Social Media Metrics HOW TO MEASURE AND OPTIMIZE YOUR MARKETING INVESTMENT JIM STERNE
Social Media Deﬁned
INTERNET: many-to-many communication channel
Internet is so unique because it has always been all about the average Joe
“social media” is that which allows anybody to communicate with everybody (consumer-generated content distributed through easy–to-access online tools)
Social Media Deﬁned
six broad categories of social media: Forums and Message Boards, Review and Opinion Sites, Social Networks, Blogging, Microblogging, Bookmarking, Media Sharing
100 WAYS TO MEASURE SOCIAL MEDIA
for: marketers, marketing managers, small business people, university professors, advertising agencies etc.
Social Media MetricsChapters 1-3 By Nate Ford
Chapter 1- Getting Focused
Putting #s in context- 4231 views on first day
3 Big Business Goals- Raise Revenue, Lower Cost, Increase Customer Satisfaction. (All Intertwined)
$1 Million Easy
What Are You Asking? (Are Fat People Lazy?)
Know Your Goals!!!
Chapter 2- Getting Attention: Reaching Your Audience
Reach- % of people in a group you want to affect with your message (but it’s quite a fuzzy number, more about opportunity and potential)
Brand Recognition- KFC or Coca Cola
How Many People- Very Tricky Question
Retweets- Means your info is Valuable
What people say about your company is big
Acuvue Wink App- sales up 17% on contacts
Measuring reach and data has a lot to do with guesswork and luck.
Chapter 3- Getting Respect: Identifying Influence
First level reach point system- 1 for subscribers/followers and readers, 2 for fans, and 4 for repeaters
Unintentional Excitement- Getting Lucky on Ads (Eco-Friendly Cars)
Twitter Followers- Not Always What it Seems
Who people Listen to- 3 types: Key Influencers, Social Influencers, Known Peer Influencers
Lunch Menu Tweets Do Not Score High
Twitalyzer- Scores your Twitter “goodness”
Social Media Metrics Chapters 4-6
Sentiment Analysis Raw text – easy to misunderstand the meaning => Textual analysis tools Measure emotions – basic variables: Polarity Intensity Text analysis => Social media? Accurate measurement – human readers
Sentiment Analysis http://twitrratr.com/The bag-of-wordsapproach Man andmachinecooperation http://twittersentiment.appspot.com/Human agent Problem: 140 characterlimitation http://www.socialmention.com/ Learningfrom user interaction Human as a controller
Hearing the Conversation Market as a conversation Listen to themSearchhttp://www.addthis.com/home Listen to themRate Listen to themPraise Listen to themReview Listen to themRecommendhttp://www.foreseeresults.com/ Listen to themComplain Askthem to Participatehttp://mystarbucksidea.force.com/ Askthem to Contribute
Social Media Metrics Chapters 7-9
Getting Results – Driving Business Outcomes
= results that help improve the bottom line
Indicators that provide feedback
Business outcomes are measurable and include things like awarness, survey completions, subscriptions, registrations, blog comments, blog posts, leads (how many are potentional customers?), purchases
WHAT ARE THE MOST IMPORTANT THINGS TO MEASURE?
Key Performance Indicators for Web Sites Key Listening Indicators Key Community Indicators Comparison with the Competition (tools like Wetpaint, Engagement Database etc.) Crowdourcing (for product ideas, customer service, usability studies, television ads, etc.)
Key Performance Indicators for Web Sites
KPI are response to a general organizational fear of spreadsheets and comlex applications.
Idea is that you‘re taking technical data and presenting it using business-relevant language.
ALL GOOD KPI DRIVE ACTION („Any KPI that, when it changes suddenly and unexpectedly does not inspire someone to send an e-mail, pick up the phone, or take a quick walk for find help, is not a KPI worth reporting.“)
AVARAGES (page views per visit, revenue per visitor) PERCENTAGES (new and returning visitors or customers) RATES AND RATIONS (order or buyer conversion rate) KPI BY BUSINESS TYPE (KPI for online retailers)
Key Listening Indicators
Bulding community is human endeavor.
Marketplace is a conversation and that means we need to measure our impact on it.
KPI LI are tools for managing online forums or creating and running successful community discussion boards.
Patrick O‘Keefe says that good moderator or community manager is more important than all the rest.
Listening is a laborious task requiring employee support.
It‘s a challenge – tools are maturing.
3 areas: Sentiment analysis, Integration with other metrics and systems, Experienced analytics professionals who could help get these tools and processes implemented
Key Community Indicators
Measurement should be a priority for online communities.
„Community managers must educate stakeholders and stay connected and be able to quickly communicate changes back to internal company stakeholders.“
The characteristics of healthy communities:
Growing = Members Useful = Content Popular = Traffic Interactive = Topic Interaction Unique visitors, New Member Registration, Page views, Retention/Attrition, Member Loyalty, Member Satisfaction, Most Active Members
Getting Buy-In-Convincing Your Colleagues
„You need to convince the people with their hands on the budget that this is a good idea.“
Two things about measuring marketing:
Humans do not like being measured. „Accountability“ is another word for „we don‘t trust you so we‘re going to measure everything you do.“
So how we can do this?
Step 1:Accept Your Role as Change Agent Step 2:Match the Message with the Receiver Step 3:Low-Hanging Fruit Step 4:Accept Your Role as Change Agent Step 5:Match the Message with the Receiver Step 6:Low-Hanging Fruit
Getting Ahead – Seeing the Future
Everything becomes social
We still have to craft a message and adress it the mases (still a need for mass media)
Key is how a person uses a web site describes a certain neural pattern that can be compared with a database of others and classified by gender, age, and a lot more.
„Future is secure in your hands as a consumer. As a marketer, however, things are just starting to get interesting.“