Can We Build a Better Social Media Scorecard?

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Webinar presentation detailing how social media can be better scored against business goals and objectives.

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Can We Build a Better Social Media Scorecard?

  1. 1. Metrics Five SQ Case ContactRELEVANCE KEYS INDEX STUDY US TITLE   1  
  2. 2. RELEVANCEABOUT MARKETBRIDGE Metrics •  A  leading  provider  of  technology-­‐enabled  Marke=ng  &  Sales  solu=ons   to  the  Fortune  1000.    We  create  scalable  revenue  growth  strategies   and  programs  for  Marke=ng  &  Sales  execu=ves.   KEYS Five Client  Characteris=cs   MarketBridge  Differen=ators  " Face  disrup=on  in  customer  buying  process   " Exclusive  focus  on  Go-­‐to-­‐Market  execu=on   INDEX" Seek  quantum  produc=vity  gains  with  Sales  &   " 150  Fortune  1000  and  emerging  growth  clients   SQ Marke=ng  technologies   " 20  years  Marke=ng  &  Sales  thought  leadership  " Go-­‐to-­‐Market  through  mul=ple  sales  channels   " Over  1,000  client  engagements  " Sell  a  “considered  purchase”   " 15%+  revenue  liV  on  client’s  Marke=ng  &  Sales  spend   STUDY Case Sample  Clients   Contact US 2  
  3. 3. BIO   DOUGLAS LANE Principal, Social Media Solutions •  Lead for Social Media analytics and solutions at MarketBridge •  Architect for SQ Index, patent-pending social media scoring index. •  Lead consultant / social media strategist for Mexico Tourism Board in 2011-2012 ldouglas@market-bridge.com •  Co-founder Ataway Exchange digital marketing conference @lanedouglas •  Social media consultant for top brand destinations linkedin.com/in/lanedouglas and properties in Las Vegas, Orlando, Boston •  15 years online marketing experience3  
  4. 4. RELEVANCEWEBINAR GOALS MetricsWe want to investigate how to build a scorecard for social media that... KEYS Five ...defines how to build context into social media scoring INDEX SQ ...integrates and weights metrics for a more holistic approach STUDY Case ...relates social metrics to a sales or marketing funnel Contact US4  
  5. 5. RELEVANCEMETRIC RELEVANCE MetricsM A Y   Facebook changes2010 “Fan” to “Like”" “Assigning a value to a fan on Facebook is problematicJ U N   because fans have little innate KEYS Five LinkedIn adds own2010 version of “Like”" value; it is what brands do with their followers — not merely thatJ U L   they have them.”! Twitter introduces2011 “Promoted” Tweets" Forrester Report! INDEX The ROI of Social Marketing" SQ June 20, 2012 !S E P   Facebook adds2011 “Subscribers” to “Likes”" STUDYO C T   Case Facebook introduces2012 “Promoted” posts"D E C   Facebook changes2012 “Subscribers” to Contact US “Followers”" 5  
  6. 6. RELEVANCEMETRIC RELEVANCE MetricsIndividual social metrics can be misleading and may distort reportsof “progress” in social media growth. Facebook Likes vs! Twitter Followers vs! KEYS Five Overall Positive Brand Sentiment! Overall Share of Voice! 100%   200,000   5,000   40%   180,000   4,500   95%   35%   160,000   4,000   90%   30%   Posi-ve  Brand  Sen-ment   INDEX 140,000   3,500   Overall  Share  of  Voice   Twi=er  Followers   SQ Facebook  Likes     85%   25%   120,000   3,000   80%   100,000   2,500   20%   80,000   2,000   75%   15%   60,000   1,500   70%   10%   STUDY 40,000   1,000   Case 65%   5%   20,000   500   60%   0   0   0%   Contact Facebook  Likes   Posi=ve  Sen=ment   Twicer  Followers   Share  of  Voice   US 6  
  7. 7. RELEVANCEMETRIC RELEVANCE MetricsLack of clarity, metrics to show ROI keeping social from corporatemainstream Budget   47%   KEYS Five Unclear  outcomes     45%   Absence  of  clear  social   strategy  for  brand   42%   Lack  of  understanding   39%   INDEXbenefits  of  social  media   SQ Execu-ve  skep-cism   39%   Lack  of  metrics   37%   Lack  of  cross     25%   STUDY Case func-onal  support   Other   25%   Q:  What  prevents  your  organiza=on  from  moving  beyond   Contact experimenta=on  in  social  marke=ng  ?*   US *  Survey  done  by  Pivot  in  conjunc-on  with  Al-meter  Group  and  Hudson  Group.    Survey  Sample:    October   7   2012  survey.  185  brand  managers,  marketers  and  directors  surveyed  for  the  Pivot  Conference  .  
