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Social Analytics 2012 at Social Media Week SF
 

Social Analytics 2012 at Social Media Week SF

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I presented the following two talks at Adobe’s Social Media Week event (#SMW12) on February 13, 2012 in San Jose. Here’s an annotated version for those who were there, and those who couldn’t be. ...

I presented the following two talks at Adobe’s Social Media Week event (#SMW12) on February 13, 2012 in San Jose. Here’s an annotated version for those who were there, and those who couldn’t be.

Download the presentation if you want to see my annotations in the notes.

And if you are so inclined, you can find the livestream here:
http://new.livestream.com/smwsf/susanetlinger
http://new.livestream.com/smwsf/futureofsocialmeasurement

Thanks, and I’m happy to answer questions!

Best,

Susan Etlinger
@setlinger
Industry Analyst, Altimeter Group

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  • Why I do what I doBack in 2008, when I still worked on the agency side, I had a client who asked our team to do a share-of-voice analysis of their presence in social media. We used the most popular tools to do the analysis, ran the numbers through several times, and went in to present. The CEO looked at the charts we had painstakingly created and told us in no uncertain terms that they were wrong. He couldn’t put his finger on why, and after we re-ran them a few times we found no discrepancies.Fast-forward a year or so and I was in a briefing by a social media monitoring vendor, who told me confidentially that they were very close to obtaining “the full fire hose.” I had no idea what he meant, even though today there are few in this industry who don’t understand the implications of Twitter sampling. When he explained what he meant, I immediately flashed back to early 2008 and my unlucky presentation. And I was furious. Why didn’t I know this? Why did no one tell us? And, more importantly, what ELSE was I missing?When I next saw the CEO, he was similarly outraged. We were both right, and we were both wrong. So I started digging, and digging, and that’s what has led me to cover this space today.
  • This slide speaks for itself 
  • This one too.
  • We’re still in a period of froth when it comes to social, and this video does a good job of illustrating some of the extremes to which app developers will go—and users will use—to be on trend. But trendd are a double—edged sword. The next two slides show you why.
  • Definitely check out this report for more data. But yes, 178 average owned social media accounts. The question I asked the audience: is this good or bad? Well it’s great if they’re all executing, and a huge risk and waste of resources if all but 20 are really active and doing what they’re supposed to do. So that’s the question, which Jeremiah addresses in his report.But my question here is this: given the effort and time spent on developing and maintaining these accounts, do companies know what they’re getting in return?
  • Very useful data from eConsultancy, which you can download/buy on their site.
  • It’s time to justify what we’re doing in social media. Given the amount of time and money spent, it is shocking that we still have so little understanding of its impact. Keep in mind, however, that we’re not just talking about quanty performance measurement; organizational learning is a valid outcome too. And we know that there are many unknowns, variables and qualitative benefits of social that are tough to measure. But saying it’s not measurable is a cop-out. Social media MUST be tied to business objectives.
  • I like this example because it’s about financial performance and service, rather than marketing. Given the fact that so much social media is driven by marketing, it’s good to see examples out of the mainstream. That’s not to say that marketing examples are unimportant; I have plenty in my report. But this one shows how you can take a business objective, create a metric (or better, use one you already have) and derive a social media objective from it.
  • The elephant in the room.
  • This is the question, isn’t it? And it keeps getting asked because people haven’t yet found a satisfying answer.
