Measuring Social Media Effectively

Measuring Social Media Effectively Tactics for monitoring, measuring and analyzing social media campaigns Wednesday – July 22, 2009

Today’s Social Media Marketing Webinar Discussion
The State of Social Media Online
The Power of Influence & Identifying Influencers
Understanding Social Velocity
The ROI (…or “ROP”) of Social Media
Measuring Social Media Marketing For Success
Recap and Q&A

Five Trends for 2009
Brands’ target audiences are on social networks – There will be an estimated 44% more social network users in 2013 than in 2008*
Brands need to keep information fresh – In order to keep users engaged, brands must ensure to keep their content fresh and updated*
Other types of social networks will emerge – Viewers will continue to look for networks that enable them to share and spread information*
Explore the impact of social networks on shopping – Consumers are increasingly relying on social networks to get product related information; brands must link this to the purchase process*
Two-way conversation – The old model of the one-way conversation is over. Users want to be part of the dialogue, so make sure you’re listening
*Source: eMarketer: Social Networks Five Consumer Trends for 2009 February 2009

What Does This Mean for You?
Word of Mouth will always be the best form of advertising for your organization
Friends will always take advice from friends (trust)
But with Social Media, the definition of “Friends” has changed drastically
It’s not a question of if but when you will join the conversation
More importantly, how will you be able to determine if social media has been effective

Regular Members Regular Members Best Members Regular Members Best Members Influencers Regular Members Best Members Influencers

Identify Personas
The success of your viral campaign will depend greatly on how well you have researched the marketplace and analyzed your target demographic
Creating customer personas allows you to determine one or more key target groups into a simple demographic profile
Characteristics Persona 1 Persona 2 Persona 3 Gender Ethnicity Zip Code Age Education Level Internet Usage Habits Goals Problems/Needs

Whose Word of Mouth Matters? *Source: eMarketer: Whose Word-of-Mouth Matters? June 2009

Social Velocity is a formula methodology that describes exponential growth and predicts the organic virility of content. Social Velocity is controlled by four primary variables: The 4Cs Content, Connections, Community and Conversions Understanding Social Velocity Traditional Advertising Social Velocity (Viral Growth) TRAFFIC AD SPEND

Example: Social Velocity

Some Critical Considerations
Your brand no longer belongs to you
If you don’t control the conversation – someone else will
If you can’t control the conversation – you must at least become an authentic part of it
A little bad pushes out tons of good
Talking to existing audiences/members in MUCH more valuable than trying to solicit new ones
Value exchange is critical for engagement

How Can You Measure Social Media Effectively?
(R O P )
RETURN ON PARTICIPATION

Is ROP Important
Consider it this way…
Think about all of the people in your life including friends and family. How much would you be willing to pay to keep them in your life?
When it comes to relationships, ROI is NOT the metric.

What is the ROP in Social Media
Brand building
Relationship management
Service development
Reputation management
Audience interaction
Audience feedback
Customer support
Community building

Measuring Social Media Marketing for ROP Success

Advocacy Measurement
What Is It?
Advocacy: “act or process of advocating or supporting a cause of proposal”
Advocates actively recommend products/services to others
Advocacy Measurement: processes used to measure the act of advocacy
What Should I Measure?
How often your product/service is recommended
Number of times a survey about your product/service is completed
What motivates people to become advocates for your product/service
What topics are advocates of your product/service discussing

From unknown to center stage! Creates awareness

It’s all about interaction – when and how they want. Gives them an edge

Helps build their personal brand 150,142 and counting real supporters… err friends!

Conversation Volume & Share
What Is It?
Conversation Volume: measures overall amount of word of mouth a product/service receives within specific time period
WOM equivalent to Sales Volume
Conversation Share: looks at group of similar brands and the amount of conversation each has compared to the total amount
What Can I Use To Measure?
Syndicated Research (Research Firms, 3 rd Parties, Etc.)
Custom Research (Use own resources and advocates)

Conversation Volume & Share: Diet Coke & Mentos Example

Conversational Reach
What Is It?
Enables an understanding of how far a given marketing message spreads
Provides marketer with opportunity to determine other outcome based metrics (sales, awareness, etc.) to wider population
Referring to number of people who’ve been exposed to a social media brand related message through peer-to-peer connections
Why Important?
Utilize Power of Influence
Enjoy benefits of Viral Cycle & Total Referability

Conversational Reach: Total Referability
Total Referability: Sum of all referrals that come from an initial advocate
For Example:
Consumer 1 referred 2 people
1 of those 2 people was Consumer 2 who referred 5 people
Consumer 1’s Total Referability = 2 + 5 = 7
Important to monitor each level to determine best advocates

Online Methods For Quantifying Conversation Reach
URL Analytics Tracking of Website Visitors
Email Analytics Tracking
Refer-A-Friend/Send-To-A Friend Tracking Platform
Blog Reader Surveying
Generational Conversation Validation & Tracking Platform

What To Consider When Measuring
WHO : Personas of Participants (Demo & Psychographics, Credibility)
HOW : The “Action” (Social Velocity, Conversation Volume & Share)
WHAT : The “Item” (Timeliness, Clarity, Depth)
WHERE : Location (Reach, Awareness, Audience)
RESULTS : Key Performance Indicators (Goals, ROP)

Final Measurement Points To Remember
Traffic to site can be measured by referral sites, organic listings, etc.
Amount of conversation threads – number of comments you receive
Overall brand image - if one month they slam your brand, and the next they are singing your praises, that is a success
Amount of times something is shared with other people
Using analytics, set up goals to track conversions through KPI paths
Number of inbound links to a page or site – which can subsequently affect your natural search rankings

Helpful Tool # 1: Twitalyzer
Unique tool to evaluate the activity of any Twitter user and report on relative influence, signal-to-noise ratio, generosity, velocity, clout, and other useful measures of success in social media.
http://www.twitalyzer.com/twitalyzer/index.asp

Helpful Tool # 2: Facebook Grader
Helps you measure the power and reach of your Facebook user account or business page
http: //facebook .grader.com/

Questions & Answers Final Thoughts on Social Media

To learn more about how to Measure Social Media Effectively– please contact:
George Assimakopoulos
Principal Manager
E-mail: george@eyetraffic.com
Ryan Moss
Media Specialist
E-mail: rmoss@eyetraffic.com
Toll Free: 1-888-868-MKTG (6584) For More Information: Twitter: www.twitter.com/eyetraffic Blog: insight.eyetraffic.com

http://womma.org	138
http://www.slideshare.net	11
http://www.womma.org	5
http://ronmills-javatime.blogspot.com	4
http://www.socialcolectivo.com	3
http://74.125.87.132	1
http://maravilla.tumblr.com	1
http://safe.tumblr.com	1

Measuring Social Media Effectively

by Word of Mouth Marketing Association on Jul 27, 2009

Accessibility

Categories

Tags

Upload Details

Usage Rights

8 Embeds 164

Statistics

Measuring Social Media Effectively — Webinar Transcript