Forrester and BESegal on Social Media Metrics That Matter

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This is a resource list of examples of social media metrics that matter.

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Forrester and BESegal on Social Media Metrics That Matter

  1. 1. R ESOURCE L IST: S OCIAL M EDIA A NALY TICS With So Much Social Media Snake Oil How Do You Make Informed Marketing Decisions? Examples of analytic science that measures the marketing-ef fect of social media. T H E R ESOURCE L ISTRESOURCE The following pages contain the text and links to resources I posted in a Discussion conducted beginning February 2011 in the Forrester Consumer L IST: Intelligence Community on Forrester.com. SOCIAL MEDIA Since first posting them I’ve often been asked for the resources list in the courseA N A LY T I C S of conversations with clients about how to measure social media. Often they find counting Twitter followers, or FB “Likes” or sentiment analysis has notMARCH & helped them make the business and marketing decisions they need to make.M AY 2011 Buried in data? Need actionable analytics? To learn how Bruce and E●S●Q unlimited can help you achieve similar results, call Bruce at 610-667-8188, or e-mail BruceESegal@gmail.com. Bruce E. Segal ● 610-667-8188 ● BruceESegal@gmail.com
  2. 2. Forrester Research Communities > Customer Intelligence > Discussions 1573 Views 4 Replies Latest reply: Mar 18, 2011 9:28 PM by Bruce Segal RSS Twitter Facebook Digg del.icio.us Feb 16, 2011 8:25 AM 4 Social Media Metrics for CI Weve been talking about doing a refresh on our "Listening Metrics That Matter" report - which is now almost two years old Zachariah Hofer-Shall - and Im trying to determine what metrics CI professionals use in their day-to-day activities. 10 posts since Aug 6, 2009 What Im wondering is that social media changes almost daily, but what about the basic metrics online conversation creates? Has anyone had any success creating their own KPIs or social metrics? What key metrics do you collect? Tags: metrics, social_media, analytics, measurement Like (1) Reply Average User Rating 5 (2 ratings) Feb 19, 2011 1:55 PM (in response to Zachariah Hofer-Shall) Re: Social Media Metrics for CI Zachariah: You hit a soap-box issue for me - social media science not social media bull shoes. Im a newbie here so Ill try not to cross any group etiquette. Bruce Segal 2 posts since The metrics that are currently available - sentiment analysis, like counts, viral coefficients - are not the "Metrics That Feb 19, 2011 Matter" to me. I find most of them to offer numbers that can inform my marketing decisions. The metrics that matter to me are not easily available. They include: 1. The value of a referral via a social network site. (aka jargon a "social recommendation.") Id use information like EventBrite calcs to make online marketing mix decisions. * See EventBrites analysis that determined: "one share on Facebook equals $2.52, a share on Twitter equals $0.43, a share on LinkedIn equals $0.90, and a share through our ”email friends” application equals $2.34. On an aggregate level across Facebook, Twitter and LinkedIn, and our email share tool, each share equals $1.78 in ticket sales. We’re seeing this number improve every week with the most recent four-week average equaling $1.87." * Blog post: http://blog.eventbrite.com/social-commerce 2. A social network analysis influencer score to append to each of my customers. According to Sonamine.com, "about 8-15% of population are influencers and each influencer can cause about 40 other people to purchase a product. Most influencers are currently under the radar of most marketing departments." * See http://www.sonamine.com/home/index.php?option=com_wordpress&p=428&Itemid=70 3. Separating the real influencers - "sociometric influencers" - from "self-reported opinion leaders." * See Whartons analysis that uncovered "Doctor 184." for Pharma co.s, which is also attached here. http://knowledge.wharton.upenn.edu/article.cfm?articleid=2170 4. The ability to predict revenue for a new product based on Tweets, as done in this analysis out of HP Labs and available from Cornells Computer Science Dept. * Abstract: http://arxiv.org/abs/1003.5699 * Pdf, which is also attached here: http://arxiv.org/pdf/1003.5699v1 * Fast Co. article: http://www.fastcompany.com/1604125/twitter-predicts-box-office-sales-better-than-anything-else Attachments: Twitter Predicts Box office success of Movies 1003.5699v1.pdf (243.3 K) Preview Wharton SNA PharmaExpert Research2170.pdf (192.4 K) Preview Edit Delete Like (3) Reply Feb 22, 2011 6:33 AM (in response to Bruce Segal) Re: Social Media Metrics for CI Wow, Bruce - this is great! And thanks for the reading material. Zachariah Its excellent to see these hard metrics come together at companies and am impressed with how well we can actually tie Hofer-Shall social metrics to business data. Building custom metrics that tie directly to business goals is solid tactic for Customer 10 posts since Aug 6, 2009 Intelligence, yet something I rarely see with social media. My suspicion is that there are few companies out there with this kind of social measurement sophistication - but Id love to be proven wrong. Like (0) Reply Mar 16, 2011 8:25 AM (in response to Zachariah Hofer-Shall) Re: Social Media Metrics for CI Were still very much in the experimentation phase. Im interested in seeing what others are measuring. We are looking1 of 2 http://community.forrester.com/thread/4252?decorator=print&displayFull...
