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"Conversion vs. Conversation" - Measure Social Media ROI (2010)
 

"Conversion vs. Conversation" - Measure Social Media ROI (2010)

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This deck was presented at a BMA luncheon where we discuss approaches for tracking social media marketing efforts and return on investment. This is a great deck for anyone who wants to learn about ...

This deck was presented at a BMA luncheon where we discuss approaches for tracking social media marketing efforts and return on investment. This is a great deck for anyone who wants to learn about how to begin thinking about social media marketing attribution.

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    "Conversion vs. Conversation" - Measure Social Media ROI (2010) "Conversion vs. Conversation" - Measure Social Media ROI (2010) Presentation Transcript

    • "Conversion vs. Conversation"Tracking Your Companys Impact On Social Media Presented By: Michael Weisfeld April 2010
    • Who is Michael Weisfeld? Dir. of Social Media & Senior Web Strategist for BusinessOnLine Building Websites & Strategies since 2002 Areas of Web Expertise: Strategy Social Media Search Engine Marketing Usability Business Analyst @mrweisfeld Background in “Big 5” Management Consulting
    • Housekeeping … to get the slides Follow the BusinessOnLine Social1 Request a 1-on-1 lab online Media team on Twitter at: http://www.businessol.com/forms/labs @BOLSocial if Tweetting about this session, please use this hashtag:2 BMA will send or give me #BMA your business card for today’s slides
    • Poll: Is Your Company Social?
    • Agenda Review: stats & trends Explore: social media 301 & participation profiles Present: Conversion vs. Conversation QUESTIONS ??? Content Strategy please hold until Generating Earned Media the end of the presentation .. Attribution Analytics there will be time. Conclusion
    • Stats & TrendsSOCIAL MEDIA LANDSCAPE
    • Invention of web 2.0 technology
    • 93%of Americans expectcompanies to have Source: Cone, Inc.a presence inSocial Media
    • Increase in Time Spent on Social Media2 ¾ hours per dayAverage time spent by Tweeters using TwitterSource: MarketingProfs, LLC3.5 billion minutesSpent on Facebook each day (worldwide)Source: facebook.com10 hours every minuteHours of video is uploaded to YouTubeSource: youtube.com
    • Facebook Explosion 133,000,000 unique visits Highest record in the site’s history
    • To put it in context … Facebook Market Share of Visits Tops Google’s
    • Facebook Explosion 400,000,000+ registered users The number of people actively using Facebook – equivalent to the population of Indonesia, the world’s fifth-most populous country http://www.facebook.com/press/info.php?statistics (04.2010)
    • Facebook Explosion 5,000,000,000 min per day The number of minutes spent on Facebook each day Digital Buzz Blog, Social Media Has Grown Up: Stats One Year On, 8.03.09
    • Facebook Explosion 1,000,000,000 posts per week The amount of content (web links, news stories, blog posts, notes, photos, etc.) shared each week on Facebook Digital Buzz Blog, Social Media Has Grown Up: Stats One Year On, 8.03.09
    • Twitter Explosion 8,000 7,038 7,000 6,000 Nielsen Online 5,000 indicates that 4,000 Twitter grew 3,000 1,382% 2,000 year-over-year in 1,000 475 February 0 Jan-08 Jan-09 Unique Audience (000)
    • Other Social Media Explosion Increase in Yearly Traffic 56.30% 40.98% 14.75% 11.38% Source: Compete.com, 2/2009-2/2010
    • Adoption Demographics More stats … Source: http://socialmediagraphics.posterous.com/
    • Social Media is Estimated to Grow 34% Annually
    • What is Social Media Marketing?SOCIAL MEDIA 301
    • Common Marketing ObjectivesMarketing Objectives • Drive Traffic • Build Product Awareness • Newsletters • Create Interest & Demand • Special Events • Reinforce Brand Loyalty • Sponsorships • Provide Information • Promotions & Contests Marketing Tactics • Drive Leads • Employee Relations • Increase Revenue • Community Philanthropy • Media Relations • Media Tours Strategies • Traditional Media • Speaking Engagements
