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The Value of a Life Led Social

Five questions you should ask when trying to build a framework for lifetime value.

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The Value of a Life Led Social

  1. 1. The Value of a Life LedSocialFor Social Media & WebAnalytics Innovation, April 25,2013Matthew KnellSocial Media Director@matthewknell#smwa
  2. 2. @matthewknell / #smwaHi.2
  3. 3. @matthewknell / #smwaFirst, a bit about me …3
  4. 4. @matthewknell / #smwaI have an obnoxiously largecap collection4
  5. 5. @matthewknell / #smwaI tweet at @matthewknell (sayhi)5
  6. 6. @matthewknell / #smwaDisclaimer:I’m not an expert becausethere’s still a lot to learnabout social media analytics.6
  7. 7. @matthewknell / #smwaThis is our story of a buildingsocial lifetime valueframework and things we’vefound along the way.Hope you enjoy.7
  8. 8. @matthewknell / #smwa 8
  9. 9. @matthewknell / #smwa
  10. 10. @matthewknell / #smwaFancy charts and graphs10
  11. 11. @matthewknell / #smwa 1171%of datamarketerswould like toadd predictiveanalyticsaround lifetimevalue to theircustomer dataprofile
  12. 12. @matthewknell / #smwa 1250%of marketers useor plan to usecustomer lifetimevalue as ameasurement ofbrand’seffectiveness onsocial media
  13. 13. @matthewknell / #smwa 1341%Of social mediamarketers view“Customerlifetime value” as“important”
  14. 14. @matthewknell / #smwa5 key questions we asked tostart figure out our sociallifetime value14
  15. 15. @matthewknell / #smwa5 key questions we asked tostart figure out our sociallifetime value15This would be where you starttweeting with #smwa if you likewhat I’m saying 
  16. 16. @matthewknell / #smwaWhere did we start?16
  17. 17. @matthewknell / #smwaQuestion #1: Who’s tried thismath before?17
  18. 18. @matthewknell / #smwa 18Lifetime value of a Facebook fan to20 top global brands, April 2013Source: Syncapse “Value of a Facebook Fan 2013”
  19. 19. @matthewknell / #smwa 19Lifetime value of the materials of thehuman bodySource:
  20. 20. @matthewknell / #smwa 20Lifetime value of a fan in social media2010 (via Vitrue)Source: Vitrue via AdAge:
  21. 21. @matthewknell / #smwaWhy the discrepancy?21• Syncapse used purchase intent and historyto determine theirs• Virtue used media impressions to determinetheirs• Data genetics used, well, the raw materialsof the human body.
  22. 22. @matthewknell / #smwaBut we’re a media company…22
  23. 23. @matthewknell / #smwa…and social impressionsdon’t matter unless theyresult in UVs… and we don’t really sellanything product based inthis part of the biz23
  24. 24. @matthewknell / #smwaQuestion #2: What falls under“social media”?24
  25. 25. @matthewknell / #smwaA user journey25YoursuperawesomemediawebsiteSocialmediastuff
  26. 26. @matthewknell / #smwaWe’ve got social referrals, soit’s all good, right?26
  27. 27. @matthewknell / #smwaWe’ve got social referrals, soit’s all good, right?27(otherwise known as – The “socialreferrals” are “whatever my analyticstools tell me are social referrals”defense)
  28. 28. @matthewknell / #smwaSocial referrals roll up all this28• Social brand communications (the “socialmedia” team)• Social traffic coming from paid acquisition(the “audience dev” team)• Social traffic coming from productintegrations (the “product team”)• Repeat visits generated through community(the “community team”)• “The everything else” (PR? Marketing?)
  29. 29. @matthewknell / #smwaSo?29• Each one of these has different people,skillsets and optimization paths involved.• For the most effective measure of lifetimevalue, they should be tracked separately.• Each one will likely result in widely differentacquistion costs and lifetime value.
  30. 30. @matthewknell / #smwaSocial brand communicationsvs social traffic platforms30
