Social Media Metrics/Canadian InstitutePresentation Transcript
The Canadian Institute 4th Annual Conference on Social Media, Metrics and Measurement Richard Binhammer, Social Media and Communities November 2010
2 10:15 Case Study: Implementing Metrics to Measure ROI on Your Social Media Tools Q: Aligning your measurement strategy with your social media goals A: depending on your goals then different things to measure. We will take a look at some of that but go a step further and talk about business goals Q: Selecting the metrics appropriate for each social media tool (Tweetdeck, Google Analytics, etc.) A:actually we look more at metrics in relation to what you are trying to achieve versus social media tools Q: Examining the benefits and pitfalls of measuring social media in-house versus outsourcing to an agency A: I suppose it really depends and is likely going to involve a combination of efforts and data collection/analysis Q: What are the human resources required to have a robust measurement practice? A: All depends, size of business, size of social program, where you going. Measurement is part of practically everything at Dell and baked into everything Q: How to pick your social media partner/consultant A: I think that depends on an individual businesses needs
Investigation“Just the facts, ma’am” 3
Where is the ROI of Social Media 4
Did we have immediate ROI on Model T Assembly?
Metrics & Measurementis there influence in this purchase or simply a sale 6
Metrics & Measurementhow was that decision really influenced and made? 7
Business grew and succeeded based on word of mouth … measurable?
Traditional Points of Measurement Awareness Consideration Conversion non linear, various locales unique tools at different points of need No single valid, consistent measurement
The Social Web: More DataMore Available Across Every Aspect of Customer Experience 2
A lot of it: 60 Seconds Online More than 200 new accounts 62,000 tweets 11
60 new members
21 hours video uploaded
Over 680,000 videos watched
6,500 apps downloaded
Nearly 600 new members
60 million photos viewed
Data from the Social Web is Not Fully Applied… Statistically significant, Huge Global Sample Size, Unaided, Robust Canada’s Internet population is growing - by 2013, it will hit 25.9 million, or nearly 75% of the entire nation. Many of these people are among the world’s most committed Internet users, spending 45 hours or more online each month But Not making use of it… Large use of social Web for simple visibility, awareness. Measurement often relies on traffic counts, and neglect analyzing the messages being communicated. 75 % of companies surveyed didn’t know where their most valuable customers were talking about them Source: CNW Leger Study in Canada 12
McKinsey Research:The promise of the social media is being deliveredIncidental valuePromise + Metrics + Results ≠ ROI 13 Of those surveyed, 69 percent of respondents report their companies have gained measurable business benefits Benefits include: innovative products and services, more effective marketing, better access to knowledge, lower cost of doing business, and higher revenues. Companies making greatest use of the technologies report even greater benefits. Successful companies integrate Web 2.0 technologies with work flows to create a “networked company,” linking themselves with customers and suppliers Web 2.0: McKinsey Global Survey Results, September 2009
Primary social media focus
Listen, learn and improve business
Your fans deserve appreciation
Advocates deserve attention too
Inform your products
Showing you care about customer
Purchase or deeper interest
Where customers are
Do they like/love you?
What are they saying
They recommend you
Share links with friends
Rating & Reviews
Going to your website
Identify your business objective Choose the metrics that help you measure & evolve
Are we making Progress?
