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Measuring your social media impact
 

Measuring your social media impact

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Measuring your social media impact - the challenge facing all public relations and marketing professionals. As presented by Vicky Brock to the delegates of the Canadian Tourism Commission's annual ...

Measuring your social media impact - the challenge facing all public relations and marketing professionals. As presented by Vicky Brock to the delegates of the Canadian Tourism Commission's annual GoMedia Canada Marketplace in Edmonton Alberta.

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  • 1. Social media has to be measured on relevant indicative actions taken by the target market (not weak "noise" based metrics).  Passive metrics are self-delusion - active participation is what you're looking for as even engagement is when someone both cares and interacts.  But those actions/interactions may be at the start of the ultimate business conversion process, not the end.  So direct response based ROI alone is also misleading.  Direct response sales is an unwise single metric for social, unless that is the specific goal of the strategy, whereas establishing two-contact with 5,000 new prospects in a target network is a good KPI.
  • 1. Social media has to be measured on relevant indicative actions taken by the target market (not weak "noise" based metrics).  Passive metrics are self-delusion - active participation is what you're looking for as even engagement is when someone both cares and interacts.  But those actions/interactions may be at the start of the ultimate business conversion process, not the end.  So direct response based ROI alone is also misleading.  Direct response sales is an unwise single metric for social, unless that is the specific goal of the strategy, whereas establishing two-contact with 5,000 new prospects in a target network is a good KPI.
  • 2. If you do one thing, start listening as well as talking.  Listen to the mqarket, listen to the data.Think about which conversations you are prepared to step into – there will always be a level of background noise to filter out. Whose opinions matter most to your audience? You can’t control the conversation but what will make you call the lawyers. There is no point listening unless that is preparing you for a set of responses. As well as social listening tools, search behaviour is a leading indicator that cannot be ignored - understand how your comms activity is already manifesting in both brand and discovery search. “The marketplace is a conversation” Cluetrain Manifesto is as true as ever
  • The universe will not last long enough to measure everything. Beware of "me too" strategies and metrics.  Like any other form of analysis, you have to be really really specific about the business objectives and match goals, success indicators & metrics that go with them.  If it is about customer service enhancement then the social media metric set is completely different than if its about conversion.  If it is about brand repositioning then sentiment, brand association, velocity of comments among new and existing customers are way more important than in a straight acquisition strategy - as is really active listening.  The data is there, the tools are there - you'll have more than you ever need.  Acting on the data is the harder part.  The only way to use them effectively is to be really specific about the goals and to have some idea of the kind of actions you'd like the data to inform.  Pick three good metrics that pass the "so what" test and know what type of action you'd need to take if they plummet or soar. Ultimately commercial businesses are looking at sales, costs and customer loyalty/satisfaction.
  • It used to be that your website was the centre of your marketing activity and official media partners your distribution channels. This is no longer true – media fragmentation means that your website is only one of many places people encounter your brand. Your website plays the transaction role – it is the conversion engine. The marketing conversation is one in which you participate, rather than control.
  • Metrics and performance indicators give you the prompts you need to take actions. They only make sense if you have clearly defined actionable goals first. Raising awareness is too vague – it lacks action on the part of the prospect. Real goals tie back to making money, saving money and increasing loyalty/satisfaction.
  • In the usual attribution model used online – the last click (the traffic source closest to the final sale) gets all the credit for the sale. Those sources generating awareness can be further from the sale, so under attributed
  • Successful social media activity isn’t often immediately directly attributable. Other conversion mechanisms, like search and email, can often be overly credited at its expense – this impacts budgets and resources.In the last click ROI model, only when a person goes directly from social media right through the payment/or other process to conversion does social media get credit.BUT, social media sets up opportunities for conversion (amongst other things) - it is not necessarily a direct response channel like email.Even when conversion occurs, it is not always synchronous with the original social media action that created it. The opportunity to convert created in social media, may turn into revenue weeks or months down the line.
  • This multi-channel view of the conversion process in Google Analytics shows the impact of different channels across multiple visits. Notice that only in some cases is social the last click channel – yet clearly it is playing an important role.
  • Notice how different channels are either more or less likely to be last click channels. Those with final column ratios above 1 are “upper funnel” channels – meaning they assist more often than they close conversions.
  • Different social sources have different assisting to closing ratios. Notice here how Flickr assists, whereas Facebook closes.
  • The last click and assisted conversions can be tracked in Google Analytics. To rigorously attribute conversions where social influences but never sends traffic requires controlled experimentation and attribution model development. This requires skilled resources. But you can still get direction information by using search activity as a proxy
  • The term Caledonian Canal is not a normal search term for this business – it is related entirely to a spot on the BBC programme Coast. The second wave is when the programme was rerun and supported by social media activity.
  • Twitterstream, and the new Twitter Analytics, are examples of tools that help you understand the scale and content of activity
  • Tools like Wordle can be used to get a quick overview of blog comments, Facebook comments, or any commenting text you want to understand
  • consumer generated, socially networked, social media means that there are different things to consider when planning a strategy – these include influence, connectedness, authority/trustworthiness to the target market, visibility, responsiveness, willingness to recommend and advocate, the “character” of the neighbourhood.
  • 1. Social media has to be measured on relevant indicative actions taken by the target market (not weak "noise" based metrics).  Passive metrics are self-delusion - active participation is what you're looking for as even engagement is when someone both cares and interacts.  But those actions/interactions may be at the start of the ultimate business conversion process, not the end.  So direct response based ROI alone is also misleading.  Direct response sales is an unwise single metric for social, unless that is the specific goal of the strategy, whereas establishing two-contact with 5,000 new prospects in a target network is a good KPI. 2. If you do one thing, start listening as well as talking.  As well as social listening tools, search behaviour is a leading indicator that cannot be ignored - understand how your comms activity is already manifesting in both brand and discovery search.3. Beware of "me too" strategies and metrics.  Like any other form of analysis, you have to be really really specific about the business objectives and match goals, success indicators & metrics that go with them.  If it is about customer service enhancement then the social media metric set is completely different than if its about conversion.  If it is about brand repositioning then sentiment, brand association, velocity of comments among new and existing customers are way more important than in a straight acquisition strategy - as is really active listening.  The data is there, the tools are there - you'll have more than you ever need.  Acting on the data is the harder part.  The only way to use them effectively is to be really specific about the goals and to have some idea of the kind of actions you'd like the data to inform.  Pick three good metrics that pass the "so what" test and know what type of action you'd need to take if they plummet or soar.