  8. 8. RELEVANCETHE FIVE KEYS Metrics5 essential keys to successfully scoring social media. KEYS Five Score metrics, not networks 1 (platforms). 2 set to create limits. Use a well-defined competitive INDEX SQ 3 measure of all the metrics. Always define progress as a STUDY Case 4 Normalize/weight your scores. 5 business objectives/categories. Map your metrics to existing Contact US 8  
  9. 9. STEP ONE RELEVANCE Social Network / Source! Facebook Twitter LinkedIn MetricsIdentify relevant metrics Radian6 Hitwise•  Think “metrics” not “networks”
 Media Type! Select only those that are publicly available or accessible for competitors
 Owned Paid Earned Be selective, not every metric is truly valuable" KEYS Five Sheet 1 Network Media Likes INDEX People Talking About This SQ Followers Listed Retweets Mentions STUDY Case Share of Conversation Share of Voice Brand Sentiment Page Followers Contact US % Seniority % Upstream Traffic 9  
  10. 10. STEP TWO/THREE RELEVANCE Social Network / Source! Facebook Twitter LinkedIn Metrics Radian6Score against competitors; other metrics Hitwise•  Watch for progress across all the metrics and not just a select few
 Media Type! Thirty days is a good “refresh period” for recording 
 Owned Paid Earned Score on the same date each month" KEYS Five Sheet 1 Competitor Competitor Competitor Network My Media Brand #2 #3 #4 AVG Likes 5,236 7,824 19,811 3,619 9,123 INDEX People Talking About This SQ Followers Listed our Retweets You ’re now scoring y of other Mentions nd in the context STUDY Case bra ell as Share of Conversation rele vant metrics as w titors. Share of Voice ag ainst your compe Brand Sentiment Page Followers Contact US % Seniority % Upstream Traffic 10  
  11. 11. STEP FOUR RELEVANCE MetricsSocial metrics carry unique units (“Likes,” “Shares,” etc). "Normalizing them allows for properly equating them to each other. LinkedIn Group Size Comparison! Technology Storage Vertical – October 2012" KEYS Five 9,000" HIGHEST" 8,000" 100 7,000" 75 INDEX SQ 6,000" 5,000" 50 4,000" Score = 47 STUDY 3,000" Case 25 2,000" 1,000" LOWEST" .05 0" Contact Oracle" HP" IBM" Dell" Hitachi" EMC" Seagate" WD" NetApp" Fujitsu" US 11  
  12. 12. STEP FIVE RELEVANCE Social Network / Source! Facebook Twitter LinkedIn MetricsMap metrics to business goals or categories Radian6 Hitwise•  Use goals already in existing for your marketing objectives
 Media Type! Consider “weights” for each metric per goal." Owned Paid Earned KEYS Five Sheet 2 Network GOAL GOAL GOAL GOAL GOAL Media #1 #2 #3 #5 #6 Likes 75 25 INDEX People Talking About This 45 25 35 60 SQ Followers Listed Retweets Mentions STUDY Case Share of Conversation Share of Voice Brand Sentiment Page Followers Contact US % Seniority SCORE TOTALS 12  
  13. 13. TM THE SQ INDEX RELEVANCE MetricsThe  research  studies  shown  at  the  beginning  of  this  presenta=on  pointed  out  that  many  corpora=ons  s=ll  hold  back  from  moving  significant  marke=ng  dollars  into  social  media  for  lack  of  metrics  that  truly  speak  to  exis=ng  business  objec=ves.  The  SQ  Index  provides  nine  categories  that  group  and  integrate  the  core  social  metrics  from  the  prominent  social  networks  and  present  their  values  in  execu=ve-­‐level  vernacular.   KEYS Five DR! PR! EC! II! INDEX SQ DIRECT! POTENTIAL! ENGAGED! INDUSTRY! REACH! REACH! COMMUNITY! IMPACT! Measure of immediate Extended audience not Degree to which social Measure of how much fans and followers in necessarily in owned community interacts with social conversations is owned networks" networks" and promotes brand" impacting the industry" STUDY Case BS! BRAND! SA! SOCIAL! CP! CONVERSION! SOCIAL! SI! CD! COMMUNITY! SENTIMENT! ACCESSIBILITY! POTENTIAL! INFLUENCE! DEVELOPMENT! Contact Measure of the consumer Ease with which people Viability of the social Measure of social Measure of intentionality opinion of the brand inside can reach the brand media space to channel motivating of brand to cultivate an US social conversations" through social channels" generate conversions" others towards action" engaged community" 13  
