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Social Media Monitoring Oct 09
 

Social Media Monitoring Oct 09

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A compilation of how to measure Social Media activities can be measured.

A compilation of how to measure Social Media activities can be measured.

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Social Media Monitoring Oct 09 Social Media Monitoring Oct 09 Presentation Transcript

  • Social Media Monitoring - Key to understanding your customers without investing in expensive Market Research! © 2006 Confidential | intelligent marketing & technology solutions Hardy Alexander, General Manager Regalix India October 14 th , 2009
  • Presenter: Hardy Alexander
    • General Manager, Regalix India
    • Over 17 yrs experience in Sales & Marketing across various industries such as Manufacturing, Logistics & Supply Chain and Digital Marketing
    • Vast experience of Business Development across global markets, especially with start up projects
    • Currently responsible for managing the Bangalore branch office as a profit center
    • Qualification: Masters Degree in Marketing and an Engineering Major in Metallurgy
    © 2006 Confidential | intelligent marketing & technology solutions
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • Getting a Better Understanding: Definition
    • Media Monitoring is the activity of monitoring the output of the print, online and broadcast media.
    • The monitoring of online consumer sources such as blogs, forums and social networks is more specifically known as Buzz Monitoring or Social Media Monitoring .
    • Buzz monitoring is the keeping track of consumer responses to commercial services and products, to establish the marketing buzz surrounding a new or existing offer.
    • “ It is also comparatively inexpensive compared to other market research tools”.
    © 2006 Confidential | intelligent marketing & technology solutions Source: Wikipedia
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • Social Media Landscape: Explosive Growth Image Source: fredcavazza.net © 2006 Confidential | intelligent marketing & technology solutions
  • US Marketers Plan for Online Marketing Budget in 2009 © 2006 Confidential | intelligent marketing & technology solutions Image Source: Permission TV, Dec 2008
  • Social Media Monitoring: Why is this Important?
    • Consumer Opinion can:
      • Create a new series of metrics that tracks your brand’s performance.
        • For Example, so what if your banner campaign flopped? You might be the most discussed brand on Twitter or YouTube.
      • Unprompted opinions tend to be more sincere.
        • New truths will emerge from this raw data and hopefully new opportunities as well.
      • Instant feedback on marketing campaigns
        • Does before and after testing get any faster?
      • Monitor people’s thoughts on your competitors.
    • “ Watch what your investors might be discovering about your brand so you can fix problems before they become an issue.”
    © 2006 Confidential | intelligent marketing & technology solutions
  • Are Companies Adequately Measuring Social Media Initiatives? © 2006 Confidential | intelligent marketing & technology solutions Source: MarketingProfs.com, 2009
  • Social Media: Tough to Measure?
    • “ It may be simpler than you think.”
    • Attention: The amount of traffic to your content for a given period of time.
    • Participation: The extent to which users engage with your content in a channel.
    • Authority: The inbound links to your content.
    • Influence: The size of the user base subscribed to your content.
    © 2006 Confidential | intelligent marketing & technology solutions
  • Social Media Monitoring: How to Approach?
    • “ Here are a few ways to consider measuring Social Media ROI for your business”
    © 2006 Confidential | intelligent marketing & technology solutions
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • Sample: Social Media Measurement Process © 2006 Confidential | intelligent marketing & technology solutions Define what is trying to be accomplished and how we’ll know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment
  • Sample: Social Media Metrics Framework © 2006 Confidential | intelligent marketing & technology solutions
    • Types of Activities:
    • Map measurement objectives to project or business goals
    • Identify specific key performance indicators (KPI) that align with objectives
    • Establish performance benchmarks or targets to gauge success
    Goals Objectives Metrics Deepen relationship with customers
    • Achieve a critical mass of audience through social media
    • # of advocates (Fans, Followers, Authors)
    • # of comments posted
    • Encourage ongoing interaction with the brand
    • Comments / Advocates
    • Advocate influence profile
    Learn from the community
    • Uncover common themes among interactions
    • Rank of topics discussed
    • Decipher positive vs. negative sentiment
    Drive Purchase intent
    • Persuade engagement with website content and utility
    • Leads to ecommerce partners
    • Retail locater results activity
    • Product brochure download
  • Sample: Social Media Measurement Process © 2006 Confidential | intelligent marketing & technology solutions Define what is trying to be accomplished and how we’ll know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment
