DOs and DONT’s of Social Analytics

DOs and DON’Ts of Social AnalyticsChristophe Lauer – Valtech Corp.twitter: @clauer

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DOs and DON’Tsof Social Analytics

Deﬁning the scope   of the conference! Social MonitoringSocial Media Strategy E-reputation Social Analytics

Social Media Marketing  Where are we now?!

“ Half the money I spendon advertising is wasted ;the trouble is I dont knowwhich half. -- John Wanamaker

Social Analytics  Why measure?! For internal useFor clients (if agency)To Pilot and Optimize

Measure how?!“78% of European marketersunhappy with social mediameasurementMore here: http://econsultancy.com/uk/blog/8122-78-of-european-marketers-unhappy-with-social-media-measurement

Measure what?!“Not everything that counts can ’’be measured. Not everythingthat can be measured counts. -- Albert Einstein

The question of ROI  What we can hear about it…! « The ROI is simple: « RONI: you’re out of business in Return On Non Investment » 5 years if you don’t ! » « COI: Cost Of Inaction » « It’s just not « What is the measurable ROI of your mother? » anyway »Our opinion is that it can be tracked, but it’s notalways the most adapted metric to track

Measuring ROI?!ROI = (Gain from campaign – Cost of Campaign) Cost of Campaign

How to get a better ROI ?! “ To get a good ROI, you need a big « R » ... or a small « i » R IRevenue, Mone.sa.on Acquisi.on Costs, Expenses

The big picture! Planning! Measurement!Listening! Execution! Optimization! Discover! Measurement!

DOʼs and DONʼTs!You’re welcome to tweet this. It should fit in less than 140c J

#1!There is no magic list of metrics

There is no magic list of metrics!•  Sorry to deceive you...•  You will have to define the metrics that make sense in your context, on your market, and given the objectives and your business goals that are yours•  Though, you’re not left alone: there are some good documents, studies and frameworks out there for you to start with. You can find more than a good inspiration in these. –  Do not miss this document from IAB and TMW: http://www.slideshare.net/Ifonlyblog/iab-measurement- framework-for-social-media-final4-3

#2!Social Analytics is more than just ROI

Social Analytics is   more than just ROI!•  If you’re into acquisition, the number of new contacts and the cost of acquisition may be good KPIs for you•  If you’re focusing on brand awareness, you’ll probably want to track your brand’s Share of Voice•  If you’re working on Customer Care, you may want to measure the customer satisfaction, the tickets resolution ratio and resolution speed•  And so on... But the ROI is not the end all be all

#3! Activity ≠ ProductivityYour metrics must pass the « so what? » test

Activity ≠ Productivity!•  Altimer Group insists on: «Give preference to result-oriented—rather than activity-oriented—metrics. One of the biggest pitfalls of social media measurement is the tendency to report activity-based metrics without demonstrating the corresponding result. This means looking at an increase in fans, followers, or page views as an end in itself, rather than as a step toward a specific goal. Use The Social Media Measurement Compass to put activity-based metrics in context: Did the additional followers also correlate with additional conversions? Did you see a Y% increase in conversions for every X% increase in followers? » (abstract)•  More here: www.slideshare.net/setlinger/altimeter-social- analytics081011final

#4!You need a Benchmark

You need a benchmark!•  South Korea –  –  –  Total area: Pop. density: HDI: 100,210 km2 488 per km2 0.897 ?! ?! ?! ?! –  GDP/capita: $31,753 ?! ?!•  You need a reference: –  Market studies and market data –  Time reference (YoY, years N-1, N-2, ) –  Geographic, per countries –  From your competition –  A/B testing –  etc.

#5! Tools aren’t « automatic »You need to inject intelligence

Tools arenʼt automatic!•  You need to connect to your data sources•  You need to clean and normalize your data•  Know what you want to observe•  You need to inject intelligence into the tools if you want to get intelligence from the tools in return...

#6!All languages are not built-in equal

All languages are not supported equally!•  Check that the tools you plan to use do support the various languages present in your different markets –  English is generally OK... –  What about Spanish? –  What about French? –  What about German? –  What about Italian? –  etc.

#7! Context is key« Just read the book! »

Context is key!Depending on the context, the exact samecomment can have very different meanings•  On Amazon.com: « just read the book » means that you should read this book. == Positive advice•  On Netflix: « just read the book » means that the film is bad and that you should rather read the original book == Negative advice

#8!You need to have a holistic approach

You need to have a holistic approach!By now you should now that there’s no suchthing as a « social media strategy »: there is amarketing strategy, and it may contain somelayers of social media to some degreeSo, how are you realistically going to measureyour actions and investiments in digitalmarketing and social media, with tools thatdo focus on just a small part of the scope anddo not give you a view on the wholecampaigns?

#9!There are some good frameworks out there

There are some   good frameworks out there!•  Good news: You’re not left alone, and you don’t have to reinvent the wheel•  There are some good « frameworks » out there to start with. They provide more than just a source of inspiration: –  IAB/TMW http://www.slideshare.net/Ifonlyblog/iab-measurement- framework-for-social-media-final4-3 –  Altimeter Group http://www.slideshare.net/setlinger/altimeter-social- analytics081011final

#10!Be clear of the confidence in your data sets

Be clear of the conﬁdence in your data sets!•  Be aware that you work on partial and limited data sets•  Typically: –  Search results from twitter, since you do not have access to the full « firehose » –  Public data and updates from Facebook –  Limited history•  Where possible, also communicate on the confidence in your data source along with your results and dashboards•  Corollary: You cannot do generalization and assumptions of your case to your market or your industry

#11!Metrics should be « transparent »

Metrics should be transparent!•  Because of the Google Pagerank and Facebook Edgerank, we are used to work on opaque metrics with secret calculation formulas in our industries. But this is a bad habit and we should try to do what is possible to avoid reproducing it.•  Unfortunatelly, there is not standard definition for « engagement », and no standard calculation formula for it either. Same story as before: the GRP in TV is different from the GRP for display.•  Some people and organizations – like IAB – try to come up with standard definition proposals.•  Until then, make your best to use transparent metrics, and whenever possible do communicate on your methods and share your calculation formulas.•  Corollary: Do not give too much importance to « black box » metrics that are calculated from formulas, like for instance the Klout score.

#12!You cannot measure in case of a paradigm change

You cannot measure in case of   a paradigm change!•  For instance: when you open a new sales channel•  Or when you make your first steps into Branded Content•  Recent exemple: the Facebook timeline for Brands –  Your brand pages changes from being a destination to a stream (=your history, your legacy)•  Though, you should measure and store data to built an history (see point #4 : You need a Benchmark)

#13!Measuring without taking action is useless

Measuring without taking action is useless!•  You are not measuring just for producing reports that stay on the corner of your desk•  If you measure, it is for taking actions. –  If not, don’t measure!

#14!Measuring and optimizing have a cost

Measuring and optimizing   have a cost!•  Measuring has a cost: tools, software licences, integration, data storage, computing, your time and the salaries of the teams, ... Measuring and optimizing have a cost•  In some cases, these costs may be superior to the value that you can get from optimizing, and as a result this activity doesn’t pay off.•  On the other hand: some topics are « a tax » and you just have to do it, even if rentability isn’t there

Social Analytics is more than just counting fans!

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THANK YOU!!… now it’s time for a break

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DOs and DONT’s of Social Analytics

by Christophe Lauer

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