  14. 14. OUR SCORING METHODOLOGY RELEVANCE Metrics POTENTIAL REACH! Potential Reach is defined as the number of possible PR! viewers the brand was able to extend it’s message KEYS Five to during the period measured. Weights change based on industry and market." Weights are criteria such given based onMetrics are Sample normalization of campaign p as industry,integrated based scores to equate the business go erformance or INDEX measurements als on related value SQ Facebook  Likes   .05   .25   .50   .75   1.0   10%   Facebook  People   Talking  About  This   .05   .25   .50   .75   1.0   5%   Twicer  Followers   .05   .25   .50   .75   1.0   5%   STUDY Case Extended  Twicer   Followers   .05   .25   .50   .75   1.0   20%   Company  Page   Followers   .05   .25   .50   .75   1.0   10%   Specialized  Group   Members   .05   .25   .50   .75   1.0   5%   Contact Employees  on   LinkedIn   .05   .25   .50   .75   1.0   20%   US 14  
  15. 15. MAPPING THE SALES FUNNEL RELEVANCE MetricsSocial media does not have to be relegated to a “top-of-the-funnel” marketing channel. KEYS REACH   ENGAGE   CONVERT   EXPAND   FiveDR! Direct Reach! INDEXPR! Potential Reach! SQEC! Engaged Community! II! Industry Impact! STUDYBS! Brand Sentiment! CaseSA! Social Accessibility!CP! Conversion Potential! SI Social Influence! Contact US !CD! Community Development! 15  
  16. 16. CASE STUDY - TRAVEL RELEVANCE Metrics Compara-ve  Share  of  Voice   Facebook  Likes  as  Compared  to   U.S.  Travelers  to  Outbound  Des=na=on   U.S.  Visita-on  Data  48%   AII   Facebook  Likes   U.S.  Visitors  43%   HAW 2,500,000   140,000  38%   MEXICO   KEYS Five 120,000  33%   2,000,000   100,000  28%   1,500,000   80,000  23%   1,000,000   60,000  18%   40,000   500,000  13%   20,000   INDEX 8%   0   0   SQ July   August   September   October   November   December   September   October   November   December   “...while the number of American STUDY visitors dropped by 3% overall in Case 2011... the number of American visitors in the last four months of 2011 was up 10.6% compared with 2010...”" Contact CNN Travel! US March 9, 2012" Figures from the Mexico Tourism Board and compared to U.S. Department of Commerce! 16  
  17. 17. RELEVANCEWEBINAR GOALS MetricsWe want to investigate how to build a scorecard for social media that... KEYS Five ...defines how to build context into social media scoring INDEX SQ ...integrates and weights metrics for a more holistic approach STUDY Case ...relates social metrics to a sales or marketing funnel Contact US17  
  18. 18. RELEVANCENEXT STEPS... MetricsWe’re happy to help you further in making sure you’re social mediascoring system is truly measuring progress... •  Contact for consultation on setting up your KEYS Five own score card using your competitors and your metrics - or - •  Learn more about our social scoring system, INDEX SQ the MarketBridge SQ IndexTM The" MARKETBRIDGE! STUDY Case TM SQ INDEX! The definitive way businesses score Contact social media US Please visit http://www.market-bridge.com/what-we-do/social-media-benchmarks/ 18  
  19. 19. BIO   NEXT WEBINAR OUR Better Understanding Earned Media! Gaining consumer insights about your brand outside the channels you own Lane  Douglas   and moderate can be the key to Principal,  Social  Media  Solu=ons   successfully knowing how to build your ldouglas@market-bridge.com social marketing blueprint." @lanedouglas Date: TBA" linkedin.com/in/lanedouglas19  

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