Monitoring Measuring Social Media

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Monitoring and Measuring Social Media Conversations by Sean Moffitt, Agent Wildfire

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  • Thank you for the chance to talk about word of mouth… Personal background: Client for many years at P&G, Molson, Guinness/Diageo, a place called Echo Having spent a wealth on traditional advertising – I’m a born-again marketer My bet is it’s a big part of marketing’s future and at the end of this presentation, you’ll grab three things: - word of mouth is really powerful and for a wide a variety of brands, I should be thinking about it as an integrated part of upcoming plans - word of mouth can be orchestrated and you can do it credibly and avoid the pitfalls, you can make it a valuable marketing touchpoint and maybe even strategy for your business - Agent Wildfire is Canada’s Expert here – they have the experience, knowledge, database, assets and team to help my business – they are not one size fits all, they have options sized for my business
  • Monitoring Measuring Social Media

    1. Monitoring and Measuring Conversations Sean Moffitt, President & Chief Evangelist– Agent Wildfire Inc. smoffitt@agentwildfire.com
    2. Blonde Guys Trying to Make the World a Better Place….
    3. Communication Collaboration
    4. Why Social Media?
    5. 4 Camps of Social Media Benefits People Produce Content About You People Engage/ Rally Behind You People Collaborate With You People Advocate You
    6.  
    7. *I think a pillow should be the symbol of peace, not the dove. The pillow has more feathers than the dove, and it doesn't have that dangerous beak.
    8. “ There is only one thing in the world worse than being talked about, and that is not being talked about.” Was Oscar Wilde a good social media practitioner?:
    9. If one ad impression is worth $0.01-0.10 … what’s the value of a social media conversation?
    10. If a newspaper publishes their print content in a blog format but turns commenting off… ..do we account for it as social media…and is it just as important as the hobbyist blogger post?
    11.  
    12. Would you rather have your social media be engaging… ….or Influential?
    13. What’s happening more quickly… Is social media becoming more traditional… ..or is traditional media becoming more social?
    14.                                     Would you like 1% of your social media audience very involved.. …or 10% of your audience somewhat involved?
    15. If we hold sales people accountable for sales and operations people accountable for operations… … what do we hold social media people accountable for?
    16. The 10 somewhat immutable laws of social media measurement… 10 SOCIAL MEDIA MEASUREMENT
    17. “ It’s an imperfect science, but that’s OK…” Law #1 - <ul><li>it’s new </li></ul><ul><li>it resists neatly packaging </li></ul><ul><li>it’s multi-media </li></ul><ul><li>it has many stakeholders </li></ul><ul><li>it has many benefits </li></ul><ul><li>it keeps changing </li></ul><ul><ul><li>Blogs (2005) </li></ul></ul><ul><ul><li>YouTube (2006) </li></ul></ul><ul><ul><li>Facebook (2007) </li></ul></ul><ul><ul><li>Twitter/FriendFeed (2008) </li></ul></ul><ul><ul><li>???? (2009) </li></ul></ul>
    18. …because its ½ of what your next student/employee/customer does… Source: Harrison Group 2007
    19. …because it’s the new currency on how to build brands “ Something you Buy” “ Something you Trust” “ Something you Want” “ Something you Prefer” “ Something you Love” “ Something you Participate In”
    20. <ul><li> 1960/70s 2008 </li></ul><ul><li>Ads Exposed to Daily </li></ul><ul><li> 700 3,000-5,000 </li></ul><ul><li>Per Capita Spending on Ads </li></ul><ul><li> $110 $865* </li></ul><ul><li>Ave No. of TV Channel/Household </li></ul><ul><li> 5.7 116 </li></ul><ul><li>No. of Products - Grocery Store </li></ul><ul><li> 7,000 45,000+ </li></ul><ul><li>No. of Books Available </li></ul><ul><li> 20,000 4 mil.+ </li></ul><ul><li>Day-After-Recall on TV Ads </li></ul><ul><li> 36% 3% </li></ul><ul><li>Trust Ranking of Advertisers </li></ul><ul><li> n/a 20nd out of 21 </li></ul><ul><li>US numbers, Inflation adjusted number for 2007 $465, </li></ul><ul><li>4x as much as 1972 </li></ul>… and because It’s a Panacea for What Ails Marketing/Media/Communications
