Me: Ryan Social Media. ZAAZ.
Seattle. 12 years. Online community, social media, information architecture, usability, knowledge management, social learning, leadership development. Degrees in poetry writing and literature. Telemark skiing, fly fishing, mountain biking, jazz, hip hop, modern art. Bloomington, Oakland, Santa Clara, Volvo, Orcas, Tempe, Missoula, Seattle. 2 kids. 3 chickens. I was abducted by social media.
Some Context: Ryan’s Ten-Cent History
of the Web Community-Focused Broadcast Participatory User-Generated Corporation-Driven User-Generated Bottom-Up Top-Down Bottom-Up HTML Data-Driven Standards-Driven High Threshold of Entry No entry Lower Threshold of Entry Low Bandwidth Flash intros! High Bandwidth Text-Based Text and Images Multimedia Collaboration Transaction Interaction 1980’s-1994 1994-2005 2005-Now
Web 2.0 and social media
are social phenomena above all. Blogs Discussion Boards Forums Chat IM Vlogs Moblogs SMS Podcasts Microblogs Photo Blogs Prediction Markets RSS VS Collaboration Collective Intelligence Communities Wikis Recommender Systems Mashups User-Generated Content Social media is made up of people, relationships among people, and things people create and share
THE LONG-TERM WINNERS ARE THE
ONES WHO CREATE THE MOST VALUE, NOT THE ONES WHO CONVERT THE HIGHEST PERCENTAGE OF TRAFFIC. THE WINNERS CREATE MEANING. THEY MAKE STUFF THAT MATTERS.
FOCUS ON QUALITY, NOT QUANTITY
ONLY. Not how much stuff you have, but what kind of stuff. Not how many people show up, but how many come back. Not how many conversations, but their inherent intelligence. Not how many people listen to you, but how well you listen, how much you learn, and what you do about it.
Quantity vs. Quality Measurements Quantity:
Quality: • Number of • % of Reviews reviews ―Helpful‖ 75%+ of submitted the Time • Review Visits per Product Visit • % of Reviewers ―Heavily Engaged‖ • Conversion Rate based on Review
MONETIZATION DESCRIPTION Assigning dollar values
to different site behaviors to understand and quantify the value of the overall web channel. Monetizing site behaviors can help you: • Understand Overall Value of Web Channel • Where to Focus Research & Analysis Efforts • Prioritize Potential Opportunities • Evaluate the True Impact of Changes
HOW TO MONETIZE SITE BEHAVIORS
In order to monetize site behaviors we must understand the sales process. ANALYZING THE VALUE OF LEADS FROM A LEAD GENERATION SITE How do you translate visitor behaviors into financial benefits for the company?
MONETIZING SITE BEHAVIORS PURCHASE FUNNEL
Top of Funnel 120,428 Bottom of Funnel 9,177 Conversion Rate 7.62% Value of Purchase $ 65 (adjust $ value to see impact) First month only Monthly Impact of Incremental Incremental Three Month Future Conversion Rate: Orders Orders Value Delay 7.62% 9,177 - $ - $ - 8.00% 9,634 457 $ 29,721 $ (445,809) 8.25% 9,935 758 $ 49,290 $ (739,352) 8.50% 10,236 1,059 $ 68,860 $ (1,032,896) 8.75% 10,537 1,360 $ 88,429 $ (1,326,439) 9.00% 10,839 1,662 $ 107,999 $ (1,619,982) 9.25% 11,140 1,963 $ 127,568 $ (1,913,525) 9.50% 11,441 2,264 $ 147,138 $ (2,207,069) 9.75% 11,742 2,565 $ 166,707 $ (2,500,612) 10.00% 12,043 2,866 $ 186,277 $ (2,794,155) 10.25% 12,344 3,167 $ 205,847 $ (3,087,698) 10.50% 12,645 3,468 $ 225,416 $ (3,381,242) 10.75% 12,946 3,769 $ 244,986 $ (3,674,785)
START WITH GOALS AND MONETIZE
BEHAVIOR Goal Setting & Monetization are Just as Important for Social Media Initiatives... …But are Often Overlooked or Inaccurately Valued
MONETIZING SOCIAL MEDIA INITIATIVES EXAMPLE:
Understanding the Value of a Posting/Review : Typical/Common Value Actual Value Impact: Assessment: • Increased Loyalty from customers that post • Increase conversion of future comments/reviews visitors who view review or • Increase conversion of future visitors who view review or comment comment • Organic Search Impact • Leveraging comments/reviews in other marketing campaigns • Impact greater business decisions (change to products or services) • The list goes on…
RETURN ON INFLUENCIALS Important Things
to Remember When Forecasting the Impact of Social Media: • Snowball Effect • Social Initiatives Build Vs. Traditional Media Initiatives Start over Each Time • ―Action Chains‖ – Moving customers from one action to the next • Focus on the near-term AND long-term impact of your initiatives
SOCIAL MEDIA GENERATES BUSINESS INTELLIGENCE
Social media, unlike broadcast and transactive media, is a two-way channel. Listen, don’t just talk. Don’t measure your social media marketing to improve your marketing— measure it to improve your business decisions. And get ready for higher-level exposure.