Measuring Social Media Effectiveness

Measuring Social Media Effectiveness Connie Bensen @cbensen Social Media Plus May 25, 2010

Agenda
The New Measurement
Tools & Ownership
Five Step Process
Metrics & Key Performance Indicators
Case Studies

THE NEW MEASUREMENT

Everything is Measurable

Your Site Web Analytics Twitter Blogs Wikis Facebook LinkedIn Message Boards YouTube

Opportunities of Monitoring Social Media Brand Audit Time Engagement Corporate Marketing Public Relations Competitive Insight Product Development Search Engine Optimization Customer Service Social Media Campaigns Sales – Lead Gen

TOOLS & OWNERSHIP

Tools ???

Social Media Monitoring Tools Blogs Google Alerts, Yahoo Alerts Comments Backtype Message Boards Board Reader, BoardTracker Twitter TweetBeep, TwitterSearch Social Bookmarking StumbleUpon, Digg, Reddit, Delicious Social Media Search Engine SocialMention, Serph, Keotag

Social Media Monitoring Tools (continued) Multimedia Search YouTube, Flickr Custom Feed Social Media Firehose (Yahoo Pipes) Professional Tools Trackur, Techrigy SM2, Radian6, Visible Technologies Website Traffic Google Analytics, Quantcast, Alexa, Compete Blog Traffic & Backlinks Technorati, Wordpress Dashboard Netvibes

The SM2 Technology Components Collect Alterian SM2 indexes the entire social media universe, across the globe and across all platforms. Store Alterian’s Social Media Warehouse SM , created in 2007, contains over 5 billion social media mentions, blogs, tweets, posts, images and conversations. Understand An incredibly powerful and intuitive tool, the AlterianSM2 User Interface enables clients to visualize, analyze, communicate and share findings. Turn content into actionable insight. Over 5 Billion Results

Who Should do This?

Holistic Approach

FIVE STEP PROCESS
Measurement

5 Steps to Success
Listen using a comprehensive tool
Decide on Objectives & Plan Strategy
Objectives will Define Metrics
Benchmark & Execute
Measure, Report & Refine

1. Listen
Consider:
Daily Volume
Social networks being used
Locations of communities online & offline
Sentiment & Tone

Daily Volume
How much are
people talking
about your
brand?
6 months: 137, 113
Trending avg: 732/day

Volume: Social Channels
Where are they
talking?

Where are conversations taking place online?
Focus on places consumers are most active.
Plan your strategy.

Where does your audience reside? Identify new stakeholder groups. Grow membership base.

How do consumers feel about your brand?
Find out what they do or don’t like...
and who’s letting you know.

How polarized are the conversations?

2. Choose Objectives - Value and ROI Use Case Value/ROI Brand Audit Identify opportunities in Social Media Social Media Campaigns Measure progress of Social Media efforts Corporate Marketing Increased sales & rate of return on ad spend Customer Service Increased satisfaction, brand loyalty, awareness Competitive Insight Identify differentiating features & innovate Public Relations Efficient use of time & identify influencers Sales – Lead Generation Increased sales & shortened sales cycle Search Engine Optimization More effective SEO & organic visibility Product Development Reduced market research costs HR Reduced hiring costs & less churn

3-4 Define Metrics and Benchmark
Goals will meet the objective(s)
Percentage increase or decrease of desired results
Examples:
15% increase in word of mouth
10% decrease in demand on call center
5% increase in leads from social channels
15% cost reduction in product development costs
Benchmarking sets the stage.

Potential Goals
Bring outside ideas into organization
Generate more word of mouth
Increase customer loyalty
Increase product/brand awareness
Improve new product success ratios
Improve public relations effectiveness
Reduce customer acquisition costs
Reduce customer support costs
Reduce market research costs
Reduce product development costs
Tip – Choose 1 or 2 to start with

5. Monthly Reporting
Report on Objectives
established from goals of the position
Qualitative
Trends in members, topics, discovery of new communities
Quantitative
Benchmark based on previous report
Web Analytics
unless someone else is tracking them
Recommendations
Based on interactions with customers

Comparing Volume Blue is specifically about Tiger Represent a specific proportion of total conversations

METRICS & KPI’S

Customized KPI’s
Social Reach Indicators
Alterian generated content
views on Slideshare, whitepaper downloads
Blog subscriptions
Community Health Indicators
Volume of conversations about Alterian products
Social Influence/Reputation Indicators
Reach of participation in:
speaking, training customers/staff, collaborations

CASE STUDIES

Techrigy’s Value and ROI of a Twitter engagement
After 3 months - Customer base increased by 57%
Eliminated cold calling
Multiple demo and pricing requests per day
Increased sales staff
Established brand visibility
After 6 months: Increased by 269%
Freemiums converting without
entering sales funnel
Techrigy acquired by Alterian
At 1 year: Increased by 840%
expanding Twitter engagement
across the enterprise

Increasing Customer Engagement by Listening
9 sites across Texas
18,000 staff, 90,000 patients
www.mdanderson.org

Background
Started monitoring in 2007 using free tools
Monitored online conversations about:
Cancer experiences
Online discussion of their treatment
Their brand and cancer related topics
The communications they were creating
“ Our desire to get closer to patients and the general public online, and engage with those who were socially connected, meant we had to be able to monitor a much larger number of sources”. Jennifer Texada

ROI of Patient Referral at MD Anderson
Campaign goal:
To increase the number of doctors who registered with the hospital’s online electronic medical records system and in turn increase the number of patients referred.
Tracked spread of campaign using SM2 and web analytics
Noted a 9.5% increase in patient referrals in 3 months
“ This was a real eye-opener to how social media could
benefit the business,” Texada said. “We could see which
activity made most impact and which spread fastest.”

Evaluating Public Education
Strategy planning
Used SM2 to review historical data
Decided to not run the same Prostate Cancer Awareness program
They ran a more general campaign on men’s health
Healthy eating
Eating on a budget
Exercise
Resulted in significantly more traffic

Resources
ROI Series of 10 white papers – http://AlterianSM2.com
Freemium version of SM2 http://socialmedia.alterian.com/
Groundswell by Charlene Li and Josh Bernoff
Measuring Public Relationships by Katie Delahaye Paine
Putting the Public Back in Public Relations by Brian Solis & Deidre Breakenridge
Personality Not Included by Rohit Bhargava
Trust Agents by Chris Brogan & Julien Smith

Connie Bensen
@cbensen
[email_address]
communitystrategist.com
Director of Community Strategy, Alterian

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Measuring Social Media Effectiveness

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