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: 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!
  • Measuring social media (rit smacs)

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

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