Measuring your social media impact Measuring your social media impact Presentation Transcript

  • Measuring Your Social Media Impact
    Presented by Vicky Brock @brockvicky
    #GoMedia11 Canada September 2011
  • Ready to unleash your inner geek?
    Data
    Empathy
    Action
  • Passive metricsdamage your health
    seek indicators of relevant actions taken by the target market
  • “brand” is not an excuse
    engagement is when someone both cares and interacts
  • 2. Start listening as well as talking
    “the marketplace is a conversation” – but there’s also stories in data
  • 3. Beware of "me too" strategies & metrics
    only measure what really mattersrevenue, costs, satisfaction
  • Let’s bust some assumptions:
    Social Media is not- simply advertising- simply direct response marketing- simply PR and comms- operating in a channel silo- something you explicitly control- going away
    It is inherently measurement driven
  • But, there is no magic single number
    Advertising Value Equivalents
    13,902 friends
    80/20
    3.1415926535897932384626433832795028841971693993
    hits
    Clicks
    Unique Visitors
    42
    5 minutes 47.235 seconds
    So what?!?
  • The digital model is now different
  • Know your goals & the metrics follow
    Conversation/retweet rate
    Asset/content popularity
    Lead generation rate
    Interaction/engagement rate
    Registration/request/downloads/orders/bookings rate
    Ratio of favourites to views
    Cost savings relative to another service channel
    Shift in sentiment before, during and after social activity
    So what?? Good metrics indicate progress towards strategic goals & are actionable. Think fire alarms
    Increase in search due to social/campaign activity
    Conversion rate uplift/average order value uplift from social sources
    Change in market share
    Rate of virality/pass along
    Uplift on offline sales
  • First the good news....
  • Like many tourism businesses, Jacobite uses traditional media, social media, offline and online marketing to drive potential customers to this website. The various media and marketing channels create awareness and desire, the job of this website is to convert those visitors into customers.
  • You may be doing better than you think
    Search – ROI of 14
    Social – ROI of 0.3
    A return on investment of less than 1 suggests social media is failing
    BUT, social media is not necessarily a direct response channel. Conversion is not always synchronous with the original social media action that created interest. It may turn into revenue or other conversion weeks or months down the line.
    I can prove this to you and your HIPPO
  • Search activity mirrors media exposure
    “tell me more”
    It is now entirely normal for people to respond to offline media online – the web is the place consumers turn to learn more about things that capture their interest.
    The first place they turn to is typically Google:
    Role of organic search in buying process
  • Welcome to multi-channel conversion analysis (this chart from Google Analytics)
    Classic example of social creating awareness, search aiding research, brand related search closing the sale and “winning” credit for the conversion
  • Prove social is assisting conversions
    Social is creating conversion opportunities, “assisting” conversions via other channels, not just closing conversions on the “last click”
  • Creating opportunities for conversion
    Closing the conversion
  • Social return on investment
    More than just direct “last click” conversions
    Assisted conversions, or opportunities created for conversion, must also be factored in:
    Last click = lowest possible, but simplest revenue value
    Additional revenue value = where social drives visits to the site, but is the last click
    What about those that don’t come directly to site from social, yet are still influenced by your activity? Harder to measure, but not impossible
  • Media led awareness – search based research
  • Social enhancing traditional PR
    PR influence (TV)
    PR influence (TV + social)
    This search activity is being driven purely by PR. When these visitors finally convert there may be nothing to ever tie them directly to social/media. But the clues are still there in the search term data – listen to your market responding.
  • Discovery search
    Non branded
    See PR campaign themes
