Measuring Social Media Success
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Measuring Social Media Success

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http://www.spiral16.com This step-by-step presentation from Eric Melin and Robert Madison from web monitoring solution Spiral16 goes through the 6 Practical Steps To Creating and Measuring An ...

http://www.spiral16.com This step-by-step presentation from Eric Melin and Robert Madison from web monitoring solution Spiral16 goes through the 6 Practical Steps To Creating and Measuring An Effective Social Media Program.

There is a lot of excitement surrounding social media. People are doing very creative things and tying them into business gains. It’s not an exact science, but it is important to tie your efforts into supporting your company’s objectives.

This presentation will help you think about how you can identify business goals, align those goals with a social media program, establish benchmarks, set realistic targets, and measure KPIs to determine success. After it's all said and done, you can look at results and find ways to improve.

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  • WelcomeBackground on Spiral16Goal is to help you get a grasp on measuring success in social media or a web program

Measuring Social Media Success Measuring Social Media Success Presentation Transcript

  • Measuring Social Media Success Eric Melin@Spiral16 @SceneStealrEric Robert Madison @Robert_Spiral16
  • Active Brand Marketing“This is the approach that marketers must take to avoid extinction and thrive in the digital age.”Active brand marketing - A flexible approach in which marketers respond quickly to their environment to align consumer and brand goals and maximize return on equity. - Forrester research, CMO Mandate: Adapt or Perish
  • Adapting is a Challenge …64% of marketers experienced problems trying to implement digital marketing initiatives.Only 4% of marketing leaders feel that they are prepared to exploit digital marketing opportunities. - Accenture Interactive 2010 study…but it’s also a huge opportunity. Photo credit: stasisconsulting.com
  • Now is the TimeThere is a lot of excitement surrounding social media.People are doing very creative things.It’s not an exact science, but it is important to tie your efforts into supporting your company’s objectives.
  • Start With What You Know You’ve identified your company’s business goals already.Company goals Social media program Success Now think about how you canachieve those goals through a social media program
  • Social Media Program is a ComponentUse it to support your existing business strategy.• Create a structure for your program based on theunique needs of your company.• Build it from the ground up.• The more customized, the better.
  • Social Media Program is a Component “Ford doesn’t have a social media strategy — Ford has a business strategy supported by social media.” - Scott Monty
  • Social Media Isn’t Free. It takes valuable time.You need human resources for:PlanningContent creationMonitoringMeasurementAnalysisCreative insight…and more.
  • Free vs. Paid vs. Mixed Companies using only free web analytics solutions experience a year-over- year decline in marketing campaign performance.
  • Why Social Media ROI is ToughROI = (Gain from Investment) - (Cost of Investment) Cost of Investment Return on investment is a financial metric. That financial aspect is not clearly defined in social media— it’s not built-in.
  • But This Challenge Isn’t NewCalculating ROI for print ads and radio ads hasalways been difficult.Metrics rely on the people influenced by print andradio self-identifying themselves or coupon codesbeing recorded and collected.Calculating ROI for social media is also difficultbecause it is integrated into your overallstrategy—it is hard to separate.
  • The social media ROI equation is the ROI equation. This (below) won’t help. Image from glynndevins.com -- and modified
  • Establish a Customized ProcessThe Only Way to Measure Performance and ResultsIt is critical for creating a data-driven view of marketing results.“This should be complemented with frequent reports tostakeholders within the organization, to build a clear picture ofhow marketing contributes to the health and success of theorganization.”- Aberdeen Group 2012 StudyWeb Analytics: Marketing Beyond Online Customer Data
  • 6 Steps To An Effective Social Media Program1. Identify business goals.2. Align goals with social media program.3. Establish benchmarks.4. Set realistic targets.5. Measure KPIs to determine success.6. Look at results, find ways to improve.
  • 1. Identify Business Goals Think about this: Where is the company now? Where does it want to be? What will it take to get there?Make sure your social media initiatives (nonfinancial)are supporting your business goals (financial)
  • What Do You Hope to Gain? Increase Total Sales Reduce Customer Service Expenses Acquire New Customers Reduced Cost Per Transaction Increase in Qualified Leads Higher Value Per Sale Increase in Customer Satisfaction Increase in Reach Introduce New Products/Service Enhancements Attract New Employees Encourage Repeat Purchases/Build Customer Loyalty
  • 2. Align Social Media Program with GoalsAvon tinkered with its well-known door-to-door and catalog-based direct sales model by empowering its salespeople withsocial selling tools like its Facebook eBoutique and iPhone app.Social media platformAvon Connects virtuallyattaches consumers to theirlocal Avon rep, at which pointtraditional face-to-faceservice begins.
  • Tools Are Not Strategies• Twitter• Facebook/Google+ Being active on• Blogs these platforms is• Forums only important if• YouTube using them helps• Foursquare/Gowalla you reach your goal.• Flickr• Webinars• Podcasts