  • But, like Richard Binhammer, who’s been in the trenches, I’d argue that there IS NO SINGLE ROI FOR SOCIAL MEDIA, because it touches so many parts of the business. So a better question would be: What is the value of social media on a particular aspect of the business? I break this down in the following slides.
  • See my report, “A Framework for Social Analytics,” for more detail on this. But if you remember nothing else, as yourself these questions:What am I trying to accomplish?How will I know I’ve been successful?What is it going to take from a tools, resource and cultural POV to make it happen? (NB: Don’t forget this part. Everybody does, and it’s the absolute foundation for success).Ok, given the above, NOW what tools do I need?
  • See my report, “A Framework for Social Analytics,” for more detail on this. The key to the compass idea is that it gives you specific direction in which to go to find your KPIs (how you know that you’ve been successful and metrics (exactly how you calculate that.)
  • Question about this slide. Is it good that Toyota has more conversation about quality? You’d think so, except that they also have a lot of conversation about brakes. If you knew nothing about the recalls of two years ago, this chart would indicate that you probably need to look into this to see if you can find a relationship.
  • I love this example because it is based on a very small number of FB fans, but shows that people who come to the organization’s site from Facebook convert at a higher rate even than marketing programs! That is a pretty interesting finding.
  • I actually wrote a mini case study about this on my blog. The key here is…
  • Think about these five categories. “I want to go” = consideration“Invite” and “recommend” are sharing/advocacy: expanding the universe of people who know about this event (awareness, multiplied)RSVP = intention. I’m going.Find tickets – conversionThe neatest part is that now Ticketmaster will have rich data about the relationship between these categories. How many people who said they would go actually went?How many people who were invited went?Ultimately you could look at a total customer value that doesn’t only look at how much I as a consumer spent, but how much I enabled through my network.Advocacy in action. Pretty sweet!
  • Love this example, because what could be more boring than credit scores? Actually, it’s all most people can think about when they want to buy a house or a car. See the Lithium site for a downloadable case study (disclosure: they’re a client). But this is the effect of customers marketing to each other.
  • We are starting to see companies like Dell develop social service levels. So for the sake of argument, call centers have service level agreements (SLAs) that say 90% of calls will be answered within X seconds. What is the appropriate SLA for a Facebook question? A Tweet? A community post? Should they be the same?Many at the front lines of community management argue that they should not, because there are different expectations of appropriate response time on each. In any case, it’s developing and a smart way to fold social into the business.
  • A classic, but still a favorite because it combines the creativity of co-creation with the rigor of measurement. You can bet that Starbucks has thought about this as a closed loop; innovation for improvement, and marketing back the results. Note that there are categories denoting status. This idea is under review.
  • I really wanted to end here with a look at what WE can do as practitioners to be successful. So, from my soapbox:We focus a lot on the “media” part of social media. We need to remember that technology facilitates relationships; it doesn’t create them. The internal impact of transparent data and consumer/customer interaction is huge. Don’t underestimate that.Benchmarking is so important. You need to watch things for a while and create benchmarks so you have a point of reference. Is 178 social media accounts good or bad? The most dreaded answer in business: it depends.Social data is a mess. Live it, know it, love it. If you know where the trapdoors are (like I didn’t back in 2008), you’ll be in a better position to be successful.Plan for the people part. And finally, dig deep. This is hard stuff because it is transformative. So learn, experiment, test, measure, trust your instincts and fight for what you believe. Even if you’re voted down, you will have done your part to educate the organization, which is one of the most valuable things you can do.
