Social Media Measurement 101

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  • Introduction to Social Media Measurement How did we get here, why is it important, building your brand in social media How to Measuring Social Media Discuss sentiment, demographics, geographics/language Calculating ROI Social Media Optimization - Techniques for optimizing your brand in social media Resources, Conclusions, Questions
  • Dunbar's number was first proposed by British anthropologist Robin Dunbar , who theorized that "this limit is a direct function of relative neocortex size, and that this in turn limits group size ... the limit imposed by neocortical processing capacity is simply on the number of individuals with whom a stable inter-personal relationship can be maintained." No precise value has been proposed for Dunbar's number, but a commonly cited approximation is 150. Connectors are people who know lots of people and have an “impulse” and “a special gift” for relating to others in different “worlds” and can link people together. Knowing many others is seen as a source of significant social power. Connectors are seen by Gladwell as providing the social glue for a social epidemic.
  • Social Media Measurement 101

    1. 1. Aaron C. Newman Founder, Techrigy Author: Enterprise 2.0 Implementation http://sm2.techrigy.com May 2009 SMB Tech Valley Social Media Measurement 101
    2. 2. <ul><li>Introduction to Social Media Measurement </li></ul><ul><li>How to Measure Social Media </li></ul><ul><li>Social Media Optimization </li></ul><ul><li>Resources, Conclusions, Questions </li></ul>Agenda
    3. 3. Social Media Measurement 101 Introduction to Social Media Measurement
    4. 4. <ul><li>Why is social media becoming relevant? </li></ul><ul><li>The Year 2000 </li></ul><ul><ul><li>Blogs were people talking about their cats </li></ul></ul><ul><li>The Year 2009 </li></ul><ul><ul><li>Social media is people talking about your brand </li></ul></ul><ul><li>Critical mass of people participating </li></ul><ul><ul><li>Ashton Kutcher reaches 1 million Twitter followers </li></ul></ul>Why do I care? Who owns your brand? Your brand is the conversations occurring through word-of-mouth
    5. 5. Old World: Advertising was shouting as loud as possible to reach a mass market. What happened: People learned how to tune your message out New World: Renaissance in WOM Tapping into the conversations Evolution in Marketing
    6. 6. <ul><li>Your Personal Brand </li></ul><ul><ul><li>Do people believe and trust you? </li></ul></ul><ul><li>Your Corporate Brand </li></ul><ul><ul><li>Combination of personal brands </li></ul></ul><ul><ul><li>The market’s perception of you </li></ul></ul><ul><li>Get commitment from management </li></ul><ul><ul><li>Half-hearted participation is not effective </li></ul></ul><ul><ul><li>Need to build social capital and credibility </li></ul></ul>Building Your Brand
    7. 7. <ul><li>Monitoring </li></ul><ul><ul><li>Let me know when someone is talking about my brand </li></ul></ul><ul><li>Measurement </li></ul><ul><ul><li>Calculate qualitative and quantitative attributes </li></ul></ul><ul><li>Analysis </li></ul><ul><ul><li>Understand what it all means </li></ul></ul>What is Social Media Measurement? Social media measurement refers to the tracking of various social media content such as blogs, wikis, micro-blogs, social networking sites, video/photo sharing websites, forums, message boards, and user-generated content in general. -Wikipedia
    8. 8. Social Media Measurement 101 How to Measure Social Media
    9. 9. <ul><li>Examples: </li></ul><ul><ul><li>Measuring the effectiveness of a Marketing Campaign </li></ul></ul><ul><ul><li>Grading your brand </li></ul></ul><ul><ul><li>Tracking the effect of negative publicity </li></ul></ul><ul><ul><li>Finding influencers </li></ul></ul><ul><ul><li>Measuring Share of Voice </li></ul></ul>Why and What to Measure? First come up with your Social Media Strategy. Does this support your corporate/personal strategy?
    10. 10. <ul><li>Quantitative Measures </li></ul><ul><ul><li>Number of mentions </li></ul></ul><ul><ul><li>Demographics of mentions: age, gender, location </li></ul></ul><ul><ul><ul><li>Cross reference profiles from social networks </li></ul></ul></ul><ul><li>Qualitative Measures </li></ul><ul><ul><li>Evaluate mentions in social media based on: </li></ul></ul><ul><ul><ul><li>Relevancy, Sentiment, Influence, Popularity </li></ul></ul></ul><ul><ul><li>Automated vs. Human Review </li></ul></ul>How to Measure
    11. 11. <ul><li>Factors to consider </li></ul><ul><ul><li>Hard costs and benefits </li></ul></ul><ul><ul><ul><li>Leads generated that convert to sales </li></ul></ul></ul><ul><ul><ul><li>Support issues that prevent lost customers </li></ul></ul></ul><ul><ul><li>Soft costs and benefits </li></ul></ul><ul><ul><ul><li>Corporate goodwill </li></ul></ul></ul><ul><ul><ul><li>Immediate feedback directly from customers </li></ul></ul></ul><ul><li>What is the danger of ignoring Social Media? </li></ul><ul><ul><li>Brand damage, missed opportunities, not connecting with your customer </li></ul></ul>Measuring Return on Investment
