Social Media Metrics<br />HOW TO MEASURE AND OPTIMIZE<br />YOUR MARKETING INVESTMENT<br />JIM STERNE<br />
Social Media Deﬁned<br /><ul><li>INTERNET: many-to-many communication channel
Internet is so unique because it has always been all about the average Joe
“social media” is that which allows anybody to communicate with everybody (consumer-generated content distributed through easy–to-access online tools)</li></li></ul><li>Social Media Deﬁned<br /><ul><li>six broad categories of social media: Forums and Message Boards, Review and Opinion Sites, Social Networks, Blogging, Microblogging, Bookmarking, Media Sharing
Hearing the Conversation<br />Market as a conversation<br />Listen to themSearchhttp://www.addthis.com/home<br />Listen to themRate<br />Listen to themPraise<br />Listen to themReview<br />Listen to themRecommendhttp://www.foreseeresults.com/<br />Listen to themComplain<br />Askthem to Participatehttp://mystarbucksidea.force.com/<br />Askthem to Contribute<br />
Business outcomes are measurable and include things like awarness, survey completions, subscriptions, registrations, blog comments, blog posts, leads (how many are potentional customers?), purchases
WHAT ARE THE MOST IMPORTANT THINGS TO MEASURE?</li></ul>Key Performance Indicators for Web Sites<br />Key Listening Indicators<br />Key Community Indicators<br />Comparison with the Competition (tools like Wetpaint, Engagement Database etc.)<br />Crowdourcing (for product ideas, customer service, usability studies, television ads, etc.)<br />
Key Performance Indicators for Web Sites<br /><ul><li>KPI are response to a general organizational fear of spreadsheets and comlex applications.
Idea is that you‘re taking technical data and presenting it using business-relevant language.
ALL GOOD KPI DRIVE ACTION („Any KPI that, when it changes suddenly and unexpectedly does not inspire someone to send an e-mail, pick up the phone, or take a quick walk for find help, is not a KPI worth reporting.“)
TYPES:</li></ul>AVARAGES (page views per visit, revenue per visitor)<br />PERCENTAGES (new and returning visitors or customers)<br />RATES AND RATIONS (order or buyer conversion rate)<br />KPI BY BUSINESS TYPE (KPI for online retailers)<br />
Key Listening Indicators<br /><ul><li>Bulding community is human endeavor.
Marketplace is a conversation and that means we need to measure our impact on it.
KPI LI are tools for managing online forums or creating and running successful community discussion boards.
Patrick O‘Keefe says that good moderator or community manager is more important than all the rest.
Listening is a laborious task requiring employee support.
3 areas: Sentiment analysis, Integration with other metrics and systems, Experienced analytics professionals who could help get these tools and processes implemented</li></li></ul><li>Key Community Indicators<br /><ul><li>Measurement should be a priority for online communities.
„Community managers must educate stakeholders and stay connected and be able to quickly communicate changes back to internal company stakeholders.“
The characteristics of healthy communities:</li></ul>Growing = Members<br />Useful = Content<br />Popular = Traffic<br />Interactive = Topic Interaction<br />Unique visitors, New Member Registration, Page views, Retention/Attrition, Member Loyalty, Member Satisfaction, Most Active Members<br />
Getting Buy-In-Convincing Your Colleagues<br /><ul><li>„You need to convince the people with their hands on the budget that this is a good idea.“
Two things about measuring marketing:</li></ul>Humans do not like being measured.<br />„Accountability“ is another word for „we don‘t trust you so we‘re going to measure everything you do.“<br /><ul><li>So how we can do this?</li></ul>Step 1:Accept Your Role as Change Agent<br />Step 2:Match the Message with the Receiver<br />Step 3:Low-Hanging Fruit<br />Step 4:Accept Your Role as Change Agent<br />Step 5:Match the Message with the Receiver<br />Step 6:Low-Hanging Fruit<br />
Getting Ahead – Seeing the Future<br /><ul><li>Everything becomes social
We still have to craft a message and adress it the mases (still a need for mass media)
Key is how a person uses a web site describes a certain neural pattern that can be compared with a database of others and classified by gender, age, and a lot more.
„Future is secure in your hands as a consumer. As a marketer, however, things are just starting to get interesting.“</li>