  • And set your direction! The next set of slides cover my wrap-up at the end of the day; I put it in one doc for convenience’s sake.
  • Major convergence and integration happening, and when you think about it, it makes perfect sense. We have four different markets that essentially make up a single purpose: social conversation between community and company. Social media monitoring tools enable us to listen to our community;SMMS lets us manage that conversation and ensure we respond appropriately;Web analytics measures its impactPublishing and content management lets us share media with themSo it’s really a deeply interconnected set of “markets”Then, in order for business to be able to see this conversation in context, CRM, BI etc integration is key. That’s starting to happen (look at Salesforce.com’s acquisition of Radian6 as an example).The second big move is that analytics HAVE TO become actionable. People hate data for data’s sake (big generalization, but with the onslaught of data it is becoming more and more true. So we need our analytics to do some of the pre-work for us.Right now analytics tools are built for professional analysts who are USED TO asking the “20 questions” it takes to get answers. But today’s customers of social data are marketers and service teams and others who need to make real-time decisions. They don’t have the time (and often the specialized training) to know when to ask the right questions. They don’t have the resources. They need the tool to come to them.One indication of this: event-based alerting. We also see people wanting to create more best practices and benchmarks to better understand content, industries, types of crises and regular interaction. That’s a healthy development and a sign of social media maturing a bit.
  • If you do nothing else, spend some time with social data to better understand what you’re dealing with. It’s different. I have some specifics in my report (A Framework for Social Analytics). However you do it, know that the more you can interpret data on your own, the less dependent you will be on budget and new hires to do it for you.We’re already seeing how social media is changing culture at large organizations. Charlene Li’s “Open Leadership” provides many such examples, and Charlene and Brian Solis focus quite a bit on this in their client work and blogs. Finally, measurement of social means that we can’t hide behind a veil of mysticism about the impact of social. We’re going to see what works and what doesn’t, and the results will surprise you. If you doubt this, think of all the crises lately that have played out on the social web. Now think about how those companies had to deal with these crises in full public view. Ouch.
  • Social data is messy. I’ve said it before and I’ll say it again. But that doesn’t mean you can discount it. Just know your stuff, set confidence levels, and pick a few things to focus on.  
  • For management, there is a steep learning curve as they strive to understand how to think about the data in the context of other enterprise data–and make decisions based on it. This is SCARY, especially because executives are executives based on experience. Now they are dealing with new types of data, so you can be a hero if you help provide the context needed to make better decisions.
  • I won’t beat this point into the ground.
  • I wrote a blog post about this here: it’s a real work-in-progress, and while companies and organizations have started to organize for social, measurement has been a bit of an afterthought. But if you want to enable your organization to interpret and act on data, you have to organize for it. Why? Because most likely you alone do not have access to every piece of into you need to do your job. You are interdependent, now more than ever.
  • I’d like to end by saying that the things that make social media so tough are also the things that make it ultimately so rewarding. We have the potential to change things for the better; maybe incrementally, maybe transformatively. We’ll see. But you all, who do this are the pioneers, so it’s in your hands to create the context that drives decision making for your organizations. So go for it!Susan

