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Cost Effective Social Media Measurement


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Cost effective social media measurement for SMB

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Cost Effective Social Media Measurement

  1. 1. Cost Effective Social Media Measurement Sharp Search Technologies Geoff Sharp (c) Sharp Search Technologies 1
  2. 2. Audience and Assumptions• You are an SMB or a department of a larger business• You have a growing investment in social media and web• The ROI of Social Media Marketing (SMM) is imprecise but you believe in the value of measuring social media usage Is this you? (c) Sharp Search Technologies 2
  3. 3. Relevant Research on SMB Use of Social MediaIt is useful to know what other companies are doingU Mass conducts an annual survey ofthe use of social media by the Inc 500“The 2012 Inc. 500 Social Media Update” (Based on a survey of the Inc500 companies) comparable companies are doing inSocial Media (c) Sharp Search Technologies
  4. 4. SMB Use of Social Media• 91% use social media marketing (SMM)• 71% will increase investment in 2013 by 20-50%+• 65% use existing staff, 10% use consultants, 7% new hires• But only 25% have a written SM policy (UMass Study 2012) (c) Sharp Search Technologies 4
  5. 5. What’s Being Measured by SMB in SMM Metric % Measuring Fans / Followers 26% Web Traffic 25% Leads 16% Customer Service Cost Savings 10% Sales Value 7% (UMass Study 2012)Not a whole lot ofmeasurement (c) Sharp Search Technologies
  6. 6. SMB’s Biggest Challenges in Social Media• Finding Budget and Resources• Most have no dedicated social media teams• Time spent creating content and updates• Measuring effectiveness (UMass Study 2012) Resource constraint and lack of measurement (c) Sharp Search Technologies 6
  7. 7. Biggest Benefits to SMB of Social Media• Brand Awareness• Networking Clearly SMM important for growing the business• Reputation• Competitive Intelligence (UMass Study 2012) (c) Sharp Search Technologies 7
  8. 8. Why Measure and Track Social Media Usage ?• Know what is growing and how rapidly• Keep track of expenses and editorial effort• Be up to date and aware of reputation and competitionknow where you standand where you are going! (c) Sharp Search Technologies 8
  9. 9. Current Problems in Measuring Social Media • Large number of overlapping tools and social platforms • Advanced tools are very expensive and require expertise • Rapid changes in tools and platforms • Multiple sources of dataYou really can’t manage this without some expertise! (c) Sharp Search Technologies 9
  10. 10. Categories of Measuring ToolsFree and Complex Expensive and Complex• Google Analytics • Adobe Social • Radian6, SysomosFree and Simple Expensive and Simple• Linkedin Insights • Measuring nothing• FB Insights• Social Mention (c) Sharp Search Technologies 10
  11. 11. Measuring Tools – Free & ComplexFree and Complex• Google Analytics (c) Sharp Search Technologies 11
  12. 12. Measuring Tools – Expensive & Complex Expensive and Complex • Adobe Social • Radian6, Sysomos (c) Sharp Search Technologies 12
  13. 13. Measuring Tools - Free & SimpleFree and Simple• Linkedin Insights• FB Insights• Social Mention (c) Sharp Search Technologies 13
  14. 14. Measuring Tools – Doing Nothing is Expensive Expensive and Simple • Measuring nothing (c) Sharp Search Technologies 14
  15. 15. Estimated Costs per MonthFree and Complex Expensive and Complex• 3/4 STAFF = $6,000 • ½ STAFF = $4,000 • Tools = $7500 • Total = $11,500Free and Simple Expensive and Simple• ¼ STAFF = $2,000 • 20% op* cost = $10,000• 10% op* cost = $5,000 (assumes $50K SMM budget)• Total = $7,000 * = opportunity cost (c) Sharp Search Technologies 15
  16. 16. Expensive Alternatives for Measuring Social Media• Pay big bucks for an expensive tool with support• Dedicating existing staff• Hire expensive agencies It’s easy to waste a lot of dollars needlessly! (c) Sharp Search Technologies 16
  17. 17. A Cost Effective Approach for Measuring Social Media• Focus on relevant SMM & web measures• Have a consistent quarterly SMM review• Track SMM web usage monthly with a concise management report A smart approach is to focus and leverage! (c) Sharp Search Technologies 17
  18. 18. For Example : The Sharp Track Report • Focused on relevant social media & web measures • Quarterly SM assessment & strategy report • Monthly report tracking social media and web usageAs an example of acost effectiveapproach! (c) Sharp Search Technologies 18
  19. 19. The Sharp Track Quarterly Assessment Report• Based on 14 relevant metrics with a benchmark• Relevant overview of social media and web presence• Relevant assessment of social engagement and sentiment• Survey of the competitive environment (c) Sharp Search Technologies 19
  20. 20. Sharp Track Assessment ReportRelevant Comprehensive Quarterly Assessment (c) Sharp Search Technologies 20
