Measuring your social media impact

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

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

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

Measuring your social media impact

by Canadian Tourism Commission / Commission canadienne du tourisme on Sep 21, 2011

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Measuring your social media impact — Presentation Transcript