    21. “Social media value is trapped in the Long Tail of its metrics” Law #2 - Social Media Metrics Metrics Why Social Media benefits are trapped in the tail…
    22. What we measure : <ul><li>Traffic (75%) </li></ul><ul><li>Member engagement (74%) </li></ul><ul><li>Unique visitors (72%) </li></ul><ul><li>Member registrations (70%) </li></ul><ul><li>Product feedback/ideation (40%) </li></ul><ul><li>WOM Influence (31%) </li></ul><ul><li>Comments per post (25%) </li></ul><ul><li>Cost savings (16%) </li></ul><ul><li>Tech. support (11%) </li></ul><ul><li>Insights, content, employees, competitive intelligence </li></ul>The activity (clickstream) The benefits Source: Online Community Research Network
    23. “It’s an intimacy medium – Participation of a few > Eyeballs of many” Law #3 - “ The Ones Who Create Ideas” “ The Ones Who Spot & Scout New Stuff” “ The Ones Who Sell and Lead Opinions” “ The Ones Who Provide Credibility” “ The Ones Who Attract Attention” “ The Ones Who Connect & Spread the Word”
    24. Harnessing the Influencer Grapevine Turning small groups of Enthusiasts, Users, Customers and Consumers Into Authors, Producers, Scouts, Testers and Collaborators & Broadcasters Into Community Members, Advocates, Ambassadors and Evangelists Thinktank/ Sounding Board Scout/ Mystery Shopper Advisory Council/ Cause Torchbearer Seeded Adopter/ Beta Tester Customer User Consumer Collaborator/ Producer Evangelist/ Ambassador/ Advocate Community Member/ VIP Insider Influencer
    25. “ The measurement lense depends on your perspective… Law #4 - A hustler (media/ads) A fisher (e-commerce) A surveyor (researcher/ innovation) A farmer/gardener (community owner) A sniper (PR)
    26. The Influencers – 6 Archetypes A Fisher (E-commerce) “What’s my catch like?” - Visitors, conversions, sales A Hustler (Ads/Media) “How many people paid attention?” - Traffic, page views*, time spent A Sniper (PR) “Who is my most important target?” - Authority ranking, influence, velocity, comments/post A Farmer/Gardener (Community Owners) – “What am I growing/is this being cared for?” - Engagement, interaction, sentiment A Surveyor (Research/Innovation) – “What have we learned?” - Insight, quality of content, relevance
    27. Social media outcomes trump traditional media inputs… Law #5 - Traditional media measurement deals with what you aired… … social media measurement deals with what actually happened Vs.
    28. Those who “measure” social media are those who “manage” social media Law #6 - <ul><li>CEO Key Metric </li></ul><ul><ul><li>49% - bottom line profits </li></ul></ul><ul><li>- CEO Key Critical Drivers (rank) </li></ul><ul><ul><li>1 st - Business Strategy </li></ul></ul><ul><ul><li>2 nd - Customer Service </li></ul></ul><ul><ul><li>3 rd - Customer Experience </li></ul></ul><ul><ul><li>4 th - Sales Force </li></ul></ul><ul><ul><li>5 th - Marketing Strategy </li></ul></ul><ul><ul><li>6 th - Product development </li></ul></ul><ul><ul><li>7 th - Pricing </li></ul></ul><ul><ul><li>8th - Distribution </li></ul></ul><ul><ul><li>Conversely </li></ul></ul><ul><ul><li>12 th - Advertising </li></ul></ul><ul><ul><li>13 th - Promotions </li></ul></ul>Source: Microsoft Executive Circle
    29. 1 +1 = 3 – Social Media Measurement is multi-variate Law #7 -
    30. Excitement Intimacy Broader Audience Targeted UGC/CGM BUZZ VIRAL SOCIAL CAUSE COMMUNITY INFLUENCER EXPERIENTIAL AFFILIATE
    31. What is your Social Media Shooting for? Reach – how far does it travel? Relevance – does it support your intended direction? Influence – who shares and passes along with who? Authority – how trusted is the source? Engagement – how involved do they get?
    32. What is Your Social Media Shooting for? Interaction – do they do anything with it? Velocity – how fast does it travel? Attention – how much time do they spend with it? Sentiment – how positive are they? Net Promoter – are they recommending you?
