Measuring social media (rit smacs)

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Basics for measuring your organization's social media efforts. This presentation was given by Thom Craver at RIT's Social Meda and Communication Symposium, September 30, 2011. Recap from the D&C: …

Basics for measuring your organization's social media efforts. This presentation was given by Thom Craver at RIT's Social Meda and Communication Symposium, September 30, 2011. Recap from the D&C: http://www.democratandchronicle.com/article/20111002/BUSINESS0109/110020309/1001/BUSINESS/Symposium-essential-local-businesses-

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  • What I won’t mention are TOOLS. To be fair and not bias any opinions.There’s many, search the web for social media measurement tools, ask me outside of this session.
  • Who is actively using social media for business?KEEP UP: Trying to do something useful, not just mindless messages to be noticedSTILL UP: Are you actively measuring dollars generated or saved, directly from Soc. Media?
  • Do you hear these questions? Ask?
  • Is how many followers a valid metric?Content re-sharing: What does it mean?What is Engagement?How much money do you make from social media interaction? That’s why we’re here!
  • Is there meaningful communication?How do you quantify that? Ever tell your boss …100 more followers?What does he say back?
  • That’s because they want something real to defend you “playing” online.
  • KEYWORD:“that was really great” vs. “that was really great.” Stream of mentions – having a bad day?Social profile: if it’s b2b, now what? Author’s frequency. Considering keywords, morning routines, starbucks could be in troubleThe more expensive the tool, the better the quality. Still the “best guess” method.
  • But that still doesn’t really help the boss.Give you good feedback, maybe saves you money on focus groups or brand surveys but…
  • Investment: Hire, spend time to commit to socialAction: Tweeting, developing apps, blogging, etc.Reaction: People consuming the contentNon-Financial Impact: Subscribes, likes, mentions, retweets, click-thrus, follows, etc.Financial Impact: Purchasing, joining a list, clicking ads, - Can also include: Awareness and recognition –long-term--> sales (store/online)CHANGE SLIDE: Talk Non-financial Impact!!
  • This is yourQUALitative. Your “that’s nice” data.
  • This is your SHOW ME THE MONEY data.
  • Jenny, Beth and Jim – Speaking about customer service
  • How do you get
  • If your goal is to generate revenue or to reduce operating expenses, measure against it!SPIT out good metrics!Simple – not complicated. Stay away from combining data and random ratiosPertinent – relevant to demonstrating the business objectivesTimely – What happens today is different than what happened just 48 hours ago. Measure weekly, at a minimum, keep trendsInstantly Useful – I should read the metric, maybe some trend data for context, but should just know.Segment: HR interactions aren’t buyers. Don’t say 20% of our followers purchased. Say 80% of the people who intended to buy, bought!

Transcript

  • 1. Measurement forSocial Media Success
    Thom Craver@thomcraver
  • 2. Who I Am
    Saunders College of Business, RIT
    Web Specialist, Social Media, Analytics
    Tutor NTID students, Business Studies
    Contributor to:
    Search Engine Watch (SearchEngineWatch.com)
    Computer Link Magazine (TechNY.com)
    Analytics - Presenting and Training
    Search Engine Strategies
    ClickZ Academy
  • 3. Agenda
    What does it mean to measure?
    What Do We Know?
    Who Cares?
    Relating to Business Objectives
    Meaningful numbers
  • 4. Where Are You? Who’s Speaking?What Are They Saying?
  • 5. It Working For You?
    “Are we doing it right?”
    “Is it effective?”
    “Did we meet our goals?
    “What are our goals?”
    What’s being measured? Does it matter?
  • 6. What Do We Measure?
    Friends, Followers, Subscribers, Circles
    Retweets, @ Mentions, Shares, Likes, +1s
    Blog Posts, Comments, Trackbacks, Pings
    Engagement / Interaction
    Amplification / Content Sharing
  • 7. Cool Tools – Measuring What?
    Engagement
    Amplification
    Interaction
    Content Sharing
    SO WHAT?
  • 8. Measuring Social ROI
    ACTUAL DOLLARS
    Generate Revenue
    Cost Reduction
    Quantitative
    CUSTOMER PERCEPTION
    Brand Awareness
    Brand Reputation
    Qualitative
  • 9. Sentiment Analysis
    Determining public opinion about your brand.
  • 10. Sentiment Analysis Definitions
    Strength: Ratio of mentions over total mentions
    Reach: Unique authors mentioning your brand
    Passion: Unique people that repeat mentions
    Sentiment: Ratio of positive to negative
    Amplification: How many re-tweets or re-shares
  • 11. How Do They Work?
    Most are keyword based for a string mentions
    Uses author’s social profile for age, gender, profile location, etc.
    Author’s frequency of posting and mentioning
    Historical data from 90 days to 5 years
    Clearly, guesswork is inevitable
  • 12. What Is Your Objective?
  • 13. How Social Is Measured
    Return on Investment Factors
  • 14. How Social Is Measured
    tweets … @ mentions … +1s … likes … shares … subscriptions …
    Return on Investment Factors
  • 15. How Social Is Measured
    direct sales … advertising revenue … lead generation … other cost savings
    Return on Investment Factors
  • 16. Revenue Generation
    Direct Web Sales
    Ad Revenue
    Paid Subscriptions
    Facebook Apps
  • 17. Not Everyone Is Here to Purchase!
    Marketing / Information Dissemination
    Sales / Lead Generation
    Customer Service / Support
    Human Resources / Job Postings
  • 18. Proving Value From Cost Savings
    Decisions are driven by money, not visitors
    Mailing list(10,000 emails): $ 5,000
    Cost per address: 0.50
    800 addresses @ .50 ea = $ 400.00
    (measurable lead acquisition cost)
  • 19. ROI for All Departments
    Lead generation: Join Mailing List, Contest Entry
    Future customer: Create a “free” account
    Information gatherers: Compare products
    Information gatherers: Download PDF brochure
    Customer support:Create new service ticket
    Service / support: Comment dialogue / DMs
    Human resources: Download, submit application
  • 20. Key Performance Indicators
    Measure against business objectives
    Metrics must be:
    Simple
    Pertinent
    Instantly useful
    Timely
    Segment your users by meaningful groupings
  • 21. Questions?
    Thank You@ThomCraver