    • Where does social media fit in? Catalogs Search Engine Association Optimization Meetings Direct Social Media Mail TraditionalOnline PPC The Web Trade Shows Email Magazines Marketing Websites Newspapers Distributor Shows
    • …the same marketing objectivesMarketing Objectives • Drive Traffic • Build Product Awareness • Create Interest & Demand • Blogs • Reinforce Brand Loyalty • Videos • Social Media Tactics Provide Information • Photo Sharing • Drive Leads • Social Networks • Increase Revenue • Ratings / Reviews • Micro-Blogging • Social Voting • Widgets Strategies • Forums
    • The Optimal Flow of Information Interaction and facilitation of three-way conversations: Consumers 1 company to consumers Social Media 2 consumers to consumers 3 consumers to company Consumers Company
    • Beyond the stats … Word of Mouth: People share information, ideas and make recommendations all the time. High level of trust
    • How to users behave in social mediaPARTICIPATION PROFILES
    • Social Media Profiles Creators Collectors Publish a blog Add tags to web pages/photos Publish own web pages Vote for web sites online Write and post articles Use RSS feedsUpload self-created videos Joiners Visit social networking sites Conversationalists Maintain profile on social Updates status on social networking sites networking site Updates on micro-blogs Spectators Read blogs Critics Watch videos Read online forums Comment on a blog Read ratings/reviews Comment on a forum Rate/review products Contribute to a wiki Inactives None of the above
    • Increasing Participation
    • Participation EcosystemCreators Critics Joiners Inactives Conversationalists Collectors Spectators Internal Brand Influencers Detractors Evangelists
    • Internal Brand EvangelistsDefinition: Internal stakeholders and staff members with a passion to spread the spirit and message of the brand, as a result improving the overall company.
    • InfluencersDefinition: Enthusiastic individuals equipped with the resources to reach and impact others in a related market.
    • DetractorsDefinition: Participants who divert dialogue and/or degrade the overall quality of the social atmosphere, usually by violating one or more community policies.
    • How to post and promote using SMCONTENT STRATEGY
    • Determine the User Path SEO Land on Squidoo w/ URL to routing video on Spain queries Link to read PDF Search “Places to User Checks Fares about Spain on visit in Spain” & Schedules ScribdSocial Media Watch Video on Watch Embedded Things to do in Video on Blog France See New Blog Post Link to France User Checks Fares on Facebook Feed Landing Page & Schedules
    • User Centered DesignFirst Visit / Anonymous User Activity Repeat Visit / Authenticated User 1 Activity 3 Authenticated Customer Activity Activity Activity 5 Activity 6 2 4
    • Develop a Content Strategy Discovery & Logistics Creation Execution Maintenance Strategy Maintain Content based onBaseline buzz & analytics to Secure internal resources Create content Launch Content Industry and Technological fuel content ideation Trends Build digital asset charts for Keyword research Develop content rollout timeline Promote Content Follow-up Promotions each piece of contentAlign content with marketingmix, marketing calendar, and Purchase the necessary media content hosts Keep in mind your target personas Consider your resources and budget Establish an editorial calendar
    • Example Types of Content Tip: try various types of content and • Photos measure fan interaction • Videos Interative • Games • Animation • Music • Forms Transactional • Online Applications • Contests • Reward Programs • Facts • Figures • Testimonials Informative • Data Personal • Stories • Knowledge • Comments • Statistics • Questions • Widgets • Badges
    • Post & Promote ProcessHigh-level process for publishing existing content onto the social Internet: Step 1 Strategy & Planning Step 2 Post Step 3 Ongoing Promotion Self-fueling Promotion Step 4 Monitoring & ReactingStart Time
    • DefinitionsCONVERSION vs. CONVERSATION
    • Reach & Frequency Post & Promote and measure the effectiveness of your efforts.
