Data Driven Social Media Marketing Insights

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

@argylesocial@ericboggs@jthandy

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 #2 Scheduled Posts Generate Clicks, Not Conversions
Scheduled posts drive traffic. Timeliness drives conversions.

Insight #3Hashtag Stuffing Doesn’t Work
Don’t target content to hashtags.
Target hashtags to content when relevant.

Insight #3Hashtag Stuffing Doesn’t Work

Insight #4Curating Drives Clicks…Creating Drives 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?

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Data Driven Social Media Marketing Insights

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Data Driven Social Media Marketing Insights Presentation Transcript