  • Listening Goals Who is saying what, when, and where?• Protect your reputation• Facilitate customer support• Invite innovation• Build trust• Market through conversation (promote and sell)• Gather business intelligence - Jason Falls, Social Media Explorer
  • Measurement Goals What are you getting out of it?• Improve branding and awareness• Improve reputation• Build community or advocacy• Increase customer satisfaction• Harvest research & development• Drive sales or leads- - Jason Falls, Social Media Explorer
  • 3. Establish Benchmarks What does your online presence look like before the program?There are numerous free and paid tools to determine this.
  • From October 6 to Jan 24, Spiral16 searched “BoulevardBrewery,” “Boulevard Brewing Company,” “Smokestack Series,”and “@Boulevard_Beer” = 4,148 resultsOn Jan 24, we started another set of queries for “Chocolate Ale.”As of Feb 9 (in 16 days), that data set grew to over 1,800 results. Benchmark Total Topic Domains Date Range Pages/Day PagesBoulevard Brewing Co. 4148 1077 10/6/11 – 1/24/12 46 Chocolate Ale 1873 280 1/24/12 – 2/9/2012 144 213% Increase in daily Volume
  • Common MetricsFrequency and volume of: Are these things• Twitter followers important?• Retweets• Facebook likes Ask yourself which• Brand mentions ones matter to your• Blog comments business.• YouTube views• Number of check-ins
  • Advanced MetricsShare of voice
  • Volume of Increase in online trafficmentions Chocolate Ale Volume Boulevard Volume
  • Advanced MetricsPositive/negative sentiment ratios
  • Advanced MetricsPositive/negative volume over time, correlation Opportunity!
  • Advanced MetricsPenetration of marketing keywords
  • Advanced MetricsChannel-based language correlation
  • Advanced Metrics• Identify influencers in your topic or around your brand• Discover how brand messages spread across the Web
  • Advanced Metrics• Learn what types of sites are the most relevant
  • Twitter accounts for the majority of Boulevard’s online presence, with nearly 60% of the total volume.
  • 4. Set Realistic TargetsSet specific targets based on your company goals:Increase total sales by 5%Increase cost savings by 15%10% increase in qualified leadsConvert 5% followers and “likes” to transacting customersGrow online community to 10,000 members20% increase in customer satisfactionIncrease total transactions by 7%
  • 5. Measure KPIs to Determine SuccessLook only at the metrics that concern your goal. • Website metrics/traffic • Volume of conversation • Social audience metrics • Search metrics • Fans/Followers/Friends • Sentiment & tone • Conversions • Backlinks • User-generated content • Competition comparison • Comments • Share metrics • Ratings/Reviews • Referrals • Downloads • Click throughs - Jason Falls, Social Media Explorer
  • Correlate Traditional with Online Metrics This process requires• Actual sales detective work.• Retail traffic• # of transactions It isn’t always obvious.• New customers• Amount per transaction Patterns reveal• Leads themselves as you sort• Surveys and filter results.- Social Media ROI, Olivier Blanchard
  • Put Results on a TimelineDid you see spikes in sales in correlation with your social mediaefforts? Verizon – Xoom volume, 1st month after launch
  • Put Results on a Timeline What other patterns can you identify?Verizon – Xoom sentiment, 1st month after launch
  • Correlate with Events 1st Xoom 93 more update rolls positive reviews out appear, totaling enabling 593 for first 9 Flash, iPad AT&T days 2 released announces in U.S. takeover of T-MobileXoom volume sentiment, 1st month after launch
  • Try Relative Date RangesUsing a relative date range, you can correlate volume. Xoom volume/sentiment, iPad 2 volume 1st month after launch
  • Launch ComparisonAdd sentiment and you can see both products together.Xoom volume/sentiment, iPad 2 volume/sentiment 1st month after launch
  • Put Results on a Timeline Adding in traditional metrics is key. Xoom volume/sentiment, units sold 1st month after launch
  • Put Results on a Timeline 1st Xoom 93 more update rolls positive reviews out appear, totaling enabling 593 for first 9 Flash, iPad AT&T days 2 released announces in U.S. takeover of T-Mobile Xoom volume/sentiment, units sold, and new subscribers 1st month after launch
  • Measuring Social MediaPrograms Can Find Real SavingsIn 2009, Ford built early awareness for the Fiesta with influentialbloggers who tested and wrote about itIn 2010, Ford launched the Fiesta Project, an effort to capture user-generated video.As a result, Ford learned it could reduce cost of subsequentlaunches by as much as 90%. - Forrester research, CMO Mandate: Adapt or Perish
  • 6. Look at Results, Find Ways to ImproveThe great thing about web measurement is …You don’t have to wait for all your results.They update as the program continues.And you have every opportunity to view thoseresults and make changes to your program alongthe way.
  • Connect the Dots Do some detective work.What caused spikes? Tie them to real events, your initiatives. Why are there flat lines? What part of the social media program had no effect? What part did? Connect these numbers to your business objectives. Analysis creates the narrative.
  • Ask questions Tie back to your goals. Did you meet/exceed your goals? How close were you to your targets? What gains did you make?What did you learn about customer perception?Did you increase the reach of your marketing? Did you reduce costs? Did you increase loyalty?
  • Use the ROI FormulaROI = (Gain from Investment) - (Cost of Investment) Cost of InvestmentHow much did the programcost? (Cost oftools/platforms/employee time.)Make estimates.What financial gains did youmake?
  • It’s Not Always DifficultSometimes just being able toillustrate that you have the abilityto create business gains throughsocial media is enough ……to reach your goal.
  • Thank you from Eric Melin @Spiral16 SceneStealrEric eric.melin@spiral16.com Robert Madison @Robert_Spiral16 robert.madison@spiral16.com