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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