    33. Ownership – where can I find the data… <ul><li>Measurement is quite different based on ownership of data, is your effort: </li></ul><ul><ul><li>Hosted by your school/company? </li></ul></ul><ul><ul><li>– communities/corporate blogs/CGC platforms </li></ul></ul><ul><ul><li>Outreached by your school/company? </li></ul></ul><ul><ul><li>– blogger relations/social network apps/groups, widgets </li></ul></ul><ul><ul><li>Exists in the social media ether? </li></ul></ul><ul><ul><li>– independent social media monitoring </li></ul></ul>
    34. Monitoring Tools, tools, tools <ul><li>Freebies </li></ul><ul><li>Technorati (authority, links) </li></ul><ul><li>Del.icio.us (quality/type) </li></ul><ul><li>Google Analytics (traffic) </li></ul><ul><li>Feedburner (subscribers) </li></ul><ul><li>Compete/Alexa (relative traffic) </li></ul><ul><li>Appsholic (social media) </li></ul><ul><li>Video/photo (YouTube, flickr) </li></ul><ul><li>Social bookmarks (Digg/Stumble Upon) </li></ul><ul><li>Forums (Boardtracker/Twing) </li></ul><ul><li>Communities, widgets </li></ul><ul><li>The Paid Methods: </li></ul><ul><li>Radian6 </li></ul><ul><li>Buzzlogic </li></ul><ul><li>Nielsen Buzzmetrics </li></ul>
    35. There are 27 Flavors of Conversation Law #8 -
    36. The 27 Types of Social Media Conversation <ul><li>Acknowledge receipt </li></ul><ul><li>Advertise something </li></ul><ul><li>Answer question </li></ul><ul><li>Ask a question </li></ul><ul><li>Augment a post </li></ul><ul><li>Call for action </li></ul><ul><li>Disclose personal info </li></ul><ul><li>Distribute media </li></ul><ul><li>Express agreement </li></ul>Express criticism Express surprise Rally support Give a heads up Respond to criticism Give a shout out Make a joke Make a suggestion Make an observation Offer a greeting Offer an opinion Put out a wanted ad Rallying support Recruit people Show dismay Solicit comments Solicit help Start a poll Source: KD Paine & Partners
    37. There are no “silver bullet” standards Law #9 -
    38. <ul><li>Social Media Value </li></ul><ul><li>(vs. objective) </li></ul>You Need to Roll your Own = Benefits – Risks ---------------------- Cost
    39. One of my favourite “roll your own” examples….
    40. The Gladwell – The New Social Media Measurement <ul><li>Incorporates the benefits: </li></ul><ul><ul><li>Engagement </li></ul></ul><ul><ul><li>Influence/Advocacy </li></ul></ul><ul><ul><li>Polarity (Positivity) </li></ul></ul><ul><ul><li>Depth of Interaction </li></ul></ul><ul><ul><li>Action (Conversions/Sales) </li></ul></ul><ul><ul><li>Search results </li></ul></ul><ul><ul><li>PR Value </li></ul></ul><ul><ul><li>Content </li></ul></ul><ul><ul><li>Insight </li></ul></ul><ul><ul><li>Support </li></ul></ul><ul><ul><li>Credibility/Authority </li></ul></ul><ul><ul><li>Community/Lifetime Value </li></ul></ul><ul><ul><li>/Loyalty </li></ul></ul>
    41. Faith goes a long way… Law #10 -
    42. What progressive companies are currently practicing? Currently Use Plan To Pilot Blogs 49% 31% RSS 47% 32% Social Networking 40% 31% Customer Service 40% 26% Podcasts 33% 41% CGC 27% 35% Wikis 21% 29% Co-creation 13% 24% Open-Source 12% 20% Virtual Worlds 9% 23% Source: Society for New Communications Research, 2007
    43. Major Media/Marketing Implications – The Future is Social <ul><li>Word of Mouth Marketing +30% </li></ul><ul><li>Social Network Ads +51% </li></ul><ul><li>Social Media Ads +71% </li></ul>2008-2011 Projections (CAGR) Source: VSS
    44. Take Back to the Class Join the conversation: - Facebook, LinkedIn, Twitter - Find top 50 blogs of interest - Start commenting Start a new conversation: - Build a blog – post 27 types of conversation - Outreach to other bloggers - Produce a Social Media Release - Network out to video/photo sites - Social bookmark content Define what they should measure: - Establish metrics - Roll their own measurement - Track progress over time - Measure vs. objective Analyze results: - Prove the value of the effort - Identify improvement
    45. Never Forget - Humans are Social Animals
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