Data Driven Social Media Marketing InsightsPresentation Transcript
Data Driven Social Media Marketing Four data-driven insights to help you turn your social media marketing into a revenue-generating machine. Presented September 6, 2011 at Social Fresh Charlotte
In God we trust. All others must bring data. W. Edwards Deming
In God we trust. All others must bring data. There is no “data” confirming that Deming actually said this. W. Edwards Deming
“On the web, (this quote) has been widely attributed to Deming and Robert W. Hayden; however Prof. Hayden told us that he can claim no credit for this quote, and ironically we could find no ‘data’ confirming Deming actually said this.” The Elements of Statistical Learning, 2nd Edition, Preface Hastie, Tibshirani, Friedmand
“On the web, (this quote) has been widely attributed to Deming and Robert W. Hayden; however Prof. Hayden told us that he can claim no credit for this quote, and ironically we could find no ‘data’ confirming Deming actually said this.” Beware rules of thumb. Data reveals the truth. The Elements of Statistical Learning, 2nd Edition, Preface Hastie, Tibshirani, Friedmand
A Delicious Slice of Argyle User Data Aggregated and anonymous December 2010 through May 2011 70k+ posts 381 organizations; all industries, all sizes
Definitions Post: a single piece of content published via Argyle Social. Click: a redirection from an Argyle short URL, published via Argyle Social. Conversion: direct or indirect completion of an Argyle Goal as a result of a click on a post published via Argyle Social.
Conversions? Social Media Marketing = Marketing Marketing = Driven By Outcomes If A=B & B=C, then A=C.
Insight #1 RSS Automation Works
Insight #1 RSS Automation Works RSS automation is just as effective as posting manually.
Insight #2 Scheduled Posts Generate Clicks, Not Conversions
Insight #4Curating Drives Clicks…Creating Drives Conversions Over-curating is ineffective. Over-promoting isn’t as ineffective as you might think.
Do or do not. There is no try. ~Albus Dumbledore Thank you very much. Eric Boggs @ericboggs http://argylesocial.com
A Brief Aside Re: Conversions Two Types of Marketing Channels Intent Generating channels build consumer awareness and interest, creating an intention to purchase a product. Intent Harvesting channels capture consumer intent to purchase and drive them to the cash register. Two Types of Conversion Tracking Multi-touch tracking attributes revenue to all of the channels that touched the consumer on their path through the funnel. Last-touch tracking attributes all of the revenue for a purchase to the last channel that touched the customer prior to the sale.
Data-Driven Social Media Marketing Practicing
The Social Media Marketing Funnel Your goal as a marketer is to move people down the funnel. Key Insight: every step is measurable. Awareness: Fans Interest: Clicks Action: Conversions
Measuring Awareness: Fans Raw numbers and trends are easy but not very instructive. Compare with something real to make judgments: B2BCompare total fan count to lead count. Aim for 1:1 ratio. Consumer ProductsCompare fan count to customer count. Aim for 1:1 ratio. Newspapers & BlogsCompare fan count to website uniques. Aim for 15%. How many fans do you have? Fan count is important, but it’s just one of many numbers that lead to success in social media marketing. Fan / Follower counts are important for normalizing other social media marketing metrics!
Measuring Interest: Clicks Metrics in Action Increase in clicks is driven by increase posting frequency Increase in clicks is driven by more engaging content Decrease in clicks is driven by less engaging content Decrease in posts is drive by fewer posts—easy to fix!
Measuring Action Requires Attribution Social media builds awareness and interest in your brand but doesn’t usually lead directly to sales… …but you can still measure its impact on revenue! The secret: use multi-touch conversion tracking.
Measuring Action: Conversions KPIs Revenue Conversion count Revenue per conversion Conversion rate Key Questions What is your call to action strategy? What offers work best? Are you using landing pages?