    12. 12. <ul><li>Number of subscribers/readers </li></ul><ul><ul><li>How many people visit the site and comment on the post </li></ul></ul><ul><li>Authority of the source </li></ul><ul><ul><li>A post on Consumerist vs. an anonymous Blogspot.com mention </li></ul></ul><ul><li>Discoverability of the content </li></ul><ul><ul><li>Does content ends up on the first page of a popular Google search </li></ul></ul><ul><li>Lifetime of the content </li></ul><ul><ul><li>A tweet that is a flash in the pan or a Wikipedia page </li></ul></ul><ul><li>Sentiment of content </li></ul><ul><ul><li>Scales from very negative to very positive </li></ul></ul>Value of a Social Media Mention SM Value = subscribers * authority * discoverability * lifetime * sentiment
    13. 13. <ul><li>Cost </li></ul><ul><ul><li>How much time does your staff have to spend on social media? </li></ul></ul><ul><ul><ul><li>Calculate average hourly cost of staff, how much time spent in </li></ul></ul></ul><ul><ul><li>Tools, training, analysis/consulting costs </li></ul></ul><ul><ul><li>Opportunity cost of doing other projects </li></ul></ul><ul><li>Benefits </li></ul><ul><ul><li>Additional sales </li></ul></ul><ul><ul><li>Increase in brand value </li></ul></ul><ul><ul><li>Reduction in other marketing costs </li></ul></ul><ul><ul><ul><li>Forego advertising, conferences, or other PR costs </li></ul></ul></ul>Calculating the ROI Net Return = Benefits(hard+soft) – Costs(hard+soft) ROI = Net Return / Money Invested
    14. 14. Social Media Measurement 101 Social Media Optimization
    15. 15. <ul><li>Social Media creates 1-to-Many Conversations </li></ul><ul><ul><li>1-to-1 Conversations are expensive </li></ul></ul><ul><ul><li>Social media broadcasts to many readers </li></ul></ul><ul><ul><li>Social media is indexed and searched later </li></ul></ul><ul><li>Finding Influencers with the highest 1-to-Many </li></ul><ul><ul><li>Dunbar’s Law places limitations on number of relationship we can maintain at ~150 </li></ul></ul><ul><ul><li>Malcolm Gladwell’s Connectors </li></ul></ul><ul><ul><li>Albert Laszlo’s Network Hubs </li></ul></ul>Getting the Most Value
    16. 16. <ul><li>SMO term coined by Rohit Bhargava </li></ul><ul><li>Blog Post: 5 Rules of Social Media Optimization </li></ul><ul><li>http://rohitbhargava.typepad.com/weblog/2006/08/5_rules_of_soci.html </li></ul><ul><ul><ul><li>Increase your linkability </li></ul></ul></ul><ul><ul><ul><li>Make tagging and bookmarking easy </li></ul></ul></ul><ul><ul><ul><li>Reward inbound links </li></ul></ul></ul><ul><ul><ul><li>Help your content travel </li></ul></ul></ul><ul><ul><ul><li>Encourage the mashup </li></ul></ul></ul><ul><ul><ul><li>Get communities connected </li></ul></ul></ul>What is Social Media Optimization? Social media optimization (SMO) is a set of methods for generating publicity through social media, online communities and community websites. -Wikipedia
    17. 17. <ul><li>http://techrigy.com/pdf/EngagingSocialMediaWhiteP.pdf </li></ul><ul><li>Step #1 – Listen to what people are saying about your brand. </li></ul><ul><li>Step #2 – Listen to what people are saying about your competitors . </li></ul><ul><li>Step #3 – Listen to what people are saying in your industry. </li></ul>Stage 1: Listening
    18. 18. <ul><li>Step #4 Start your company blogging </li></ul><ul><ul><li>CEO blog or employee blogs? </li></ul></ul><ul><li>Step #5 Comment on other blogs </li></ul><ul><ul><li>Participate, don’t pitch </li></ul></ul><ul><li>Step #6 Participate in conversations on tools such as Twitter . </li></ul><ul><ul><li>Create conversations </li></ul></ul>Stage 2: Engaging
    19. 19. <ul><li>Step #7 Engage your customers through social networks </li></ul><ul><ul><li>Setup your own + find existing ones </li></ul></ul><ul><li>Step #8 Contribute to sources such as Wikipedia. </li></ul><ul><ul><li>Delicate balance – not for brochures </li></ul></ul><ul><li>Step #9 Encourage your customers to talk about your product, good or bad. </li></ul><ul><ul><li>Address problems, show them you care </li></ul></ul>Stage 2: Engaging
    20. 20. Social Media Measurement 101 Conclusions, Resources, Questions
    21. 21. <ul><li>Books </li></ul><ul><ul><li>Social Media Marketing: An Hour a Day By Dave Evans </li></ul></ul><ul><ul><li>The New Rules of Marketing and PR By David Meer Scott </li></ul></ul><ul><li>Blogs </li></ul><ul><ul><li>http://www.micropersuasion.com/ </li></ul></ul><ul><ul><li>http://www.briansolis.com/ </li></ul></ul><ul><ul><li>http://www.web-strategist.com/blog/ </li></ul></ul><ul><li>Podcasts </li></ul><ul><ul><li>http://www.insidepr.ca/ </li></ul></ul>Resources
    22. 22. Questions? <ul><li>Social media monitoring will be a function of any marketing strategy going forward. </li></ul><ul><li>Contact information: </li></ul><ul><ul><li>Aaron Newman - [email_address] </li></ul></ul><ul><ul><li>http://twitter.com/aaronnewman </li></ul></ul>

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