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Anti Hype: Measuring What Counts for Your Business in Social Media

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  • Hi everyone, I’m Dave Wieneke and thanks for joining us. In order to fulfill the promise of this presentation’s title: “Measuring What Counts for Your Business in Social Media” we’re going to really have two presentations – first one of strategy “what counts for your business” and then a “how to” demonstration “measurement” techniques. My goal is to have something useful for everyone regardless of your industry or company size. As a quick intro I’ve run strategy for a national newspaper (the CS Monitor), a division of aB2B Marketer: Thomson Reuters Legal, and today I direct digital marketing for Sokolove Law which a 21st century law firm and the largest legal marketer in the US. That’s it for the intro – let’s get the “anti-hype” view of social measurement on the road.
  • Judging from industry press, interest among marketers in social media is as pervasive as teens thinking about romance. Recognize diversity in audience – you may be a social media specialist looking for new strategy, in a firm considering it’s firstinitiatives who wants to measure it, or a friendly skeptic asking if there’s any there, there.
  • (tag = “append marketing parameters to inbound links”) -- We will turn conventional thinking about social ROI and strategy on its head – AND show how to use basic analytic tools to measure SOME of social media’s business results. That’s a lot to do, so let’s get going.
  • Social networks like LinkedIn, Facebook and Twitter have reached mass adoption and platform status. They’re among the most trafficed websites the the world, and are literally becoming the new networks – organizing content and influence in onlne communications.
  • Investment in social media: which includes: those social networks I mentioned, user reviews, syndicated videos and blogs is growing explosively. According to Forrester, it will continue to grow 34% annually, from around 700M to 2009 to over 3B in 20104. That will leave it behind still behind search marketing and display advertising, but a larger chuck of interactive marketing than email or mobile, even as they continue to grow. If you’re a social media professional, there couldn’t be a better time to be building your practice.
  • Analytics is how we begin to rationalize the allocation of investment within the business, and to set expectations.
  • If business is ultimately focused on creating receivables – marketers like us, must move to describe the business results we can provide in tactically, and as a long term asset. Performance targets are social media’s friend – it get’s us off a hype cycle that drives magical thinking.
  • And absent this – once the group think or hype of social media subscides -- we rationalize continued investment to this part of the business….or a big problem will arise.Anyone who has done social media at any scale knows its labor intensive. Real-time presence, its about people. This may be earned or owned media – but growing to scale isn’t free.
  • And less you think this problem was confined to 2009 – as the gold slice of this pie chart shows, a lack of meaningful business data as the #1 inhibitor to social. And that certainly drives a lack of mgt buy in, and its absense on the strategic roadmap. Though social is promising, measurement is the hurdle to clear for mass business adoption. The 9% in red who can’t make the case, and the 12% in black how aren’t there because its not on their strategic roadmap – they simply want a plan to make social media worth the effort. The “magical thinking” which they are avoiding is where we start to build our case for social media in the real world.
  • This is the challenge I met as I gather a team to help a local event marketer who was days away from their event. They were out of budget, and hoped that social media could close a 40% sales gap in 10 days.
  • This is the challenge I met as I gather a team to help a local event marketer who was days away from their event. They were out of budget, and hoped that social media could close a 40% sales gap in 10 days.
  • This is one of the biggest questions in marketing. It transfixed social marketing over the last year, but as positive results accumulate, many marketers are justifying investments based on early results….and because of buzz.
  • Talk about the first two stimulus / response phases. Your directors of sales already know this is their gut. Their prospects suddenly are in charge – they are coming to sales to negotiate, and already have decision criteria in hand, and know your firms value proposition. To not make this change and provide them aircover in consumer driven social media is the kind of failure many firms won’t endure.