    See influence of printed materials
    Discover key customer questions
    SEO issues – what is missing?
  • Brand
    search
    Navigational & familiar users
    Brand confusion & misspellings
    See PR campaign themes
    See influence of printed materials
    Understand balance of brand & discovery
  • Anyone short of data?
  • Free tools like Klout look at impact
    http://klout.com
  • So what are Southwest Air engaging people with?
    • Service/weather announcements
    • Customer queries
    • Brand/people stories
    • Apps & tools
    • Quirky fun stuff
    • Just the odd sales offer
    Note they are using both hashtags and bit.ly urls to aid measurement
  • Power of the hashtag (for example)
    Power of the event/topic specific hashtag:
    Realtime analysis possible of this event #Tfest
  • Text analysis – http://Wordle.net
    Blogs, Facebook, Flickr, Tripadvisor – it doesn’t take long to see themes
  • Social content analytics tools
    Twitter Analytics
  • Video insights
  • Making sense of the viral
    When something goes viral, its often most efficient to measure in the place – and the tool –where the drama is unfolding.In this case, Flickr was the best place to understand what was happening right now whilst also participating in that conversation. Crude analysis, but I do know the activity was absolutely worth it in terms of the business goals that matter to me.
  • It’s all about who you know & who they know & who they know....
  • Harness the network power
    Fact: I am more likely to trust a blogger I have never met on the topic of your destination, rather than you- they’re in my network- they’re “like me”- they’re “authentic” & authoritative- other people “like me” seem to trust them- they have no marketing agenda (I assume)- I already know they exist, they’re on my comms radar
    This is not necessarily bad news for you - IF it’s the right network, right blogger, right product, right message, right angle for them & you court them properly - they confer trust upon you & extend your reach into “their network”
  • Social network theory
    Vicky is connector
    Joe influences this clique
    Both Joe & Vicky can extend your reach extend to Andrew
    http://www.touchgraph.com/TGFacebookBrowser.html
  • Bloggers, influencers & connectors know their value & everyone is after them – save your time & theirs by really doing your homework. Measure your effectiveness in engaging them
  • Who is missing? Are we talking to the right people? Are we talking to ourselves?Who will reach a network we’re less influential in?
  • Some next steps
  • How do you measure what you don’t control?
    1. Be alerted, know themes, use critical judgement
    • Google Alerts, BoardTracker, Bit.ly, SocialMention, TweetDeck, Trackur, MeltWaterBuzz, Radian 6
  • How do you measure what you don’t control?
    2. Prioritise for relevant action - know your participation parameters & targets in advance
    Your time is a cost, you can’t participate in every conversation
    Who really matters? Where do you plan to focus? What is in it for them – why should they engage with you? Under what conditions will you make unplanned interventions? Is there evidence anywhere that your interventions & activities are striking the right note with the right people – be ready to act fast, either way
  • How do you measure what you don’t control?
    3. Keep your eye on the ultimate goal
    Pass the “so what” test Brand awareness, noise, likes, retweets are not necessarily the same as creating an opportunity for future conversion. What metrics link specifically to current or future actions you want the audience to take? Understand your critical performance indicators so you can act accordingly.How are actual outcomes relating to expected ones?
  • Final thoughts
    So What? Useful metrics tie to real actions
    There is no one size fits all magic metric or tool
    Fixate on your questions & goals – the metrics will follow
    Start listening, but be ready to act
    Don’t ignore qualitative & search term data
    Be aware social media may be opening not closing
    “Last click” ROI calculations under value social
    Analysis in itself has only potential value – actual value comes when your actions impact revenue, costs or satisfaction
  • Avoid death by data!
    Thank you!
    Merci
    Vicky Brock:
    @brockvicky
    http://uk.linkedin.com/in/vickybrock
    vicky@highlandbusinessresearch.com