Social Analytics 2012 at Social Media Week SF Social Analytics 2012 at Social Media Week SF Presentation Transcript

  • 1 Let the Compass Guide You: A Framework for Social AnalyticsPresented at Adobe during Social Media WeekFebruary 13, 2012Susan Etlinger, Industry Analyst@setlinger
  • 2 Hello. I presented the following two talks at Adobe‘s Social Media Week event (#SMW12) on February 13, 2012 in San Jose. Here‘s an annotated version for those who were there, and those who couldn‘t be. Thanks, and I‘m happy to answer questions! If you are so inclined, you can find the livestream here: http://new.livestream.com/smwsf/susa netlinger http://new.livestream.com/smwsf/futur eofsocialmeasurement Best, Susan Etlinger @setlinger Industry Analyst, Altimeter Group© 2012 Altimeter Group
  • 3 Why would anyone in their right mind want to work in social media measurement?© 2012 Altimeter Group
  • 4 2010: The Race To Social© 2012 Altimeter Group
  • 5 2011: Overindulgence?© 2012 Altimeter Group
  • 6 ―It‘s like Pandora. For cats.‖ ―S*** Silicon Valley Says, http://www.youtube.com/watch?v=BR8zFANeBGQ© 2012 Altimeter Group
  • 7 Companies now average an overwhelming number of corporate-owned accounts© 2012 Altimeter Group
  • 8 ―41% of of more than 1,000 companies and agencies surveyed had ‗no return of investment figure for any of the money they had spent on social channels as of October 2011.‘‖ eConsultancy, State of Social Report, November 2011© 2012 Altimeter Group
  • 9 2012: Honeymoon’s Over© 2012 Altimeter Group
  • 10 Social Media Must Support Business Objectives© 2012 Altimeter Group
  • 11 Measurement Has Many Uses Learning Decision Performance Support Improvement© 2012 Altimeter Group
  • 12 What’s the ROI?© 2012 Altimeter Group
  • 13 What’s the ROI?© 2012 Altimeter Group
  • ―There is no single ROI for social media.‖ Richard Binhammer, Dell Inc.© 2012 Altimeter Group
  • 15 A Step-By Step Framework© 2012 Altimeter Group
  • 16 The Social Media Measurement Compass© 2012 Altimeter Group
  • 17 Brand Health Metric: Share of conversation on a specific topic© 2012 Altimeter Group
  • 18 Metric: Marketing Optimization Conversion Efficiency: Which visits convert most often? Facebook Marketing Programs Natural Search Referring Sites Direct Load 0 0.5 1 1.5 2 2.5 3© 2012 Altimeter Group
  • 19 Revenue Generation Metrics: Intent, Sharing, Advocacy, Conversion© 2012 Altimeter Group
  • 20 Revenue Generation Metrics: Intent, Sharing, Advocacy, Conversion© 2012 Altimeter Group
  • 21 Operational Efficiency Metric: Percentage of calls redirected to forums Source: http://www.lithium.com/pdfs/casestudies/Lithium-FICO-Case-Study.pdf Disclosure: Lithium is a client of Altimeter.© 2012 Altimeter Group
  • 22 Customer Experience Metric: Social Service Levels (in development) Dell‘s Social Media Listening Command Center (Courtesy Dell, Inc.)© 2012 Altimeter Group
  • 23 Innovation Metric: Ideas generated, productized per year© 2012 Altimeter Group
  • 24 What You Can Do 1. Understand that social media–and measurement–is fundamentally a change management issue. 2. Take time to learn the data and begin to establish benchmarks 3. Accept the pitfalls and imperfections of social data and incorporate what you learn into your strategies 4. Be realistic about and plan for the organizational impact 5. Be brave: willing to face–and stand up for–hard truths about what does and doesn‘t work© 2012 Altimeter Group
  • 25 Find Your Compass© 2012 Altimeter Group
  • 26 The Future of Social Media MeasurementPresented at Adobe during Social Media WeekFebruary 13, 2012Susan Etlinger, Industry Analyst@setlinger
  • 27 NOW WHAT?© 2012 Altimeter Group
  • 28 Market View  Convergence and Integration • Listening: Social Media Monitoring • Social Media Management: SMMS • Measurement: Web Analytics • Publishing and Content Management • Enterprise Apps: CRM & BI  Actionable Analytics • Real-time alerting to anomalies or emerging issues • Benchmarking content, platform and industry trends • Insistence on meaning over activity© 2012 Altimeter Group
  • 29 Organizational View  Everyone’s An Analyst • Analytical expertise is becoming a highly sought-after skill  Culture Shock • Social media measurement will strain people, resources and organizations • Culture shock as data becomes more transparent  (Re)defining Value • Social analytics will force the issue of what organizations value and what success means© 2012 Altimeter Group
  • 30 For business users: a work in progress as tools mature© 2012 Altimeter Group
  • 31 For management: a steep learning curve© 2012 Altimeter Group
  • 32 For employees: safety—and career advancement—in numbers© 2012 Altimeter Group
  • 33 For everyone: get ready to make friends and bash siloes© 2012 Altimeter Group
  • Evolution of The Social Analytics Organization The Center of The Grassroots The Cross-Functional The Social ―Command The Data-Aware Excellence/Community Evangelist(s) Team Center‖ Business of Practice© 2012 Altimeter Group
  • 35 YOU Are The Pioneers!© 2012 Altimeter Group
  • 36 Thank you Susan Etlinger Susan@altimetergroup.com www.susanetlinger.com Twitter: setlinger© 2012 Altimeter Group
  • 37ABOUT USAltimeter Group is a research-based advisory firm that helpscompanies and industries leverage disruption to their advantage.Visit us at http://www.altimetergroup.com or contactinfo@altimetergroup.com.