16 Confidential Four Years of Experiments and Experience May 2008Dell Outlet Achieves $0.5M in Sales via TwitterCommunity team active on TwitterSmall Business blog launched October 2007Michael Dell quote in Business Week Jeff Jarvis story quote, “These conversations are going to occur whether you like it or not. Do you want to be part of that or not? My argument is you absolutely do. You can learn from them. You can improve your reaction time. And you can be a better company by listening and being involved in that conversation.” December 2006Ratings and Reviews on Dell.com February 2006Michael Dell Asks Why don’t we reach out and help bloggers with tech support issues? June 2009Global Twitter Revenues of $6.5 M Community across the social web =3.5 million direct customer connections August 2006Blog Outreach Expands Beyond Tech Support Engagement with anyone who commented about the company. Business model and other issues considered. June 2009 $2M+ Sales via Twitter Dell outlet on Twitter surpasses $2 million in sales with another $1 million dollars in sales at dell.com February 2007IdeaStorm Launched A voting based site allowing customers and others to submit ideas for Dell. March 2008Accepted Solutions launched on Community Dell France begins Online Community Outreach 2006 2008 March 2010China Micro-Blogging 2009 2007 2009Dell TechCenter A Collaborative Community for Datacenter pros grows by 400% April 2008Inside IT LaunchedBlog focused on business customers, and Cloud Computing. June 2007Dell joins Twitter Why don’t we reach out and help bloggers with tech support issues?Dell LaunchesEmployeeStormInternal Blogs Launched for Employees. July 2006Direct2Dell LaunchedToday Direct2Dell exists in English, Spanish, Norwegian, Japanese and Chinese. 2010 January 2008Dell Aligns Organization for Success January 2009Dell Organizes in to 4 customer focused business units January 2007StudioDell Launched Dell’s video and podcast site, with helpful tips and tricks. Eventually expanding this into the YouTube channel making sharing easier. December 2009Huffington Post Blog Dell’s VP of Social Media and Community, Manish Mehta, begins blogging at Huffington Post June 2008Channel Blog Launched March 2006Community Outreach Team Formed Team begins by just listening and monitoring conversations to see what’s being said. The tech support experts are hand-selected for their tech problem-solving expertise and superior interpersonal skills. February 2008Twitter ExpandedStart experimenting with Twitter for business– another venue to help customers, but also thanking Dell customers. Outreach leads to some Twitters asking for help on purchases. Spring 2009Some Members of Community and Conversations deployed within each of the new Dell Business units November 2007DellShares Launched The first investor relations blog by a public company.
Getting to Return on Investment Social ROI is measurabledirect and indirectLike most innovations, Experiments leads to insights, Insights leave to “products” Products are deployed in real-world “applications” firststart with a point solution and then scale outScaling is a journeyexciting discoveries and pitfalls await 17
2 Million+ Twitter Followers and Facebook ‘Likes’ in 4 Months ConanOBrien and Michael Dell Exchange, Twitter reach More than 30 million Reach,24x7 Interaction, Direct unfiltered access to People
Four Different Uses of Twitter = Different Metrics Sell Engage Inform Support
20 Customer Support on Twitter & Facebook Confidential @DellCareslaunched on Twitter on 15 April, 2010. Dell Support on Facebook launched 11 April, 2010. Dedicated responders to engage/respond/resolve customer issues via social media. Global Expansion underway. Negative sentiment reductions noted.
Community size, Connections Myriad of Metrics to Consider Revenue Views & clicks to dell.com Lower cost, faster hires Issue tracking, Sentiment, Share of voice
The Journey of Social Business Metrics Experiment Product Application Build Out Connected and Scaling
26 Privacy: High risk potential. Businesses should be mindful, responsible and exercise leadership Cannot blindly promote social Web data exploitation at expense of furthering relationships Great Opportunities Great Responsibilities
Forging New Paths…Be Responsible At the very beginning of exploration/journey through new territory: Limits between private and public data are unchartered territory, still being defined on a case-by-case basis. Businesses, customers, social networks, technology developers, parents, children – together will set precedents/define the future. Availability/Access to rich information/ data is premised on trust…use in unexpected ways risk losing that trustTechnical safeguards may be sound, but unintended “leaks” create a severe disruption of social expectations … 27
The Opportunity of the Social Web: Putting All The Pieces Together Application, build-out, scalingUltimate challenge: value of relationships, networks and connections 28
Taking Advantage of New Opportunities Becoming a Social Business
Not just campaigns but in harmony across the fabric of a company Product Group QUALITY DEMAND Marketing Services Solutions CREDIBILITY CONVERSION Online Sales CYCLE TIME Customer Service RESOLUTION Comms PR & HR REPUTATION
Embedding Use of Social Media Across the Fabric of Company Products Support Mktg HR Sales multiple points of engagement unique measures and metrics unique ROI