Data Driven Social Media Management Using data, process, and iteration to turn your social media marketing into a revenue-generating machine. August 4, 2011
Who are these people talking to me? Eric Boggs CEO, Argyle Social @ericboggs ericboggs.com Jason Falls @jasonfalls socialmediaexplorer.com (We’re smarter than we look. Hopefully.)
Details Jason will lead Q/A at the end of the call. Tag your tweets/questions with #datadriven. We’re recording this shin dig. We’ll send an email follow up to everyone. Eric is @ericboggs. Jason is @jasonfalls.
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 Awareness: Fans Who are they? When it comes to your social audience, quality is just as important as quantity. Demographics—target and actual “Like Sources” and “External referrers” Fan churn (% of fans who unlike you)
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.
Attributing Conversions in Social 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.
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?
Measuring Action: Conversions Metrics in Action Increase in revenue is driven by higher conversion volume Increase in revenue is driven by higher revenue per conversion Decrease in revenue is driven by lower revenue per conversion Decrease in revenue is driven lower conversion volume