  • ROI measures stimulus / response transactions well. You turn off the light and no residual light remains. Turn it back on – and its like it was never dark. Investment is discreet that way – deals don’t overlap. Advertising is fairly discrete, most companies think of PR that way. That’s why it gets turned off like a switch during hard times. (note to social media folks – 20% of social teams currently sit in PR). Think of the switch – that’s what the event company that needed sales was looking for.
  • If social media is in its freshman year, then social media measurement is in junior high. I’ll not present an illusion of perfection, because honestly we all know social marketing is an evolving process. But it is a marketing process – billions of dollars are invested by firms each year. And measurement plays a vital role in connecting our activities with our strategy.
  • Faucets direct resources – they don’t create them. If you build a superior social media faucet, you need consumers to put their investment of time, network and reputation behind it. The investment made by your CONSUMERS in the brand is theresovoir behind social media. ROI calculations suppose that the firm’s investment is complete and sufficient, it misses that customers are in control.
  • Your firm is providing seed capitol for clients to make a real investment. Don’t treat it like a light switch.
  • All firms are about billability – and marketing rightly associates channels to revenue. But leads can’t be the start and finish – because creating leads isn’t your clients’ goal. And who ever speaks to them in social, needs to take off the marketer hat and do it personally.
  • This will be the only time I show my own firm’s social. We’ll look beyond legal – in our conservative space we have been an early actor.
  • Talk about benefits.
  • It is an error to choose measurability over effectiveness. 1,800+ marketers tell us the best sources may have hazy attribution.
  • The little known blender company saw its sales increase fivefold.
  • P&G has 350,000 members on vocalpoint, and 100,000 teens on tremor. General Foods has over 100,000 on pssst.generalmills.com.From this comes word of mouth,r&d, promotable validation – and ready made lists of pre-disposed buyers for future launches.
  • Usually in a cab we focus on a single metric – either cost or time. Drivers need tactical data about weather, demand and traffic patterns….but the owner care about the revenue meter. Do you have a social media strategy that connects to the revenue meter, or some key business value? If your not – that’s okay – it’s a hobby. Some people drive to enjoy the city, they’re not cabs.
  • Walk through. Every business has a different result. Coming from a print back ground there’s an “anti-pattern” separating the digital people from the print news people.
  • I used to work in news publishing. Having separate digital vs. print news teams is a big anti-pattern. Same thing with splitting Social team from marketing……One of the great misnomers is that there is anything inherantly social about the tools of social media. Video, Blogs, Networks, Twitter can all be used in an a-social, self-referential, counter productive ways. These tools aren’t social – unless they’re in the hands of socially savvy marketers. And we’re going to talk about the huge range of metrics available and what one can do with them through the social media lifecycle.
  • Consideration is tangible but incomplete. Engagement and acquisition give a more complete picture of impact, but are further from outcome.
  • I’m surprised to note that I look at RSS subs a few times per week, but general follow numbers monthly. And yes, I do a monthly report even for personal media.
  • But wait – engagement is so specific to content I look at that daily. And them sum it to monthly reports.
  • We stay engaged to promote those who promote and engage the brand.
  • Adhocracy.
  • Analytics data is the single most effective way to measure and demonstrate return on marketing investment. Analytics creates answers based of facts consumers give us. + Does social media marketing deliver website traffic that pays off in conversions and reveneue? + Which channels perform best or worst? How does this compare to organic or paid search, or radio, or mail? + What content in our blog drives the most / best leads? (what are our “money pages”)It is how we begin to rationalize the allocation of investment to this part of the business.
  • Segmented data is powerful – data in aggregate is mostly muddiness that obscured effects.
  • Overdrive Interactive’s social eye and Metricly provide early dashboards, as do some agencies and analytics consultants.