    • Conversions Attribution Analytics The science of determining performance of each marketing and/or advertising initiative. KPI: conversion Lead Request Purchase Call / Inquiry
    • Conversations Buzz Monitoring The science of determining the mentions occurring on the social web. KPI: conversations Sentiment Topic Trends Volume
    • Digital “word of mouth” marketingGENERATING EARNED MEDIA
    • Facebook Connect Solution for integrating Facebook features with a website Benefits: User Authentication Publish to news feed Personalization More Info on FB Connect: http://www.facebook.com/ connect http://developers.facebook. com/connect.php http://wiki.developers.faceb ook.com/index.php/User:Fa cebook_Connect_Live_Sites
    • Facebook Connect – BeeWell Miles
    • Facebook Connect – Earned MediaReturn on Investment (ROI)Each time a fan publishestheir activity to theirnewsfeed, the value ofthe impression can beattributed to the cost of apaid advertisement. Theoverall value can beconsidered to be moredue to its placement andaffiliation to a friend. ROI = News feed impressions (#) x Cost of Ad ($) – Cost of Implementation ($)
    • Determining the effectiveness of SM effortsATTRIBUTION ANALYTICS
    • Attribution Analytics Challange 1 3 User reads article about TI on PubCon.com with no link User lands on treasureisland.com 2 4 User searches “Treasure Island” on Google User books hotel room
    • Social Media Measurement Brand Manager, Corporate Communications Online Marketer Customer Stage Awareness Influence ActionMeasurement Output Outtake Outcome What What are they saying about What does it mean to your Who’s talking about you? you? business? Sample Brand association, message Metrics Share of voice, advertising, # Site visits, registrations, awareness, qualitative of mentions, # of views conversions, ROI assessment Popular Google, Visible Technologies, BuzzLogic, BuzzMetrics, Tools Radian6, TrackUr, BuzzMetrics, Techrigy, Cymfony, Visible Web Analytics Technorati, Cymfony, Techrigy Technologies Increased Measurement Value
    • Online Attribution Analytics Direct Link with Click Direct Link without Click Total No Direct Link Website Traffic
    • Last Click Attribution is Not Always Accurate Last Click Attribution refers to crediting the last click that a user made to a site conversion. In reality, conversion may have been caused by a number of touch points in the form of PR, social media, video, etc. Understanding how these assets affect your search volume and conversion rate is critical in determining which of your online marketing initiatives are most effective.
    • Campaign codes for outbound SM links Source: Facebook Page Name1 Medium: Facebook Page Tab2 Name: Description of the Link34 Example:5 http://www.beewellmiles.com/BCNOS/?utm_source=BWM %2BFacebook&utm_medium=Boxes&utm_campaign=BW6 M%2B2_5789
    • Using Google Analytics
    • Attribution Analytics – SM Segment
    • Attribution Analytics – SM Segment
    • Attribution Analytics Applications Search - Measure the impact of social media, PR and video on driving brand related search activity. Social Media – Measure the impact of social conversations across all traffic channels. Online PR – Measure the impact of online PR and news coverage across all traffic channels. Bookmarks – Measure what portion of the bookmark traffic was affected by social media, PR and video. Competitive Analysis – Measures the percent of your website visitors who also visited a competitor’s website.