  31. 31. @matthewknell / #smwaThe battle for social souls (and attributionissues there in)31WHERE BRANDSOCIAL VOICEMATTERS• Twitter• Facebook• Instagram• Tumblr• Google+• Pinterest• Social Media teamWHERE RAWSOCIAL TRAFFICMATTERS• StumbleUpon• MyLikes•• ChaCha• Digg• AudienceDevelopment team
  32. 32. @matthewknell / #smwaStruggles with brand communications andperformance32• Real-time content > ephemeral nature• Content optimization (here’s what we’ve gotvs here’s what you want)
  33. 33. @matthewknell / #smwaStruggles for social paid / influenceracquisition33• “Content fraud”• (i.e. Tweets with Hey, look it’s Justin Bieber’snew single… oh wait, it’s just a link to a jobslistings page… MADE YOU CLICK!)• Content is the only determining factor – youare relying on it to hook the user• Probably not ideal for extremely sensitivebrands
  34. 34. @matthewknell / #smwaA user journey34YoursuperawesomemediawebsiteSocialmediastuffBrandedsocialcommsPaid socialacquisition
  35. 35. @matthewknell / #smwaQuestion #3: How does “on-site” activity factor in?35
  36. 36. @matthewknell / #smwaSocial referral buckets36• Social traffic coming SPECIFICALLY fromsocial brand communications (the “socialmedia” team)• Social traffic coming from paid acquisition(the “audience dev” team)• Social traffic coming from social integrationson your websites (the “product team”)• Repeat visits generated through community(the “community team”)• “The everything else” (PR? Marketing?)
  37. 37. @matthewknell / #smwaThink of all the ways you can share on site37• Share buttons from posts• From comments• From parts of comments• From forums• Excerpts of posts• Conversations• Social contests / giveaways
  38. 38. @matthewknell / #smwaA user journey38YoursuperawesomemediawebsiteSocialmediastuffBrandedsocialcommsPaid socialacquisitionSocialproductintegrationOn-sitesocialactivity
  39. 39. @matthewknell / #smwaQuestion #4: How can we tieall of our social mediatogether?39
  40. 40. @matthewknell / #smwaCampaign tracking on sociallinks, of course.40
  41. 41. @matthewknell / #smwa
  42. 42. @matthewknell / #smwaIntegration points for campaign tracking42Content tools / CMSSocial products / solutionsEditorial workflowThird-party publishing tools (Hootsuite, SproutSocial)Homegrown publishing toolsManual copy and pasteEven most enterprise level Social Publishing Tools stillrequire you to integrate your social campaigns with yoursite metrics.
  43. 43. @matthewknell / #smwaAnd… the whole is notnecessarily more valuablethan the parts.43
  44. 44. @matthewknell / #smwaQuestion #5: How can wecalculate lifetime value?44
  45. 45. @matthewknell / #smwaA user journey45YoursuperawesomemediawebsiteSocialmediastuffBrandedsocialcommsPaid socialacquisitionSocialproductintegrationOn-sitesocialactivityThingsthat makeyoursuperawesomewebsitemoney
  46. 46. @matthewknell / #smwaA social media follower isn’tunique to our sites untilthey’ve taken an action tomake them trackable as one.46(psst… This one is up to your analyticspackage or social sign-in / membershipproduct)
  47. 47. @matthewknell / #smwaA lifetime – contribution valueof our social followers whoreturn on ANY channel withina year47
  48. 48. @matthewknell / #smwaValue – amount of value wecan realize from a site visit(typically value per page ofour ads)48
  49. 49. @matthewknell / #smwaReturn rate49Assuming a visitor acquired through asocial media channel are attribute to“social”, we saw measurable return trafficfrom these visitors for up to a year.
  50. 50. @matthewknell / #smwaWhere did we net out?50
  51. 51. @matthewknell / #smwaThank you!
  52. 52. @matthewknell / #smwaThe five questions on one-slide52Question #1: Who’s tried this math before?Question #2: What falls under “social media”?Question #3: How does “on-site” activity factorin?Question #4: How can we tie all of our socialmedia together?Question #5: How can we calculate lifetimevalue?