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Understanding the Impact of Social Media
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Understanding the Impact of Social Media

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  • Explain what we mean by “social media” – campaigns and properties that you manage/control.
  • For the cases of this conversation, social media means media that has a social component – meaning campaigns/properties/etc. that you initiate and “control”. Monitoring message board chatter isn’t social media marketing. We’re not talking about protecting your brand.Cold call someone…
  • Content needs to be engaging, even if “engagement” is not the goal. Content needs to reflect the medium. There is a reason it is called “social”.
  • Can be a vitamin that generates money or a painkiller that saves money.Support saves money.PR, direct, brand, loyalty drive money.
  • Time = value = moneyHow do you tell if it is working if you aren’t measuring it? If you can’t tell if it is working, then why are you doing it?
  • Break down the social channel just like any other marketing channel. PPC isn’t broken into searchers and buyers – there are lots of steps along the way. In the same way, social media isn’t about subscribers and convertors.You can’t improve what you do if you don’t know how well you’re doing.
  • Time = value = moneyHow do you tell if it is working if you aren’t measuring it? If you can’t tell if it is working, then why are you doing it?
  • This isn’t a lockstep funnel like pay-per-click for example.Engagers/prospects pull others down the funnel.Influencers outside of the funnel include competing brands, partners, etc.Existing customers can evangelize and/or disrupt. Speaks to marketing and support working together.Conversion doesn’t signify completion, but re-frames relationship between company and subscriber.
  • Normalizing numbers – measure percent growth in both numerator and denominator. Disparate pieces of the fraction may hide key insights. For example, 100 interactions over 80k fans vs 120 interactions over 88k fans. Subscribers grew by 10%, but interaction grew by 20%.Make sure to have different perspectives on your data.
  • Threshold suggestions – connections off of social platforms. B2B – lead, whitepaper download, B2C – shopping cart, email sign upExisting customers will become prospects again, qualified vs unqualified.You always want to know what moved people down the channel. You’re now pushing prospects into other channels or into your existing marketing engine.

Understanding the Impact of Social Media Understanding the Impact of Social Media Presentation Transcript

  • Understanding the Impact of Social Media
    @argylesocial
    @ericboggs
    @covati
  • Argyle Social helps marketers understand the impact of social media.
  • How do you understand the impact of social media marketing efforts today?
  • Engagement is a core tenet of any social media marketing program.
  • Engagement – and your social media marketing efforts in general – should eventually lead to dollars.
  • Without a commitment to measurement, you’ll have no idea if you’re creating value or wasting time.
  • “What gets measured, gets managed.”
  • PPC
    Email
    Social
  • The Social Funnel
    Conversion doesn’t complete the cycle - it re-frames the relationship.
    Influencers may be outside the funnel
    Engagement drives loyalty and repeat purchases
  • Subscribers
    Your people: Followers, Fans, Subscribers, etc.
    Extend customer relationships online.
    Key Metrics:
    % customers subscribed
    Growth rate, growth drivers
    Hack:
    Ask for social connection at all customer touch-points.
    Link social subscribers to email subscribers.
    Quantify customers / subscribers.
  • People that raise their hand.
    Engagement moves subscribers down the funnel.
    Metrics:
    Engagers / Subscribers – can you increase engagement?
    Interactions by Content – what made people pipe up?
    Hack:
    Define “engagement” for your organization.
    Inspect your data from different perspectives.
    Engagers
  • People that convey interest.
    This stage may take different permutations.
    Key Metrics:
    Interactions per prospect
    Prospects by content
    Hack:
    Define the threshold between engager and prospect.
    Use web analytics parameters to build smarter links.
    Let others do the asking for you.
    Prospects
  • People that rang the register.
    Conversions should include repeat customers.
    Metrics:
    Revenue per content, per subscriber, per channel, per property, etc.
    Lead time – from subscriber to conversion.
    Hack:
    Use web analytics parameters to build smarter links.
    You can probably track this with existing tools.
    Rinse, repeat.
    Conversions
  • Room For Improvement
    These steps are squishy.
    Causation is a big leap from correlation.
    Attribution remains a problem.
    This is still a manual process. For now… 
  • Try This Tomorrow:
    Find ways to differentiate your audience.
    Snapshot metrics that reflect separate stages.
    Try to move the needle week-over-week.
    Tip:
  • Try This Tomorrow:
    Tip, cont’d:
    Create a new Gmail account.
    Export your email list, import to Contacts.
    Use the Contact finder on Twitter/Facebook/etc. to find your customers.
    Count / Follow / Engage / Etc.
  • Try This Tomorrow:
    Publish all social content via single platform.
    Append analytics parameters to your links.
    Track the impact of your content.
    Tip:
    Link bit.ly with Tweetdeck across your team.
    More? Check out Argyle, Spredfast, CoTweet.
  • Try This Tomorrow:
    Find your top-performing content.
    Re-schedule it for the next several months.
    Thank me later.
    Tip of the hat: Phil Buckley
    Tip:
    Vary timing to determine if it is significant.
    Make sure to segment tracking data.
  • When working on other marketing programs, ask yourself why your social media marketing programs don’t have the same rigorous approach.
  • Feedback? Questions?(Thank you.)Eric Boggs - eric@argylesocial.comAdam Covati – adam@argylesocial.com