    • WHAT CONSTITUTES SUCCESS?Social Media Efforts Are Measurable
    • Quantitative MeasurementsThere are numerous KPIs to track for social media. Number of fans Total traffic driven to destination page Number of comments, posts, threads Total email subscriptions Number of widget downloads Number of new links secured by Social Number of feed subscribers media marketing Number of pages bookmarked Total text subscriptions Number of bloggers engaged Number of video views Number of blog posts per blogger Number of Ratings, Reviews and Votes Total number of blog posts Number of pages forwarded Number of friends/followers Conversion rate of referral traffic Number of social network page views Time on Site Number of event Brand Sentiment responses/subscribers Mood of conversational marketing
    • Qualitative Measurements Corporate Reputation Negative/Positive Relationship Ratio Customer Opinions and Wishes
    • Social Media Buzz Monitoring Dashboard
    • Measuring SuccessSocial Media efforts can be “These will beheld to familiar KPI’s: cumulative events Frequency and interactions that will build loyalty for Reach the companies that pay attention to Impact them.”ROI = BENEFITS – (COSTS + RISKS) COSTS + RISKS Scott Monty, Ford Peter Kim, Social Media Predictions 2009, 12/15/2008
    • Keyword Analysis Report
    • High-Leveled Analytics Dashboard
    • Conclusion & QuestionsWRAP UP
    • Conclusion 1 It is not enough to just throw up a page 2 Participate in relevant and active communities 3 There is not one “right” platform 4 Integrate across platforms to connect and cross promote 5 Understand there are different types of internet users 6 Measure metrics like frequency, reach, and satisfaction
    • Handout: Social Media Participation Matrix Review Determine Discuss
    • Questions? Follow the BusinessOnLine Social Media team on Twitter at: @BOLSocial Michael Weisfeld if Tweetting about this session, P 619.699.0767 x247 please use this hashtag: Michael.Weisfeld@BusinessOL.com #BMA Twitter: @mrweisfeld http://www.linkedin.com/in/michaelweisfeldBrought to you by:
    • APPENDIXAdditional Information and Resources
    • Strategy & SM Newsletters and Blogs Jeremiah Oywang (http://www.web-strategist.com/blog/) SmartBrief Newsletter (http://www.smartbrief.com/socialmedia/index.jsp?campaign=webIndustries) Mashable (http://mashable.com/) Chris Brogan (http://www.chrisbrogan.com/) David Armano (http://darmano.typepad.com/) Peter Kim (http://www.beingpeterkim.com/) TechCrunch (http://www.techcrunch.com/) MarketingCharts (http://www.marketingcharts.com/) SocialMedia Insider (http://www.mediapost.com/publications/?fa=Archives.showArchive&art_type=66)
    • Groundswell "(The book) is not so much a manifesto or a dissection of online culture as it is a how-to manual for executives and mid- level managers trying to navigate this fast-changing and often confusing environment." — Ideas: Book Review, Financial Times "A new book by two researchers explains how companies reputations can be tarnished by the cacophony of Internet commentary, and how they can fight back.“ — Broadsided, The Boston Globe
    • Tools for MarketersFree Tools Paid Tools Google Alerts – blogs, news Buzzlogic Technorati - blogs Radian6 Alltop – blogs, news TNS Cymfony Backtype – blog comments Trackur Yacktrack – social comments Brands Eye BoardReader – forums BoardReader Twitter Search – microblog Cision Social Mention – all Nielsen Filtrbox – filter results Sentiment Metrics
    • More Info: Social Media Webinar Title: Is your Company Social? Planning a successful social media program. Release: December 2008 Click here to request the webinar: http://www.businessol.com/news/main- webinars/archives/default.html#session-2
    • User Centered DesignCREATING ENGAGING WEBSITES
    • Marketing Landscape: Online & Offline Offline Marketing Online Marketing traffic traffic Website
    • Understand the User Scenarios What content are online visitors expecting from your website when they arrive? What information is valuable to your users and supports your business objectives? What is your audience doing online when then are not visiting my website?
    • What Is Expected Of Your Website?How to strategize and plan for your audience’s arrival?1. Optimize Pull Marketing Initiatives- Present product/service information when & where users are actively looking for it. (example: search engine marketing)2. Employ User Centered Design- Build the website so users have an engaging experience and can easily accomplish this goals.
    • Definition: User Centered Design (UCD) Insert with graphic An approach to design that grounds the process in information about the people who will use the product. Focus on users through the planning, design and development of a website. *http://www.upassoc.org/usability_resources/about_usability/what_is_ucd.html
    • Proof: User Centered Design Statistics Following a usability redesign, websites increase desired metrics by 135% on average – Jakob Nielsen 46% of users abandon their online transaction as a result of experiencing website problems. – Survey of Online Consumer Behaviour by Tealeaf/Harris (2009) 40% of users who experience problems on a website say they would switch to an online or offline competitor – Survey of Online Consumer Behaviour by Tealeaf/Harris (2009) $25 billion is lost every year due to web site usability issues. – Zona Research