Aaron Nemman's Presentation at Social Media Breakfast Toledo #2
Whether you know it or not, people are talking about you or your company online. Do you know how to find those online "conversations" and what to do about them? Techrigy's Aaron Newman will talk about Monitoring and Measuring Social Media: the platforms and monitoring tools available; brand names, trends and other examples of what can be monitored; ways to measure and analyze your results and related topics. Aaron is founder and president of Techrigy Inc., and a serial entrepreneur having previously founded two successful startups, DbSecure and Application Security Inc. Over the past decade, Aaron has been widely regarded as one of the world's leading database experts. Aaron is the author of Enterprise 2.0, printed by McGraw-Hill, and the Oracle Security Handbook, printed by Oracle Press, and is an international speaker on technology topics. Aaron has also authored several patents in database security and social media. Aaron founded Techrigy in 2006 to help businesses provide visibility into what people where saying in social media about their brands, products, and competitors. Techrigy SM2 is a social media monitoring and analysis solution. With SM2 you can track conversations, reviews and positive/negative sentiment for your brands, clients, competitors and partners across the eco-system calledsocial media: blogs, wikis, microblogs such as Twitter, social networks, video and more. SM2 is a complete analytics tool for charting trends over time, demographics, geo-location, sentiment, and providing drill-down reporting. SM2 provides complete historical data as well as real-time alerts. Social Media Breakfast Toledo is an event where social media practitioners and others interested in communication come together to eat, meet, share and learn. Marketers, public relations professionals, entrepreneurs, bloggers, podcasters, videographers, new media fanatics, and online social networkers are all welcome to attend. The Social Media Breakfast series was started in 2007 by Bryan Person in Boston and has now spread to more than a dozen cities throughout the United States.
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Aaron Nemman's Presentation at Social Media Breakfast Toledo #2
- 1. Aaron C. Newman Founder, Techrigy Author: Enterprise 2.0 Implementation http://sm2.techrigy.com May 2009 1 SMB Toledo Social Media Measurement 101
- 2. • Introduction to Social Media Measurement • How to Measure Social Media • Social Media Optimization • Resources, Conclusions, Questions Agenda
- 3. Social Media Measurement 101 Introduction to Social Media Measurement 3
- 4. • Why is social media becoming relevant? • The Year 2000 – Blogs were people talking about their cats • The Year 2009 – Social media is people talking about your brand • Critical mass of people participating – Ashton Kutcher reaches 1 million Twitter followers Why do I care? Who owns your brand? Your brand is the conversations occurring through word-of-mouth
- 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 5 Evolution in Marketing
- 6. Building Your Brand • Your Personal Brand – Do people believe and trust you? • Your Corporate Brand – Combination of personal brands – The market’s perception of you • Get commitment from management – Half-hearted participation is not effective – Need to build social capital and credibility
- 7. What is Social Media Measurement? • Monitoring – Let me know when someone is talking about my brand • Measurement – Calculate qualitative and quantitative attributes • Analysis – Understand what it all means 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. Social Media Measurement 101 How to Measure Social Media 8
- 9. • Examples: – Measuring the effectiveness of a Marketing Campaign – Grading your brand – Tracking the effect of negative publicity – Finding influencers – Measuring Share of Voice Why and What to Measure? First come up with your Social Media Strategy. Does this support your corporate/personal strategy?
- 10. • Quantitative Measures – Number of mentions – Demographics of mentions: age, gender, location • Cross reference profiles from social networks • Qualitative Measures – Evaluate mentions in social media based on: • Relevancy, Sentiment, Influence, Popularity – Automated vs. Human Review How to Measure
- 11. • Factors to consider – Hard costs and benefits • Leads generated that convert to sales • Support issues that prevent lost customers – Soft costs and benefits • Corporate goodwill • Immediate feedback directly from customers • What is the danger of ignoring Social Media? – Brand damage, missed opportunities, not connecting with your customer Measuring Return on Investment
- 12. • Number of subscribers – How many people visit the site and comment on the post • Authority of the source – A post on Consumerist vs. an anonymous Blogspot.com mention • Discoverability of the content – Does content ends up on the first page of a popular Google search • Lifetime of the content – A tweet that is a flash in the pan or a Wikipedia page • Sentiment of content – Scales from very negative to very positive Value of a Social Media Mention SM Value = subscribers * authority * discoverability * lifetime * sentiment
- 13. • Cost – How much time does your staff have to spend on social media? • Calculate average hourly cost of staff, how much time spent in – Tools, training, analysis/consulting costs – Opportunity cost of doing other projects • Benefits – Additional sales – Increase in brand value – Reduction in other marketing costs • Forego advertising, conferences, or other PR costs Calculating the ROI Net Return = Benefits(hard+soft) – Costs(hard+soft) ROI = Net Return / Money Invested
- 14. Social Media Measurement 101 Social Media Optimization 14
- 15. Getting the Most Value • Social Media creates 1-to-Many Conversations – 1-to-1 Conversations are expensive – Social media broadcasts to many readers – Social media is indexed and searched later • Finding Influencers with the highest 1-to-Many – Dunbar’s Law places limitations on number of relationship we can maintain at ~150 – Malcolm Gladwell’s Connectors – Albert Laszlo’s Network Hubs
- 16. What is Social Media Optimization? • SMO term coined by Rohit Bhargava • Blog Post: 5 Rules of Social Media Optimization http://rohitbhargava.typepad.com/weblog/2006/08/5_rules_of_soci.html • Increase your linkability • Make tagging and bookmarking easy • Reward inbound links • Help your content travel • Encourage the mashup • Get communities connected Social media optimization (SMO) is a set of methods for generating publicity through social media, online communities and community websites. -Wikipedia
- 17. Stage 1: Listening • http://techrigy.com/pdf/EngagingSocialMedia WhiteP.pdf • Step #1 – Listen to what people are saying about your brand. • Step #2 – Listen to what people are saying about your competitors. • Step #3 – Listen to what people are saying in your industry.
- 18. Stage 2: Engaging • Step #4 Start your company blogging – CEO blog or employee blogs? • Step #5 Comment on other blogs – Participate, don’t pitch • Step #6 Participate in conversations on tools such as Twitter. – Create conversations
- 19. Stage 2: Engaging • Step #7 Engage your customers through social networks. – Setup your own + find existing ones • Step #8 Contribute to sources such as Wikipedia. – Delicate balance – not for brochures • Step #9 Encourage your customers to talk about your product, good or bad. – Address problems, show them you care
- 20. Social Media Measurement 101 Conclusions, Resources, Questions 20
- 21. Resources • Books Social Media Marketing: An Hour a Day By Dave Evans (originally from Webster) The New Rules of Marketing and PR By David Meerman Scott • Blogs http://www.micropersuasion.com/ http://www.briansolis.com/ http://www.web-strategist.com/blog/ • Podcasts http://www.insidepr.ca/ 21
- 22. Questions? Social media monitoring will be a function of any marketing strategy going forward. Contact information: Aaron Newman - aaron@techrigy.com http://twitter.com/aaronnewman 22
Editor's Notes
- 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.