  3. 3. at social metrics for ourselves including the following: Martha Bush 14 posts since Growing number of followers to our twitter team Jan 25, 2011 Number of social referrals to our website and blog Klout and Grader.com scores of our social team Inbound Leads to our sales funnel generated from responses to social activities Views, shares, tweets and downloads from Slideshare decks weve posted Views, shares, tweets and downloads of our website driven by visitors to our blog Like (2) Reply Mar 18, 2011 9:28 PM (in response to Martha Bush) Re: Social Media Metrics for CI Martha: Bruce Segal Of the things you list, personally Id put the 4th bullet 1st - Inbound leads. It the best and maybe only measurable business 2 posts since outcome in the list. Then use just about all that follows to categorize your lead sources. E.g. by visits from blogs, slideshare Feb 19, 2011 decks, tweets, etc. As for Klout & Grader.com scores of your employees, there are even more tools you can use. While I like Klout for many reasons, Im not convinced it or many of the others provide meaningful ways to evaluate your success. Kind of like photography contests. The quality of the winners is most predictable by the quality of the judges. If the judges are tough and fair the winners are usually all great art. If the judges dont know what makes a great photo the winners are perfectly exposed and very pretty pictures that sell well -- sunsets, cute cats and red and green lobster boats in the cove at Marthas vineyard. They look good and sell but thats about it. As for views, shares, tweets around your slideshare items and via your blog, Id list them 2d b/c theyre along the lines of measurable p.r. If you can link those things to specific visitors who enter your inbound lead funnel then youll really have actionable information. Actually I should ask if youre able to sessionize your visitor data? Does your web analytics and data collection software let you see data granular to each unique visitor? And can you see what a visitor does across visits? Its available in Omniture Discovery if you do all the scripting and another tool I use that sessionizes web server logs so it works w/ or w/o tags. Sessionized data is not avail in Google Analytics or Omniture SiteCatalyst. They both can only provide aggregate data and usually across only one or limited numbers of dimensions. E.g. either visit number or time on site. Not time on site for 1st timers, 2d time visitors and so on. Would EventBrites way of measuring social media" i.e. referrals via twitter, fb, linked in be more actionable for you than counting friends, likes, followers etc? In Oct. 2010: The average dollar per referral across all its social media platform integrations = $1.78. Each time a Facebook user "shared" an EventBrite event it generated $2.53 in ticket sales. Tweets generated $0.43 in sales. The full story is in the links I provide above in my original post. As of March 2011, EventBrite reports that since then the numbers have changed as follows: Sharing via all methods (Likes, wall posts, sharing, etc.) in Facebook = 1.34 v. a Tweet = .80. Most significantly EventBrite discovered that when some one shares an event before buying it generates less money than when the person shares after buying an event. And people share events on Facebook about 4x as often as on Twitter, although this may be attributable to the greater number of people on FB v. Twitter. (Note EventBrite uses the very confusing jargon and shorthand "BSR" Browser Share Rate and "TSR" Transaction Share Rate. It uses "share" as a verb as in "to share." It actually reads like EventBrite means Transaction Share Rate, like Market Share Rate.) Anyway, personally I find this way of evaluating social media, referral marketing, whatever you want to call it the way that we can separate well dressed kings of marketing from naked emperors. Source: 1. EventBrite http://blog.eventbrite.com/social-commerce-2 Repeatage [pun intended] with some additional Commentary and insight: 1. Financial Post http://business.financialpost.com/2011/03/17/bootup-facebook-likes-worth-more-than-tweets-study- finds/ 2. CNN http://www.cnn.com/2011/TECH/social.media/03/17/facebook.twitter.profits.mashable/index.html?hpt=Sbin 3. Mashable: http://mashable.com/2011/03/16/facebook-like-worth/ Edit Delete Like (0) Reply Go to original post Reply to original post Forrester Research Communities powered by Jive SBS ® 4.5.5.2 community software © Jive Software2 of 2 http://community.forrester.com/thread/4252?decorator=print&displayFull...

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