  21. 21. Sharp Track Assessment ReportPragmatic Use of 14 Relevant Metrics (c) Sharp Search Technologies 21
  22. 22. Sharp Track Assessment Report Benchmark Score for Reality Check METRIC YOURCOMPANY BENCHMARK W1 Hubspot Web Grade 71.0 98.0 W2 Traffic 51.3 90.0 W3 SEO 35.0 90.0 W4 Linkbacks 90.0 90.0 W5 Web Page Visual 37.5 90.0 W6 Blog 0.0 90.0 W7 Mobile Friendly 0.0 70.0 S1 LinkedIn 43.3 80.0 S2 Facebook 76.7 60.0 S3 Twitter 90.0 90.0 S4 Youtube 36.7 80.0 S5 Social Measure 35.0 90.0 S6 Organization Effort 30.0 95.0 S7 Social Links 50.0 90.0 SHARP REPORT Score 47.4 87.30-19 = failing ; 10-39 = poor ; 40-69 = moderate ; 70-89 = good ;90-100 = excellent (c) Sharp Search Technologies 22
  23. 23. Sharp Track Assessment Report Simple Visual Presentation 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0W1 Hubspot Web Grade W2 Traffic W3 SEO W4 Linkbacks W5 Web Page Visual W6 Blog W7 Mobile S1 LinkedIn S2 Facebook S3 Twitter S4 Youtube S5 Social Measure S6 Organization S7 Social Links SHARP REPORT Score LAUNCHSQUAD BENCHMARK (c) Sharp Search Technologies 23
  24. 24. Sharp Track Assessment ReportSample Recommendations• Create a site-map to improve SEO• Re-design home page – obvious problems are: – Page too large and long – Too many very large images – Change to mobile friendly design – Improve navigation to relevant content• Consider adding a blog for building community• Be active on LinkedIn and Facebook with more CTA and sharing• Encourage company-wide social media participation and contribution• Strategize and organize your social marketing (c) Sharp Search Technologies 24
  25. 25. Why a Monthly Tracking Report• It’s important to track usage on a regular monthly basis in a manner that is easy and straight-forward for management review• A report should be designed to provide meaningful trending information in under 10 minutes.• The report should support management decisions or further deep-dive (c) Sharp Search Technologies 25
  26. 26. Example - The Sharp Track Report (c) Sharp Search Technologies 26
  27. 27. The Sharp Track Report (c) Sharp Search Technologies 27
  28. 28. The Sharp Track Report (c) Sharp Search Technologies 28
  29. 29. The Sharp Track Report12000 WEB & BLOG TRAFFIC10000 8000 6000 Web Unique Visitors Web Page Views 4000 Blog Visitors 2000 Blog Views 0 1 2 3 4 5 6 7 8 9 10 11 12 (c) Sharp Search Technologies 29
  30. 30. The Sharp Track Report (c) Sharp Search Technologies 30
  31. 31. The Sharp Track Report (c) Sharp Search Technologies 31
  32. 32. The Sharp Track Report (c) Sharp Search Technologies 32
  33. 33. Sharp Track Report (c) Sharp Search Technologies 33
  34. 34. CloudBurst – Hypothetical Analytics of Social Media• CloudBurst is a SaaS company with 500 employees and an annual budget of $1 million for web and social media• Staff dedicated to web site and community management but no analytics staff• Management wants analytics to improve their investment This is a typical example based on real experience (c) Sharp Search Technologies 34
  35. 35. CloudBurst – Assumed Traffic and Engagement• Web site has 2,000 monthly visitors, 3,500 page views and a bounce rate of 76%• Blog has 400 subscribers and 500 page views• Linkedin page has 700 subscribers, Facebook page 300 fans (c) Sharp Search Technologies 35
  36. 36. CloudBurst – Action Impact from Analytics Reporting• Trend reporting justifies investment in SEM for growth of 10% per month to 3,000 users• Editorial efforts re-focused on topics of highest interest reducing bounce rate from 76% to 53% and staff time by 15%• Increased engagement in Linkedin and Facebook results in 20% increase in subscribers and comments (c) Sharp Search Technologies 36
  37. 37. BloudBurst Management Use of Reporting (c) Sharp Search Technologies 37
  38. 38. Hypothetical ROI from Measurement• $1 million budget for web and social with historic 20% ROI. 20% improvement in ROI from measurement (20% * 20% $100,000) = $20,000 net gain• 30% of budget is editorial = $300,000. 10% cost savings in editorial from measurement = $30,000 savings• Total savings = $50,000. Cost of measurement is $12,000 resulting in 5:1 return (c) Sharp Search Technologies 38
  39. 39. Next Steps• Decide if you need focused measurement and usage tracking• Assign responsibility to appropriate staff• Complete a Social Media Assessment and strategy• Determine relevant metrics, tools and reporting• Implement consistent monthly measuring and reporting internally or with outside assistance (c) Sharp Search Technologies 39
  40. 40. A Word About Sharp Track Services• We can provide the Sharp Track Report with minimum impact on your staff and resources• You will start receiving monthly Sharp Track reports and the quarterly Sharp Track Assessment Report with strategic advice• We can work with your staff to produce enhanced customized reporting to meet your needs (c) Sharp Search Technologies 40
  41. 41. ContactGeoff Sharp2geoffsharp@gmail.com650 Sharp Search Technologies (c) Sharp Search Technologies 41