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Why you should Measure & Monitor Social Media
 

Why you should Measure & Monitor Social Media

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Why you should be Monitoring, Measuring & Analyzing Online Conversations ...

Why you should be Monitoring, Measuring & Analyzing Online Conversations
Customer engagement is being revolutionized by new tools and methodologies in social media. Online consumer conversations offer companies the opportunity to realize increased customer satisfaction & loyalty, shortened sales & product development cycles, expanded markets, competitive insight & more.
This session will outline business objectives for monitoring, measuring and analyzing online conversations. It will also cover how to do so using free and paid tools along with the types of insights that can be realized.
Participants will gain an understanding of the potential that social media monitoring offers and have a good foundation to get started with.

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  • Step 1: Define Business Objectives & Decide on Priorities Step 2: Choose What to Measure & Tools Quantitative Qualitative Step 3: Analyze: Benchmark & Identify Trends Step 4: Create a strategy & engage Step 5: What’s working & what’s not
  • Prioritize the Business Objectives in order of importance What keeps your boss up at night? What are the competitive threats? This identifies goals to measure Katie Paine suggests asking yourself ‘what keeps your boss up at night?’. Sidenote: other meanings for the acronym ROI Return on Influence; Return on Interaction
  • Image courtesy of MightyMouthMedia.com (Jacob Morgan)

Why you should Measure & Monitor Social Media Why you should Measure & Monitor Social Media Presentation Transcript

  • Why you should be Monitoring, Measuring & Analyzing Online Conversations Connie Bensen, Alterian @cbensen Social Media Seminar 28 July, 2009
  • Everything is Measurable
  •  
    • 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
    Business objectives
  • Prioritize & Identify Goals
    • What percentage of increase is wanted?
      • Estimate at first
      • Use to set goals
      • Translate into for business needs
    • Examples:
      • Marketing – increased product awareness & WOM
        • ROI = the # of additional sales
      • PR – improved brand sentiment
        • ROI = additional customer loyalty
      • Product research
        • ROI = the difference in time it used to take
      • Decreased support calls by X% ROI = the cost savings
    Choose what to Measure
  • 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 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 Overview Xinu
  •  
  • Use Cases for Social Media Monitoring
  • Theme Report Displays the main themes of the content
    • Size indicates the words that occurred the most
    • Ability to drill into each theme to explore the conversations
    • Use Cases:
    • Identify trending topics & new phrases
    • Assess campaign traction & marketing messaging
    • Identify potential brand threats, #yourcompanysucks
    • Topic: Motrin Moms
    • Identify trending terms: motrinmoms, outrage, pain, backlash
    • Drill in to assess influence
    Takeaway : Video was pulled after weekend firestorm online.
  • Brand Sentiment Automatic sentiment with customizable dictionary
    • Ability to review positive and negative conversations
    • Assigned sentiment and tone can be changed
    • Use Cases:
    • Brand monitoring
    • Customer service
    • Increase customer satisfaction
    • Competitive intelligence
    • Topic: Domino’s video
    • Many negative conversations in response to YouTube video
    • Takeaway : Brand crisis situation that was damaging to the brand & required a response.
  • Map Overlay Displays physical location of Content Creators
    • Each pin is drillable to view individual conversations
    • Larger pin size indicates more search results
    • US map and World map views
    • Use Cases:
    • Identify new markets
    • Pay Per Click campaigns
    • Google adsense
    • Topic: bread and yeast
    • CA results show a renewed interest in bread baking & artisan breads
    • the Brand does not have distribution in California
    • Takeaway : Indicates new market locations and opportunities
  • Share of Voice Compare amount of conversation for brand and competitor(s)
    • Ability to drill into each data set
    • Benchmark and measure success of social media engagement
    • Use Cases:
    • compare volume of conversations
    • identify need to engage
    • Topic: Tropicana logo
    • logo change resulted in much online discussion
    • the Brand changed the logo back due to public opinion expressed
    • Takeaway : Online conversations matter and affect brand perception
  • Share of Voice Amount of conversation on each social media source
    • Shows the distribution of conversations by online source type
    • Each bar is drillable to see those specific conversations
    • Use Cases:
    • identify places to build brand
    • research new markets
    • benchmark brand presence
    Takeaway : What is the permanence of the majority of the conversations? microblogs vs blogs & forums
  • Share of Voice Chart brand sentiment over time
    • Displays trending of positive and negative sentiment over time
    • Every data point is drillable to see the results for that date
    • Ability to efficiently identify what is causing the sentiment for that date
    • Use Cases:
    • Brand perception
    • Product feedback
    • Monitor crises
    Takeaway : Ability to mitigate brand issues on a granular basis and monitor the trending over time
  • Domains Identification of communities around brand/competitor(s)
    • Locations of conversations by online source (specific URL’s)
    • Domains with most conversations originating from them are listed first
    • Popularity (influence) provides engagement value
    • Use Cases:
    • identify places to engage
    • find brand advocates
    • engage in competitors’ realm
    • Topic: McCafe vs Starbucks
    • McDonalds spent $100M on advertising campaign
    • identified interest in diet related sites
    • Takeaway : Conversations may be taking place in unexpected places!
    • Outline the following & provide recommendations based on them:
    • Ongoing definition of objectives
      • established from goals of the position
    • Interaction - Trends in members, topics, discovery of new communities
    • Qualitative Quotes - helpful for feedback & marketing
    • Recommendations - Based on interactions with the customers
    • Benchmark based on previous report
    • Web analytics (unless someone else is tracking them)
    • Social Web analytics
    Reporting
      • Choose tools that suit your needs
      • Start with a small project
      • Listen and have a strategy before engaging
      • Look for spikes in conversations and patterns
      • Identify trending topics
      • Evaluate what’s working, drop what’s not
    Tips for Success
    • Step 1: Define Business Objectives & Decide on Priorities
    • Step 2: Choose What to Measure & Tools
      • Quantitative
      • Qualitative
    • Step 3: Analyze: Benchmark & Identify Trends
    • Step 4: Create a strategy & engage
    • Step 5: What’s working & what’s not
    You Can Measure Everything!
    • Resources
    • Putting the Public Back in Public Relations by Brian Solis and Deidre Breakenridge
    • Measuring Public Relationships by Katie Delahaye Paine
    • Groundswell by Charlene Li and Josh Bernoff
    • Personality Not Included by Rohit Bhargava
  • Connie Bensen Community Strategist, Techrigy [email_address] Twitter: @cbensen