Aaron C. Newman Founder, Techrigy Author: Enterprise 2.0 Implementation http://sm2.techrigy.com May 2009 SMB Tech Valley Social Media Measurement 101

Introduction to Social Media Measurement How to Measure Social Media Social Media Optimization Resources, Conclusions, Questions Agenda

Introduction to Social Media Measurement

How to Measure Social Media

Social Media Optimization

Resources, Conclusions, Questions

Social Media Measurement 101 Introduction to Social Media Measurement

Why is social media becoming relevant? The Year 2000 Blogs were people talking about their cats The Year 2009 Social media is people talking about your brand Critical mass of people participating Ashton Kutcher reaches 1 million Twitter followers Why do I care? Who owns your brand? Your brand is the conversations occurring through word-of-mouth

Why is social media becoming relevant?

The Year 2000

Blogs were people talking about their cats

The Year 2009

Social media is people talking about your brand

Critical mass of people participating

Ashton Kutcher reaches 1 million Twitter followers

Old World: Advertising was shouting as loud as possible to reach a mass market. What happened: People learned how to tune your message out New World: Renaissance in WOM Tapping into the conversations Evolution in Marketing

Your Personal Brand Do people believe and trust you? Your Corporate Brand Combination of personal brands The market’s perception of you Get commitment from management Half-hearted participation is not effective Need to build social capital and credibility Building Your Brand

Your Personal Brand

Do people believe and trust you?

Your Corporate Brand

Combination of personal brands

The market’s perception of you

Get commitment from management

Half-hearted participation is not effective

Need to build social capital and credibility

Monitoring Let me know when someone is talking about my brand Measurement Calculate qualitative and quantitative attributes Analysis Understand what it all means What is Social Media Measurement? Social media measurement refers to the tracking of various social media content such as blogs, wikis, micro-blogs, social networking sites, video/photo sharing websites, forums, message boards, and user-generated content in general. -Wikipedia

Monitoring

Let me know when someone is talking about my brand

Measurement

Calculate qualitative and quantitative attributes

Analysis

Understand what it all means

Social Media Measurement 101 How to Measure Social Media

Examples: Measuring the effectiveness of a Marketing Campaign Grading your brand Tracking the effect of negative publicity Finding influencers Measuring Share of Voice Why and What to Measure? First come up with your Social Media Strategy. Does this support your corporate/personal strategy?

Examples:

Measuring the effectiveness of a Marketing Campaign

Grading your brand

Tracking the effect of negative publicity

Finding influencers

Measuring Share of Voice

Quantitative Measures Number of mentions Demographics of mentions: age, gender, location Cross reference profiles from social networks Qualitative Measures Evaluate mentions in social media based on: Relevancy, Sentiment, Influence, Popularity Automated vs. Human Review How to Measure

Quantitative Measures

Number of mentions

Demographics of mentions: age, gender, location

Cross reference profiles from social networks

Qualitative Measures

Evaluate mentions in social media based on:

Relevancy, Sentiment, Influence, Popularity

Automated vs. Human Review

Factors to consider Hard costs and benefits Leads generated that convert to sales Support issues that prevent lost customers Soft costs and benefits Corporate goodwill Immediate feedback directly from customers What is the danger of ignoring Social Media? Brand damage, missed opportunities, not connecting with your customer Measuring Return on Investment

Factors to consider

Hard costs and benefits

Leads generated that convert to sales

Support issues that prevent lost customers

Soft costs and benefits

Corporate goodwill

Immediate feedback directly from customers

What is the danger of ignoring Social Media?

Brand damage, missed opportunities, not connecting with your customer

Number of subscribers/readers How many people visit the site and comment on the post Authority of the source A post on Consumerist vs. an anonymous Blogspot.com mention Discoverability of the content Does content ends up on the first page of a popular Google search Lifetime of the content A tweet that is a flash in the pan or a Wikipedia page Sentiment of content Scales from very negative to very positive Value of a Social Media Mention SM Value = subscribers * authority * discoverability * lifetime * sentiment

Number of subscribers/readers

How many people visit the site and comment on the post

Authority of the source

A post on Consumerist vs. an anonymous Blogspot.com mention

Discoverability of the content

Does content ends up on the first page of a popular Google search

Lifetime of the content

A tweet that is a flash in the pan or a Wikipedia page

Sentiment of content

Scales from very negative to very positive

Cost How much time does your staff have to spend on social media? Calculate average hourly cost of staff, how much time spent in Tools, training, analysis/consulting costs Opportunity cost of doing other projects Benefits Additional sales Increase in brand value Reduction in other marketing costs Forego advertising, conferences, or other PR costs Calculating the ROI Net Return = Benefits(hard+soft) – Costs(hard+soft) ROI = Net Return / Money Invested

Cost

How much time does your staff have to spend on social media?