Anti Hype: Measuring What Counts for Your Business in Social Media Anti Hype: Measuring What Counts for Your Business in Social Media Presentation Transcript

  • Anti-Hype: Measuring What Counts for Your Business in Social Media
    Dave Wieneke
    www.usefularts.us@usefularts
    1

  • Social media is like teen sex. Everyone wants to do it. No one actually knows how.
    Once done, there’s surprise its not better.

    - AvinashKaushik Author & Analytics Evangelist for Google
  • What’s Ahead
    Why Measurement is Vital.
    A Better View of Social ROI.
    Connecting Metrics to Marketing.
    How to: Segment Social Web Traffic.
    How to: Set Goals and Attribute Leads.
    How to: Link Tag to Gain Greater Visibility.
    Attribute Keyword & Source to Individual Leads.
    What You Can Look Forward to in the Near Future.
  • Social Network: Audience Keeps Growing.
    US Internet Users Who Use Social Network Sites, by Age, 2005-2010 (% of each group)
    Sep
    2005
    May
    2008
    Nov
    2008
    Apr
    2009
    Dec
    2009
    May
    2010
    Source: Per Internet & American Life Project, * Older Adults and Social Media, *Aug 27, 2010
  • Social Media: Budget Keeps “Falling Up”
    Change in Social Media Marketing Budget in 2010 According to US Marketers, by Industry (% of respondents)
    Note: n=2.317
    Source: MarketingSherpa, *2010 Social Media Marketing Benchmark Report, *December 11, 2009
    5
  • Why Measure?
    82% of firms don’t even measure for a return on social.
    Source: Babson Executive Education & Mzings Social Software in Business, Dec 2009.
  • 72% of CMOs do not connect social marketing to revenue.
    Source: Bazaarvoice and CMO Club Survey, December 2009
    7
  • 54% of firms say social media’s #1 inhibitor is a lack of resources.
    Source: Econsultancy / Bigmouthmedia Social Media and Online Report, Nov 2009
    8
  • 2010: Lack of ROI Case is #1 Barrier to Entry
    We can’t develop a compelling business case
    9%
    Social is not a part of our strategic roadmap
    12%
    Not enough data or analytics to develop ROI
    35%
    I do not think my audience is active on social media
    21%
    Getting buy-in from senior management
    23%
    Note: n=243
    Source: R2Integrated (R2i) provided to eMarketer, April 14, 2010
  • Does This Situation Sound Familiar
    In Ten Days We Need 40% more booth sales.
    All marketing budget has been spent.Can Social Marketing fill the gap?
    10
  • Does This Situation Sound Familiar
    In Ten Days We Need 40% more booth sales.
    All marketing budget has been spent.Can Social Marketing fill the gap?
    What Assets Do You Have?
    • A List of Prospects?
    • Are They Aware of the Event?
    • Are They Predisposed to Do Business with You?
    11
  • Getting Real about Social ROI.
    Investment Type Risk Duration Return
    CD Low 6 mos 2%
    Bond Med 2 yrs 10%
    Asset Purchase Med 15 yrs Break even 2yrs. 12% for asset life.
    Cable TV Low 3 mos 5:1
    Billboards Med 6 mos 2:1
    Direct Mail Med 6 weeks 3:1
    12
  • Why is Social ROI Vexing to So Many?
    Investment is Sources + Uses
    Advertising is Stimulus + ResponseWhat are we missing in social marketing?
    13
  • Marketing Goes Deeper In To Customer Relationship
    networks
    communities
    blogs
    micro blogs
    broadcast
    print
    radio
    outdoor
    Traditional Marketing
    -push messaging
    -interactive
    -automated
    -technology dependant
    -mass & niche
    lower engagement
    higher engagement
    Social Engagement
    -dialogue
    -driven by consumers
    -personal
    -people and technology
    -niche
    Traditional Marketing
    -push messaging
    -broadcast
    -message oriented
    -formal
    -authoritative
    -mass
    banners
    micro sites
    e-mail
    search
    14
  • Most Investments Are Like Switches

  • Real Social Media is Consumer not marketer controlled.
    Skipping from campaign to result omits the core of social marketing: the consumer relationship. Consumers control social media.

    16
  • Social Marketing is a Faucet
    Faucets direct resources
    17

  • Since Social Media is driven by consumers, you must inspire and measure their investment in your brand.

