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Monitoring Measuring Social Media
 

Monitoring Measuring Social Media

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Monitoring and Measuring Social Media Conversations by Sean Moffitt, Agent Wildfire

Monitoring and Measuring Social Media Conversations by Sean Moffitt, Agent Wildfire

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  • What an engaging and insightful presentation. I love the questions you threw up, really made me think. Even at 3 years old still very relevant.
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  • Thank you for the chance to talk about word of mouth… Personal background: Client for many years at P&G, Molson, Guinness/Diageo, a place called Echo Having spent a wealth on traditional advertising – I’m a born-again marketer My bet is it’s a big part of marketing’s future and at the end of this presentation, you’ll grab three things: - word of mouth is really powerful and for a wide a variety of brands, I should be thinking about it as an integrated part of upcoming plans - word of mouth can be orchestrated and you can do it credibly and avoid the pitfalls, you can make it a valuable marketing touchpoint and maybe even strategy for your business - Agent Wildfire is Canada’s Expert here – they have the experience, knowledge, database, assets and team to help my business – they are not one size fits all, they have options sized for my business

Monitoring Measuring Social Media Monitoring Measuring Social Media Presentation Transcript

  • Monitoring and Measuring Conversations Sean Moffitt, President & Chief Evangelist– Agent Wildfire Inc. smoffitt@agentwildfire.com
  • Blonde Guys Trying to Make the World a Better Place….
  • Communication Collaboration
  • Why Social Media?
  • 4 Camps of Social Media Benefits People Produce Content About You People Engage/ Rally Behind You People Collaborate With You People Advocate You
  •  
  • *I think a pillow should be the symbol of peace, not the dove. The pillow has more feathers than the dove, and it doesn't have that dangerous beak.
  • “ There is only one thing in the world worse than being talked about, and that is not being talked about.” Was Oscar Wilde a good social media practitioner?:
  • If one ad impression is worth $0.01-0.10 … what’s the value of a social media conversation?
  • If a newspaper publishes their print content in a blog format but turns commenting off… ..do we account for it as social media…and is it just as important as the hobbyist blogger post?
  •  
  • Would you rather have your social media be engaging… ….or Influential?
  • What’s happening more quickly… Is social media becoming more traditional… ..or is traditional media becoming more social?
  •                                     Would you like 1% of your social media audience very involved.. …or 10% of your audience somewhat involved?
  • If we hold sales people accountable for sales and operations people accountable for operations… … what do we hold social media people accountable for?
  • The 10 somewhat immutable laws of social media measurement… 10 SOCIAL MEDIA MEASUREMENT
  • “ It’s an imperfect science, but that’s OK…” Law #1 -
    • it’s new
    • it resists neatly packaging
    • it’s multi-media
    • it has many stakeholders
    • it has many benefits
    • it keeps changing
      • Blogs (2005)
      • YouTube (2006)
      • Facebook (2007)
      • Twitter/FriendFeed (2008)
      • ???? (2009)
  • …because its ½ of what your next student/employee/customer does… Source: Harrison Group 2007
  • …because it’s the new currency on how to build brands “ Something you Buy” “ Something you Trust” “ Something you Want” “ Something you Prefer” “ Something you Love” “ Something you Participate In”
    • 1960/70s 2008
    • Ads Exposed to Daily
    • 700 3,000-5,000
    • Per Capita Spending on Ads
    • $110 $865*
    • Ave No. of TV Channel/Household
    • 5.7 116
    • No. of Products - Grocery Store
    • 7,000 45,000+
    • No. of Books Available
    • 20,000 4 mil.+
    • Day-After-Recall on TV Ads
    • 36% 3%
    • Trust Ranking of Advertisers
    • n/a 20nd out of 21
    • US numbers, Inflation adjusted number for 2007 $465,
    • 4x as much as 1972
    … and because It’s a Panacea for What Ails Marketing/Media/Communications
  • “Social media value is trapped in the Long Tail of its metrics” Law #2 - Social Media Metrics Metrics Why Social Media benefits are trapped in the tail…
  • What we measure :
    • Traffic (75%)
    • Member engagement (74%)
    • Unique visitors (72%)
    • Member registrations (70%)
    • Product feedback/ideation (40%)
    • WOM Influence (31%)
    • Comments per post (25%)
    • Cost savings (16%)
    • Tech. support (11%)
    • Insights, content, employees, competitive intelligence
    The activity (clickstream) The benefits Source: Online Community Research Network
  • “It’s an intimacy medium – Participation of a few > Eyeballs of many” Law #3 - “ The Ones Who Create Ideas” “ The Ones Who Spot & Scout New Stuff” “ The Ones Who Sell and Lead Opinions” “ The Ones Who Provide Credibility” “ The Ones Who Attract Attention” “ The Ones Who Connect & Spread the Word”
  • Harnessing the Influencer Grapevine Turning small groups of Enthusiasts, Users, Customers and Consumers Into Authors, Producers, Scouts, Testers and Collaborators & Broadcasters Into Community Members, Advocates, Ambassadors and Evangelists Thinktank/ Sounding Board Scout/ Mystery Shopper Advisory Council/ Cause Torchbearer Seeded Adopter/ Beta Tester Customer User Consumer Collaborator/ Producer Evangelist/ Ambassador/ Advocate Community Member/ VIP Insider Influencer
