Is your digital marketing working?
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Is your digital marketing working?

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Tema Frank and Sharon Bell presented a PD session for CPRS Edmonton about marketing and social media.

Tema Frank and Sharon Bell presented a PD session for CPRS Edmonton about marketing and social media.

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  • 1. IS YOUR DIGITAL MARKETING WORKING? January 2014 Tema Frank and Sharon Bell tema@frankonlinemarketing.com bellsharon@shaw.ca
  • 2. Agenda • Selecting what to measure based on your strategic framework • Some options for selecting the right measurement approach • Examples for learning that can be reapplied
  • 3. What do we mean by digital? • Online, web based (includes online advertising) • Mobile • Social networks • Search engines
  • 4. Stepping back What is your strategic framework?
  • 5. Digital and Online • The marketing fundamentals still apply: • Put a strategic framework in place (consistent with your larger strategy) AND • Engagement will break through the clutter • Test and measure, learn and adapt
  • 6. Digital and Online • Strategic Framework • Who is your target audience? Why does that make sense? And what matters to them? • What is your competitive advantage? Where do you add value for your customer ? • What action do you want your target audience to take? • What are your key business goals?
  • 7. But what else can we learn? - Measurement sophistication has increased - Social media vs. outcomes (online and offline) - Correlation vs. causality
  • 8. What are others tracking? http://sherpablog.marketingsherpa.com/marketing/soc ial-media-metrics-roi/
  • 9. Example: Twitter • TOMS Shoes “One Day without Shoes” • One tool to share experiences: #withoutshoes • Reach a key metric • goal to reach 1 million people – tracked and reported each day • But analytics also allowed the organizers to • Look at responses by day and then by hour as got closer to April 16 – lho was tweeting (eg celebrities) and how many retweeted – apply to next year’s campaign Source: www.simplymeasured.com
  • 10. Metrics Can Tell You 1. Notice us? 2. Love us? 3. How can we improve? 4. Cost-effective?
  • 11. 1. Notice us? Engagement Rate Shares Comments Likes
  • 12. 2. Love us? Share of conversation (what % of posts on relevant topic mention us?) • Positive, negative, neutral? (eg. Maldives tourism) • Impact on leads/sales? Net Promoter Score (NPS) Social Influence Marketing Score (SIM) • NPS x conversation share x 1,000
  • 13. 3. How Can We Improve? • Our Response Rate (<1/2 in q3 2012) • http://www.socialbakers.com/blog/962-socially-devoted-brands-increase-response-rate-to-48-1-infographic • Speed of Response • User Activity Peak Times • Analysis of Negative Content • Conversion rates from: Custom landing pages Custom promo codes Anything else?
  • 14. 4. Cost-Effectiveness Metrics 1. Customer Acquisition Cost (CAC) Total S&M cost incl staff, bonuses, overhead / new customers in same time period 2. Marketing % of CAC Outside sales 10 – 30%; inside 20 – 50%; automated 60 - 90% 3. Customer Lifetime Value (LTV):CAC LTV=Profit per customer/churn rate 4. Time to payback CAC CAC / monthly profit per customer Source: http://blog.hubspot.com/blog/tabid/6307/bid/34054/The-6-Marketing-Metrics-Your-CEOActually-Cares-About-Cheat-Sheet.aspx Michael Volpe hubspot Jan 15, 2013
  • 15. Measurement Challenges Much is trackable, but… 1. Connecting and tracking through multiple systems 2. Correlation vs. causality 3. How to control for other variables 4. Potential reach vs. actual
  • 16. Which benchmarks to trust? • Hubspot: 43% of B2B got customers via Facebook (77% in B2C) versus • Optify: 82% of B2B social media leads come from Twitter; outperforming Facebook and LinkedIn 9-to-1 with Twitter. Definitional? Optify acknowledges that Facebook drives the most traffic, but Twitter drives more leads (and LinkedIn has highest engagement, measured as page views/visit) http://offers.hubspot.com/marketing-statistics - esp State of Inbound Marketing report http://www.optify.net/wp-content/uploads/2013/01/Optify-2012-B2BMarketing-Benchmark-Report.pdf
  • 17. Social Media Benchmarks • Few exist; lots of variation by industry • Inconsistency in reported benchmarks • Changes in measurements • example: Google’s SSL (“not provided” ~93% in Dec ’13)
  • 18. Choosing The Right Tools 1. What questions are you trying to answer? 2. What information do you need? (e.g. Segmentation? Sources?) 3. What operational or resource decisions need to be made? • What budget do you have? • What staffing level is possible? (can you follow through?) http://www.convinceandconvert.com/social-mediamonitoring/social-media-monitoring-tools-how-topick-the-right-one/ http://www.socialmediaexaminer.com/5-social-mediamonitoring-tools-to-simplify-your-marketing/
  • 19. Some Examples: Measurement and Tracking tools Exact Target/Salesforce/Radian 6 ($5 - $300/mo) SproutSocial ($39 - $99) Shoutlet Hootsuite (free - ?) Moz Analytics (min $100/mo) Wildfire Spredfast Socialbakers ($120+) Peer Index MarketSim Klout Simply Measured ($500+) Followerwonk NEW: Mx3 Metrics
  • 20. Some Examples http://socialmediatoday.com/pamdyer/1458746/50top-tools-social-media-monitoring-analytics-andmanagement-2013
  • 21. Ask the Vendor 1. Difference between your tool and free tools? 2. How do you capture the data? 3. What is the TCO? 4. What is in your free support? What is in paid? 5. Segmentation capabilities? 6. Export formats? 7. Data integration with other tools? 8. Two new features/tools/acquisitions on the horizon? 9. Why did your last two clients you lost cancel? Can we talk to them? Source: Web Analytics 2.0 by Avinash Kaushik
  • 22. Staying on top of your game Digital Marketing – Thursday April 3 You need digital and social media to play an effective role in your marketing and communication plans. You recognize it is not about the technology but what we do with it. Review fundamentals and practical advice, with examples and case studies. Build YOUR Marketing Plan – Wednesday March 12 What does a great marketing plan look like? The first half of the session will review the key elements of a marketing plan, and in the second half, participants will work on their own marketing plan. Marketing – your Competitive Advantage - Wednesday February 26 Gain insight about marketing fundamentals – and how they work in the real world – to contribute to market success. Learn about building brands (both with employees and customers), the importance of customer insight, positioning your product or service, finding the right marketing and communication mix, measurement and more. Register online at https://courses.macewan.ca/mee (MacEwan School of Business Continuing Education) Registration discount for CPRS members, please contact 780-497-5207 to request the discount coupon.
  • 23. Staying on top of your game Metrics Madness: Is Your Client’s Digital Marketing Working? – Thurs. April 17 Learn what measurements make sense, work hands-on with some leading tools, and learn how to identify and communicate the most relevant results to your client or boss. Check the MRIA website for registration details, which should be posted soon. http://mria-arim.ca/chapters/alberta-chapter/alberta-chapter-events
  • 24. More references Social Media Metrics: How to Measure and Optimize Your Marketing Investment (New Rules Social Media Series) by Jim Sterne (2010) Influence Marketing: How to Create, Manage and Measure Brand Influencers in Social Media Marketing by Danny Brown (2013) Occam’s Razor blog & analytics books Avinash Kaushik Tema Frank’s Diigo Library https://www.diigo.com/user/temafrank