    18
  • Social Doesn’t Integrate With All Channels
    76%
    59%
    Note: n=275; *client-side; **UK (72%), other Europe (10%), North America (8%) and other (10%)
    Source: Econsultancy, *Social Media and Online PR Report 2010*
  • Social Business Thinking Requires Both
    Consumers Investment in You
    Follower / Friend Count
    # of Comments Left
    Page views.
    Influence Scores
    Social Booking
    Tactical Results
    Booked SalesTrack leads from source
    Lead Volume
    The Value of Anything I’d Otherwise Budget For.
    Email & RSS Subscribers
    20
  • Person to Person Branding
  • Reach a Great Reservoir of Consumers
  • Benefits Accrue Over Time
    What’s the value of a volunteer advocacy?
    23
  • The Things That Make Us Relevant Usually Are Off the Balance Sheet.
    24
  • Firms Using Only Highly Measurable ModesMay Be Missing Out.
    http://www.marketingsherpa.com/research-detail.html?id=16282
    Source: MarketingSherpa, Social Media Marketing and PR Benchmark Survey 2008
    Methodology: Fielded December 4-10, 2008, N=1886
  • Wait, How Can a Social Media Profile Be Considered More Effective Than An Ad?
    Consider what are pre-requisites to be credible:
    B2B buyers expect to find Linked In profiles of sales execs.They don’t buy based on them, but they’ll default to those who know or can validate.
    B2B firms may not have to have blogs, but agencies who serve them do.
    You may not need Twitter, but do you need activists from there?
    Pre-requisites don’t generate results; their absence denies them.
    26
  • Strategic Asset: 100M views for Reach
    27
  • 350,000 Members React
    http://www.brandweek.com/bw/content_display/news-and-features/packaged-goods/e3i2db03fb29d573ec52722456845f5c274
  • As Quantity Becomes Quality, Tactics Becomes Assets
    Think of your firm’s social investment as seed money.Gaining investment of consumers in your brand is strategic.
    Build & Measure:
    awareness
    engagement
    word of mouth.
    Now you have scale that can drive RESULTS!
    29
  • Connecting Measurement to Marketing
    30
  • Different Business Models Require Different Outcomes.
    31
  • Social Grows in to Its Host Department
    Marketing
    Social
    Strategy &Integration
    Automation
    ToolsEmerge
    Listening
    Activity
    StuntMarketing
    SilentMarketing
    SocialMedia
    PersonalityMarketing
    SimplyMarketing
    32
  • Use Existing Value Chains
    Public Relations
    Awareness, Audience Share
    Conversation share, Engagement Measures
    33
  • Revenue Relationship Pipeline
    Review
    Reach
    Respect
    Results
    Response
    34
  • Friends, Followers, Subscribers, Readers, Visits
    Reach
    35
  • Link clicks, opens, messages, page views, returns
    Response
  • RTs, Social Mentions, Reviews.
    Respect
  • Business Results
    RaiseRevenue
    ProtectThe Business
    ReduceCosts
    Results
    38
  • How to Make Social Media Strategic
    Firms with a social media business strategy are twice as likely to consider their efforts a success.
    Give it a home in departments that deliver value.
    Focus on growing and leveraging the investment your audience makes in your brand.
    Once there is a PLAN, then you can MEASURE.
    39
  • Why You Need Direct Access to Analytics
    A process to determine an optimal or realistic decision based on existing data.
    Alternatives
    Consensus
    Highest Paid Person’s Opinion (HiPPOs)
    Quote Experts
    Imitate Competitors
    Survey Customers
    Large Scale Trail and Error
    40
  • How to: Segment Social Web Traffic.
  • Axiom: Segmented Metrics Are More Powerful Than General Measures.
    Measure Social Media as Its Own Segment
    Compare Visitors by Medium.
    By Section of Site Visited During Session.
    By Search Phrase Type (Visitor Intent)
    42
  • In Google Analytics, Open Up“Advanced Segments”
  • Create a new advanced segment!Its easy.
    Good News: Segments work retroactively!
  • Create Social Segments
    1
    2
    3
    45
  • Name, Save and Apply
  • Compare
  • How Do Social Channels Compare to Overall Site Visitors?
    More traffic
    MoreEngagement
    48
  • How to: Set and Report on Goals
    49
  • To Establish Goals, Go to Your Account Set Up Page