  • “ The measurement lense depends on your perspective… Law #4 - A hustler (media/ads) A fisher (e-commerce) A surveyor (researcher/ innovation) A farmer/gardener (community owner) A sniper (PR)
  • The Influencers – 6 Archetypes A Fisher (E-commerce) “What’s my catch like?” - Visitors, conversions, sales A Hustler (Ads/Media) “How many people paid attention?” - Traffic, page views*, time spent A Sniper (PR) “Who is my most important target?” - Authority ranking, influence, velocity, comments/post A Farmer/Gardener (Community Owners) – “What am I growing/is this being cared for?” - Engagement, interaction, sentiment A Surveyor (Research/Innovation) – “What have we learned?” - Insight, quality of content, relevance
  • Social media outcomes trump traditional media inputs… Law #5 - Traditional media measurement deals with what you aired… … social media measurement deals with what actually happened Vs.
  • Those who “measure” social media are those who “manage” social media Law #6 -
    • CEO Key Metric
      • 49% - bottom line profits
    • - CEO Key Critical Drivers (rank)
      • 1 st - Business Strategy
      • 2 nd - Customer Service
      • 3 rd - Customer Experience
      • 4 th - Sales Force
      • 5 th - Marketing Strategy
      • 6 th - Product development
      • 7 th - Pricing
      • 8th - Distribution
      • Conversely
      • 12 th - Advertising
      • 13 th - Promotions
    Source: Microsoft Executive Circle
  • 1 +1 = 3 – Social Media Measurement is multi-variate Law #7 -
  • Excitement Intimacy Broader Audience Targeted UGC/CGM BUZZ VIRAL SOCIAL CAUSE COMMUNITY INFLUENCER EXPERIENTIAL AFFILIATE
  • What is your Social Media Shooting for? Reach – how far does it travel? Relevance – does it support your intended direction? Influence – who shares and passes along with who? Authority – how trusted is the source? Engagement – how involved do they get?
  • What is Your Social Media Shooting for? Interaction – do they do anything with it? Velocity – how fast does it travel? Attention – how much time do they spend with it? Sentiment – how positive are they? Net Promoter – are they recommending you?
  • Ownership – where can I find the data…
    • Measurement is quite different based on ownership of data, is your effort:
      • Hosted by your school/company?
      • – communities/corporate blogs/CGC platforms
      • Outreached by your school/company?
      • – blogger relations/social network apps/groups, widgets
      • Exists in the social media ether?
      • – independent social media monitoring
  • Monitoring Tools, tools, tools
    • Freebies
    • Technorati (authority, links)
    • Del.icio.us (quality/type)
    • Google Analytics (traffic)
    • Feedburner (subscribers)
    • Compete/Alexa (relative traffic)
    • Appsholic (social media)
    • Video/photo (YouTube, flickr)
    • Social bookmarks (Digg/Stumble Upon)
    • Forums (Boardtracker/Twing)
    • Communities, widgets
    • The Paid Methods:
    • Radian6
    • Buzzlogic
    • Nielsen Buzzmetrics
  • There are 27 Flavors of Conversation Law #8 -
  • The 27 Types of Social Media Conversation
    • Acknowledge receipt
    • Advertise something
    • Answer question
    • Ask a question
    • Augment a post
    • Call for action
    • Disclose personal info
    • Distribute media
    • Express agreement
    Express criticism Express surprise Rally support Give a heads up Respond to criticism Give a shout out Make a joke Make a suggestion Make an observation Offer a greeting Offer an opinion Put out a wanted ad Rallying support Recruit people Show dismay Solicit comments Solicit help Start a poll Source: KD Paine & Partners
  • There are no “silver bullet” standards Law #9 -
    • Social Media Value
    • (vs. objective)
    You Need to Roll your Own = Benefits – Risks ---------------------- Cost
  • One of my favourite “roll your own” examples….
  • The Gladwell – The New Social Media Measurement
    • Incorporates the benefits:
      • Engagement
      • Influence/Advocacy
      • Polarity (Positivity)
      • Depth of Interaction
      • Action (Conversions/Sales)
      • Search results
      • PR Value
      • Content
      • Insight
      • Support
      • Credibility/Authority
      • Community/Lifetime Value
      • /Loyalty
  • Faith goes a long way… Law #10 -
  • What progressive companies are currently practicing? Currently Use Plan To Pilot Blogs 49% 31% RSS 47% 32% Social Networking 40% 31% Customer Service 40% 26% Podcasts 33% 41% CGC 27% 35% Wikis 21% 29% Co-creation 13% 24% Open-Source 12% 20% Virtual Worlds 9% 23% Source: Society for New Communications Research, 2007
  • Major Media/Marketing Implications – The Future is Social
    • Word of Mouth Marketing +30%
    • Social Network Ads +51%
    • Social Media Ads +71%
    2008-2011 Projections (CAGR) Source: VSS
  • Take Back to the Class Join the conversation: - Facebook, LinkedIn, Twitter - Find top 50 blogs of interest - Start commenting Start a new conversation: - Build a blog – post 27 types of conversation - Outreach to other bloggers - Produce a Social Media Release - Network out to video/photo sites - Social bookmark content Define what they should measure: - Establish metrics - Roll their own measurement - Track progress over time - Measure vs. objective Analyze results: - Prove the value of the effort - Identify improvement
  • Never Forget - Humans are Social Animals
  •  
  •