Measuring Meaning In Social Media (Web Visions)

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  • Ryan. You can find more of our thinking here.
  • Use a variety of information sources, including automated tools and hands-on interaction with customers. We spend time both in the usability lab and in the field.
  • Ryan.
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  • Measuring Meaning In Social Media (Web Visions)

    1. MEASURING MEANING, CREATING VALUE from data to action in social media Ryan Turner Director, Social Media ryant@zaaz.com © 2008 ZAAZ, Inc. All rights reserved. Confidential information.
    2. 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.
    3. You can find me here: www.websocialarchitecture.com
    4. WHY MOST SOCIAL MEDIA INITIATIVES FAIL
    5. 5 REASONS: 1. Failure to think strategically. 2. Failure to understand users. 3. Failure to align with brand. 4. Failure to create value. 5. Failure to plan for ongoing effort.
    6. “Just because we understand tax code doesn’t mean we can’t bust mad flow.” --Intuit
    7. The Hub.
    8. Agenda •Focus on quality, not quantity. • Case studies. • Social media generates business intelligence. • Cultivate human intelligence. • Start with the basics. • Discussion.
    9. THE WEB IS A SOCIAL MEDIUM
    10. WHEN WE TALK ABOUT SOCIAL MEDIA, WHAT WE REALLY MEAN IS PARTICIPATION.
    11. 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
    12. 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
    13. What Is Social Media
    14. PEOPLE DON’T WANT TO CONNECT WITH EACH OTHER ONLINE.
    15. But that’s not the whole story. People do want value, and they will participate in ways they find meaningful.
    16. 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.
    17. 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.
    18. From Salon.com. http://blogs.salon.com/0002007/categories/blogsBlogging/2005/01/04.html
    19. You could conclude: A blog is therefore a bad tool for engaging customers.
    20. “We’ve already got 100,000 registered users.”
    21. “Our users have posted 2500 videos.”
    22. How does this work in practice?
    23. Quantity vs. Quality Measurements Quantity: Quality: • Visits • Active Members • Members • Average Rate of • Number of Participation Projects • Positive Offsite Blog Postings • Return Visitor %
    24. Quantity vs. Quality Measurements Quantity: Quality: • My Beacon • Active My Activations Beacon Users • Learn about My (5x/month) Beacon Visits • Avg. # of Buddies per Active User • % Regular User vs. Heavy Users
    25. 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
    26. Quantity vs. Quality Measurements Quantity: Quality: • Visits • Total MVP • Page Views per Activity Visit • Total Comment Prints • % Rating Experience ―Helpful‖
    27. Quantity vs. Quality Measurements Quantity: Quality: We’ve already done a lot of great work. • Visits • Survey % - • Page Views Expanded View of MS Office • Comments capabilities • Survey % - helpful content • % Visits Downloading Templates
    28. Quantity vs. Quality Measurements Quantity: Quality: • Raw comment • % of Votes counts Over/Under 100 • Visits words • % of ―Recommend Comments‖ selected • Rate of Full Page Scrolls
    29. Quantity vs. Quality Measurements Quantity: Quality: • # of Ratings • Clickthroughs to BlendTec Site • Total Comments • Video Views • Active Subscriptions • ―Favorited‖ Based on Views
    30. FOR GREAT DESIGN, START BY DEFINING VALUE-FOCUSED MEASURES OF SUCCESS
    31. One Agenda
    32. One Agenda
    33. One Agenda
    34. One Agenda
    35. One Agenda
    36. TAKE A SOCIAL MEDIA INVENTORY AND UNDERSTAND YOUR WEB ECOSYSTEM
    37. Conceptual site map
    38. Every site we build should include elements of social media.
    39. QUANTIFYING THE VALUE OF YOUR WEB CHANNEL
    40. “The purpose of a business is to create value for its customers, and the reward for doing so is profit.”
    41. 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
    42. 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?
    43. 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)
    44. UNDERSTANDING THE IMPACT
    45. SOCIAL MEDIA MONETIZATION: SOME TRICKS
    46. START WITH GOALS AND MONETIZE BEHAVIOR Goal Setting & Monetization are Just as Important for Social Media Initiatives... …But are Often Overlooked or Inaccurately Valued
    47. 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…
    48. 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
    49. 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.
    50. Integrating Data to Understand the Full Landscape
    51. BUSINESS INTELLIGENCE IS HUMAN INTELLIGENCE Measurement tools can’t generate business intelligence, only data. People translate data into intelligence.
    52. BUT MONETIZATION DOESN’T TELL THE WHOLE STORY.
    53. What is the value of a converted detractor? A connected advocate? A blog post that saves your business?
    54. RYAN VIA ELECTRICITY Blog: http://www.websocialarchitecture.com Twitter: http://www.twitter.com/wryanturner Pownce: http://www.pownce.com/wryanturner Flickr: http://www.flickr.com/ryanturner Slideshare: http://www.slideshare.net/wryanturner Blip.tv: http://blip.tv/wryanturner Del.icio.us: http://del.icio.us/wryanturner Email: ryant@zaaz.com MSN: wryanturner@hotmail.com Y!: wryanturner AIM: wryanturner63 G-Talk: wryanturner Skype: wryanturner Company: http://www.zaaz.com
    55. Discussion

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