Social Media Measurement [Mini Course] SMMU.com

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Social Media Measurement [Mini Course] SMMU.com

  1. 1. How to Measure Social Media Effectiveness and Demonstrate ROI
  2. 2. AGENDA 2. Relevant statistics 1. The ROI Challenge 3. Measurement Infrastructure 4. The Cisco Model 6. Auditing 5. Tools
  3. 3. THE ROI CHALLENGE • “The puzzle that can’t be solved” • The C-Suite remains skeptical • Measuring best practices still evolving • Goal best approaches are easiest to measure
  4. 4. THE ROI CHALLENGE Many social media activities can't be effectively measured using a transactional formula. SMM is often best measured in terms of audience reach, engagement and sentiment.
  5. 5. STATISTICALLY SPEAKING – CMO SURVEY of marketers say their boards and CEOs are tightening pressure to measure ROI.66%
  6. 6. STATISTICALLY SPEAKING – CMO SURVEY of marketers said they aren’t able to quantify whether social media has made a difference for their companies. 49%
  7. 7. STATISTICALLY SPEAKING – CMO SURVEY of marketers said they had a good sense of qualitative – though not quantitative – results. 36%
  8. 8. STATISTICALLY SPEAKING – CMO SURVEY of marketers said they’ve seen a proven quantitative impact.15%
  9. 9. STATISTICALLY SPEAKING – CMO SURVEY of marketers were using traditional ROI metrics in 2013, down from 17%.9%
  10. 10. STATISTICALLY SPEAKING Marketers are expected to increase their share of social media spending from 6.6% to 15.8% of their budgets by 2018.
  11. 11. MEASUREMENT INFRASTRUCTURE TRADITIONAL / COMMON METRICS Hits, Visits & Page Views Revenue Per Customer Buzz Indicators / Web Mentions Repeat Visits Customer Acquisition Costs Sales Levels Profits per Customer Conversion Rates Followers and Friends Online product/servi ce ratings Customer Retention Costs Net Promoter Score Abandoned Shopping Carts
  12. 12. MEASUREMENT INFRASTRUCTURE AUDIENCE REACH ENGAGEMENT SENTIMENT The core of social media measurement…
  13. 13. IDENTIFY GOALS • Increase awareness • Generate leads • Convert leads to sales • Retain existing customers • Reduce costs
  14. 14. ALIGN OBJECTIVES WITH METRICS Drucker’s “SMART” Methodology • Specific • Measurable • Actionable • Realistic • Timed
  15. 15. DEFINE THE RETURN What does success for your brand look like?
  16. 16. CREATE A DASHBOARD • Create a central hub for data • Use external tools or Excel • Convert leads to sales • Retain existing customers • Reduce costs
  17. 17. AUDIENCE REACH • Number of fans • Number of followers • Number of influencers • Audience profiling
  18. 18. ENGAGEMENT • Number of likes • Number of mentions • Number of shares, retweets, etc. • Other meaningful interactions • Response rate • Conversions
  19. 19. ENGAGEMENT RATING SYSTEM What is engagement worth to your organization? ENGAGEMENT POINTS LIKE 1 COMMENT 5 SHARE 10
  20. 20. SENTIMENT
  21. 21. SOCIAL LISTENING • Monitoring • Systems for quantifying results • Charting findings • Reporting • Evaluating growth
  22. 22. THE CISCO MODEL Community Health Market Perception Quantitative “The Cisco Model”
  23. 23. COMMUNITY HEALTH Engagement Customer Satisfaction Social Content Mobility Community membership s Positive third-party reviews Ratio of posts to comments Channel/Cont ent Subscriptions Content views/downl oads Customer retention Positive sentiment overall Sentiment compared to satisfaction Customer loyalty Customer satisfaction Facebook Shares/Like s Content tagged, rated or ranked Blog Track- Backs YouTube Likes/Embe ds Twitter Retweets
  24. 24. MARKET PERCEPTION Thought Leadership Message Resonance Market Awareness Share of Voice Thought Leader Market Perception Ratio of posts to comments Topical Content Coverage Thought Leaders Quoted Conversations containing one or more key messages Market Position Key messages in social media conversations Awareness and credibility of key messages # of times positioned favorably in convos versus competition # of times mentioned in key blogs and communities versus competition Perceived positioning relative to the competition Aided and unaided awareness versus competition Preference in specific markets versus the competition Positive sentiment versus the competition
  25. 25. QUANTITATIVE Lead Sales / Market Share Efficiency of Communication Correlation between social media conversations and number of qualified leads Desirable mentions or key sales drivers Cost per contact or customer acquisition Cost per qualified lead Cost per click thru Messages communicated (budget divided by message appearances) Cost per engagement
  26. 26. TOOLS HOOTSUITE FACEBOO K INSIGHTS SPROUT SOCIAL CROWD- BOOSTER GOOGLE ANALYTICS KEYHOLE SOCIAL MENTION BUFFER
  27. 27. AUDITING • Measurement best practices are still evolving • Not every complex methodology will work for every brand • Methodologies may change as marketing goals change • Reevaluate often
  28. 28. QUESTIONS Send us a Tweet @SMMagic

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