  • Sample: Social Media Analysis Construct © 2006 Confidential | intelligent marketing & technology solutions Pillars of Social Media Measurement Reach Discussions Outcomes Quantity Scale and Activity of the fan base Quality Where on the social Web discussions about brand occurs Topics What are authors on the social Web talking about in terms of a brand or its product attributes Sentiment Adding value to the audience and cultivating relationships through conversation can influence perceptions Site Traffic Site Engagement acts as a proxy for purchase intentions Purchase Intent Leads or purchases form the most relevant aspect to the brand
  • Sample: Social Media Measurement Process © 2006 Confidential | intelligent marketing & technology solutions Define what is trying to be accomplished and how we’ll know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment
  • Sample: Social Media Insight Tools and Data Sources © 2006 Confidential | intelligent marketing & technology solutions Centralize all publicly accessible discussions across the social Web Provides insight into a brand’s Web site visitor behavior Provides access to key social insight activities not readily available in the mainstream ELP Semi-automate the process of deciphering the meaning of social comments Image Source: Journal of Interactive Advertising
  • Sample: Social Media Measurement Process © 2006 Confidential | intelligent marketing & technology solutions Define what is trying to be accomplished and how we’ll know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment
  • Social Media Measurement Process: Deployment
    • Conduct ‘Quality Assurance’ (QA) of data collection methods
    • Validate performance reports are complete and accurate with expectations
    • Build data infrastructure needed by aggregating multiple data sources
    © 2006 Confidential | intelligent marketing & technology solutions
  • Social Media Measurement Process: Optimization © 2006 Confidential | intelligent marketing & technology solutions Evaluate the program performance against the KPIs Diagnose drivers of performance to date Identify opportunities for program enhancement by developing a holistic picture of social activities and their impact
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • What Next?
    • “ ROI = (Gains – Investment Costs) / Investment Costs”
    • Is that it?
    © 2006 Confidential | intelligent marketing & technology solutions
    • The Magnitude of Change
      • One billion people are online – expected to double by 2011
      • Every Day 500,000 new users come online for the first time
      • Content is exploding
    • The Value of Personal
      • The move from ‘objective’, fact-based, third party reporting and commentary to individual, ‘subjective’ and ‘crowd sourced’ perceptions is very powerful
    • Connecting with Customers
      • Since when did any business not want to connect with its customers?
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • Case Study: World’s Leading Bank
    • Media Monitoring Activities
    • Competitor Product Mapping (Loans, Interest Rates, etc.)
    • Tracking customer complaints/feedback on product/services
    • Monitoring both +ve & -ve conversations about the company
    • Tracking % share of social media conversations vs. competitors
    • Identifying forums with most banking discussions
    • Identifying most talked about category (Loans, Insurance, etc.)
    • Consolidating news on banking/financial sector
    • Landscape monitoring (Competitor banner ads)
  • Case Study : Client Benefits
    • Results
      • Identified key product issues
      • Helped address customer complaints
      • Identified key customer themes to create messaging
    • Leverage
      • Expansion of Search Key Words to improve lead volume
      • Increase banner ad click-through by better targeting
      • Tweak product messaging
    © 2009 Confidential | Think Innovation
  • © 2006 Confidential | intelligent marketing & technology solutions
    • Definition
    • Social Media Monitoring – Why is it important?
    • Social Media Measurement Process
    • Management Buy-in – Next Steps?
    • Case Study – Banking Sector
    • About Regalix
    Social Media Monitoring
  • About Regalix
    • Full-Service: Digital Marketing & Technology
    • Talent: Leadership, Advisory, 150+ Team
    • Customers: Fortune 500 and Venture-Backed
    • Verticals: Retail, Hi-Tech., Finance, Healthcare
    • Global: HQ in Silicon Valley, 4 Offices
    • Recognition:
    © 2006 Confidential | intelligent marketing & technology solutions
  • Domain Expertise UCLA x i gnite ICICI BANK © 2006 Confidential | intelligent marketing & technology solutions
    • If you have any questions about Social Media, Twitter, Facebook, and Digital Marketing, please contact Brendan Farnell: bfarnell@regalix-inc.com
    Regalix Social Media Jump Start Plan © 2006 Confidential | intelligent marketing & technology solutions Service Contact Our marketing practitioners will analyze your current marketing program and business model, and give you a comprehensive social media strategy tailored to your specific needs – The plan will include objective, tactics and outcome expected. Please contact: Namrata Kumar [email_address]
  • Thank You © 2006 Confidential | intelligent marketing & technology solutions US 3000 Bridge Parkway, Suite 101, Redwood Shores CA 94065, USA Bangalore 2nd Floor, Zam Zam Centre #26, Infantry Road Bangalore 560 001 India New Delhi B-56, Sector 4 Noida 201 301 India Chandigarh 415, Sec 8 Panchkula 134109 India