to help us help ourselves, ” </li></ul><ul><li>“ The tweets made me think about the ways we are managing our money,” </li></ul><ul><li>“ I welcome any and all suggestions for increasing my financial well-being.” </li></ul><ul><li>One respondent complained about a lack of money to save </li></ul><ul><li>There was one solicitation by a commercial firm </li></ul>
  18. 18. Monitoring Twitter Impact <ul><li>http://klout.com </li></ul>
  19. 19. Monitoring Twitter Impact <ul><li>http://www.peerindex.net </li></ul>
  20. 20. Professional Collaborator Survey Results <ul><li>N = 36; average of 226 followers/friends </li></ul><ul><li>17/22 Klout scores increased </li></ul><ul><ul><li>Average increased from 11.22 and 19.68 </li></ul></ul><ul><li>5/19 PeerIndex scores increased </li></ul><ul><ul><li>Average score increased from 4.94 to 11.52 </li></ul></ul><ul><li>Mostly positive comments; Some negative comments about “overkill” </li></ul>
  21. 21. Professional Collaborator Survey Comments <ul><li>“ V ery good idea to get the word out” </li></ul><ul><li>“ We hope to re-use the messages posting one each day” </li></ul><ul><li>“ I hope to continue to use the tweets I was unable to use during ASW” </li></ul><ul><li>“ Wish I had ready made tweets every day” </li></ul><ul><li>“ Very good idea, think we could try to keep this up” </li></ul><ul><li>“ This was great. It was easy to do” </li></ul><ul><li>“ I really appreciated this project to help me get going with Twitter” </li></ul><ul><li>Nine of 10 (91%) respondents said that they would participate in another SM financial education project </li></ul>
  22. 22. Future Directions <ul><li>Apply for funding in 2012 </li></ul><ul><li>Seek funding for a larger scale project </li></ul><ul><li>Stretch message delivery out over a longer time period with fewer messages per day </li></ul><ul><li>Do a character count on Facebook messages </li></ul><ul><li>Seek a larger number of project participants with high Twitter influence scores </li></ul><ul><li>Develop metrics to measure Facebook impact </li></ul>
  23. 23. Project Summary <ul><li>Social media is good method for increasing awareness but poor method for action </li></ul><ul><ul><li>“Conversion ratio” of followers/friends who joined America Saves was < 1% </li></ul></ul><ul><li>Many small aggregated impacts are impressive </li></ul><ul><li>Project built SM skills of the FSA CoP </li></ul><ul><li>SM messages can be repurposed as radio scripts, newsletter fillers, and text messages </li></ul>
  24. 24. Comments? Questions? <ul><li>Our project methodology can very easily be replicated by other eXtension CoPs </li></ul><ul><li>Consider getting funding so that a few CoP members can produce content for many to use </li></ul><ul><li>Best wishes! </li></ul>
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