Calculate average hourly cost of staff, how much time spent in

Tools, training, analysis/consulting costs

Opportunity cost of doing other projects

Benefits

Additional sales

Increase in brand value

Reduction in other marketing costs

Forego advertising, conferences, or other PR costs

Social Media Measurement 101 Social Media Optimization

Social Media creates 1-to-Many Conversations 1-to-1 Conversations are expensive Social media broadcasts to many readers Social media is indexed and searched later Finding Influencers with the highest 1-to-Many Dunbar’s Law places limitations on number of relationship we can maintain at ~150 Malcolm Gladwell’s Connectors Albert Laszlo’s Network Hubs Getting the Most Value

Social Media creates 1-to-Many Conversations

1-to-1 Conversations are expensive

Social media broadcasts to many readers

Social media is indexed and searched later

Finding Influencers with the highest 1-to-Many

Dunbar’s Law places limitations on number of relationship we can maintain at ~150

Malcolm Gladwell’s Connectors

Albert Laszlo’s Network Hubs

SMO term coined by Rohit Bhargava Blog Post: 5 Rules of Social Media Optimization http://rohitbhargava.typepad.com/weblog/2006/08/5_rules_of_soci.html Increase your linkability Make tagging and bookmarking easy Reward inbound links Help your content travel Encourage the mashup Get communities connected What is Social Media Optimization? Social media optimization (SMO) is a set of methods for generating publicity through social media, online communities and community websites. -Wikipedia

SMO term coined by Rohit Bhargava

Blog Post: 5 Rules of Social Media Optimization

http://rohitbhargava.typepad.com/weblog/2006/08/5_rules_of_soci.html

Increase your linkability

Make tagging and bookmarking easy

Reward inbound links

Help your content travel

Encourage the mashup

Get communities connected

http://techrigy.com/pdf/EngagingSocialMediaWhiteP.pdf Step #1 – Listen to what people are saying about your brand. Step #2 – Listen to what people are saying about your competitors . Step #3 – Listen to what people are saying in your industry. Stage 1: Listening

http://techrigy.com/pdf/EngagingSocialMediaWhiteP.pdf

Step #1 – Listen to what people are saying about your brand.

Step #2 – Listen to what people are saying about your competitors .

Step #3 – Listen to what people are saying in your industry.

Step #4 Start your company blogging CEO blog or employee blogs? Step #5 Comment on other blogs Participate, don’t pitch Step #6 Participate in conversations on tools such as Twitter . Create conversations Stage 2: Engaging

Step #4 Start your company blogging

CEO blog or employee blogs?

Step #5 Comment on other blogs

Participate, don’t pitch

Step #6 Participate in conversations on tools such as Twitter .

Create conversations

Step #7 Engage your customers through social networks Setup your own + find existing ones Step #8 Contribute to sources such as Wikipedia. Delicate balance – not for brochures Step #9 Encourage your customers to talk about your product, good or bad. Address problems, show them you care Stage 2: Engaging

Step #7 Engage your customers through social networks

Setup your own + find existing ones

Step #8 Contribute to sources such as Wikipedia.

Delicate balance – not for brochures

Step #9 Encourage your customers to talk about your product, good or bad.

Address problems, show them you care

Social Media Measurement 101 Conclusions, Resources, Questions

Books Social Media Marketing: An Hour a Day By Dave Evans The New Rules of Marketing and PR By David Meer Scott Blogs http://www.micropersuasion.com/ http://www.briansolis.com/ http://www.web-strategist.com/blog/ Podcasts http://www.insidepr.ca/ Resources

Books

Social Media Marketing: An Hour a Day By Dave Evans

The New Rules of Marketing and PR By David Meer Scott

Blogs

http://www.micropersuasion.com/

http://www.briansolis.com/

http://www.web-strategist.com/blog/

Podcasts

http://www.insidepr.ca/

Questions? Social media monitoring will be a function of any marketing strategy going forward. Contact information: Aaron Newman - [email_address] http://twitter.com/aaronnewman

Social media monitoring will be a function of any marketing strategy going forward.

Contact information:

Aaron Newman - [email_address]

http://twitter.com/aaronnewman