    1
    2
    Note: Goals changes are permanent data changes, they only work going forward.
    50
  • Click Add Goal…
    51
  • How Many InquiriesDid Each Segment Deliver?
    52
  • Now Compare Which Channels Deliver Traffic More Likely to Convert
    53
  • How to: Link Tag to Gain Greater Visibility.
    54
  • Tagging Social Links to Your Sites Tells GA How to Report Them.
    Instead of Shrinking This URL:http://www.usefularts.us/Web3_0_Seminar
    Shrink This one Insteadhttp://www.usefularts.us/Web3_0_Seminar?utm_source=Twitter&utm_medium=Social&utm_content=Sept13&utm_campaign=Web3.0_Seminar
    55
  • Social is Distributed, So Use Tagging.
    56
  • Or Save a Step By Doing Both at Once!
    Answer Questions
    Tagged Link
    Shrunk Link!
    Link: http://www.websharedesign.com/tools/twitter-tag-tool/
    57
  • Attribute Keyword & Source to Individual Leads.
    58
  • Pass Along Attribution Code From Analytics
    Tell Your Lead Database The Keywords, Source, Campaign and # of Visits for Each Lead.
    Use a Lead Management Platform or hack.
    This technique is via an analytics firm called <shout out start> Webshare Design </shout out complete>
    59
  • Code To Grab GA Cookie Info So You Can Pass It to Your Lead Database for Attribution Analysis
    //It is possible to write a script that passes GA cookie data to your Lead Database
    // It parses a string and returns a value. I used it to get
    // Get the __utmz cookie value. These are the cookies that
    // stores all cyourampaign information.
    // var z = _uGC(document.cookie, '__utmz=', ';');
    //
    // The cookie has a number of name-value pairs.
    // Each identifies an aspect of the campaign.
    //
    // utmcsr = campaign source
    // utmcmd = campaign medium
    // utmctr = campaign term (keyword)
    // utmcct = campaign content
    // utmccn = campaign name
    // utmgclid = unique identifier used when AdWords auto tagging is enabled
    //
    // We're going to extract the number of visits that the visitor
    // has generated. It's also stored in a cookie, the __utmacookis
    // var a = _uGC(document.cookie, '__utma=', ';'); varaParts = a.split("."); vargavisits = aParts[5];
    This approach was developed shared by Webshare Design.
    I’m glad to discuss this technique as I’m sure are the nice people who made it at Webshare.
    60
  • Don’t Fall for False Exactitude.
    Many social networks have sketchy analytics.
    Even the best web analytics are directional, though they are systematic.
    Test for statistical significance to be sure.
    61
  • Social Analytics Aggregation Will Emerge.
    62
  • Take Aways
    Strategy Increases Your Chance of Success.
    A results-only approach omits the “social” part of social.
    Social power is based on investment by your consumers.
    Biz model and department goal determine social goals.
    Segmented data = power | Aggregate data = madness.
    Setting Goals Starts to Measure Results.
    Pursue Tagging and Tricks to Inch Up Visibility.
    Integrate | Automate | Segment | Optimize
    63
  • There Are A Ton of Resources
    Free video training on the workings of Google Analytics. A free analytic tools about >70% of web pages.
    http://www.onlinemarketingconnect.com
    http://www.google.com/support/conversionuniversity
    340 Free Posts on Social Media from People You Want to Hear From.
    http://usefularts.us/2010/04/29/google-analytics-individual-qualification-tips/
    Free Research on the latest trends in PR and social media, including measurement.
    http://www.mycustomer.com/topic/customer-intelligence/jim-sterne-social-media-measurement-and-accuracy-problem/107226
    http://econsultancy.com/us/reports/social-media-and-online-brand-monitoring-trends-briefing
    64
  • Stay in touch, and thanks!
    * Disclaimer: opinions expressed are mine, trademarks belong to their respective owners.
    I’m not a lawyer but I help market them on tv. This presentation contains no legal advice or opinions.
    65
    This presentation is on my blog and Slideshare.
    Tweet: @usefulartsBlog: www.usefularts.usEmail: strategy2.0@gmail.com
    Special thanks to the digital marketing team at Sokolove Law,and to the fantastic community at Online Marketing Summit.