Social Media Marketing: How to Make the Most of Data & Analytics
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This is a lecture I gave at a social media marketing class at St. Edwards University. The presentation shares some context on the evolving marketing landscape, and how social media data and analytics can be used for both planning as well as measuring and optimizing ROI.
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Social Media Marketing: How to Make the Most of Data & Analytics
- 1. SOCIAL MEDIA MARKETING HOW TO MAKE THE MOST OF DATA & ANALYTICS Presented at St. Edwards University Tuesday, December 6, 2016
- 2. TODAY’S AGENDA 1. AGE OF RELEVANCE: HOW OUR WORLD EVOLVED 2. PLANNING: CREATING BRAND POSSIBILITIES 3. MEASUREMENT: OPTIMIZING PERFORMANCE & ROI
- 3. AGE OF RELEVANCE: HOW OUR WORLD EVOLVED
- 4. WE NOW LIVE IN THE AGE OF RELEVANCE 4 COMPLEXITY Complexity & Influence of Stakeholder Ecosystem Radio Broadcast TV 24 Hour News Internet Social Web 1990s 2000s1980s1950s1920s CONTROL Company/ Brand Control of Message “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” ― Jack Welch These brands had great reputations! These brands have terrible reputations!
- 5. HOW CONTENT EVOLVED ONLINE 5 Content moved from long-form copy to short- form, visual mix of original and curated
- 6. WHAT DRIVES CONTENT CONSUMPTION 6 QUALITY What drives publisher stickiness FRESH RELEVANTTRUSTED AUTHENTIC UNIQUE VALUED ORIGINAL CONTENT 1 “Content: What Drives Consumption? – AOL, 2010
- 7. WHAT DRIVES CONTENT SHARING 7 RELATIONSHIPSSELF-IMAGE SELF- FULFILLMENT ENTERTAINMENT ADVOCACY To grow and nourish our relationships To define ourselves to others To bring valuable & entertaining content to others To add value to their relationships To get the word out about causes or brands Motivators for sharing *”Psychology of Sharing” – NYT, 2011
- 8. MEDIA IS NOW SYNDICATED 8 “Huffington Post and Flipboard often get more traffic from Times journalism than we do.” – Jill Abramson, former Executive Director, New York Times, 2014
- 10. 10 ERA OF PERSONAL COMMUNITY CONTRIBUTION
- 11. 2/3 OF DIGITAL UNIVERSE IS CONTENT CREATED BY CONSUMERS 11
- 12. STORYTELLING: THE SCIENCE BEHIND THE ART • Neuroeconomist, Paul Zak’s research discovered “The Moral Molecule”, and that • Storytelling enables us to direct human behavior by changing brain chemistry through well-structured narratives Tension synthesizes Cortisol (focuses our attention) + Narrative synthesizes Oxytocin (sense of empathy) 12 Act 3 CLIMAX (turning point) Act 2 COMPLICATION (rising action) Act 1 EXPOSITION (inciting moment) Act 4 REVERSAL (falling action) Act 5 DENOUEMENT (moment of release) FREYTAG’S PYRAMID A simple storytelling structure that has worked for thousands of years
- 13. AUDIENCE DEVELOPMENT Treat each story like its own product by developing an ecosystem to amplify the story’s reach and engagement and to maximize its success. This process includes three steps that guide us in creating multiple “waves” of amplification for each story. 13 How we package and distribute the story ------------------------------------------------- Formats + Channels How we call attention to the story ------------------------------------------------- Influencers + Paid Targeting How we create a two-way relationship ------------------------------------------------- Monitor & Respond + Surprise & Delight 2 31DISCOVERY PROMOTION CONNECTION
- 15. FROM ACCOUNT PLANNING TO AUDIENCE PLANNING 15 Finds… • Segmentation • Media Consumption • Consumer Preference • Group Opinion weeks — months Finds… • Audiences (Tribes) • Engagement Behavior • Affinities • Sentiment & Reviews days — weeksspeed to insight Planning 1.0 PowellRule: 40<>70 Social Quantitative Qualitative Qualitative Quantitative Social resources Planning 2.0 resources
- 16. THE ABC’S OF BRAND PLANNING 16 Audience Truth Category Truth Brand Truth Opportunity Positioning Tagline/Campaign & Messaging Activation Content Experiences Media Earned Owned Paid Brand Space Context & Opportunity
- 17. START BY UNDERSTANDING THEIR BEHAVIOR 17
- 19. AND, HOW THEY ENGAGE IN RELEVANT TOPICS 19 Global Growth Outlook Economic crises Economic Growth Indicators Community Development Renewable Energy Investment Small Business Development, Women and Minority-owned business Mobile Payments Affordable Housing Financial Literacy Energy Efficiency Investment Mobile Banking Payments Innovation Education & Economic Growth Home Ownership Programs Youth Inclusion Programs Women in Business Leadership Urban Transformation
- 20. UNDERSTAND WHO INFLUENCES THEM 20 BIO Ylan Q. Mui is a reporter with the Washington Post and a CNBC contributor where she covers the Federal Reserve and the economy, including topics such as subprime lending, consumer finance and retail. RELEVANT QUOTES “The implosion of the subprime lending market has left a scar on the finances of black Americans – one that not only has wiped out a generation of economic progress but could leave them at a financial disadvantage for decades.” “After years of bold action following the global financial crisis, the world’s central bankers are ready to pass the baton. The consensus… was that the power of monetary policy to drive global growth is nearing its limit.” RELEVENT ARTICLES “For Black Americans, Financial Damage From Subprime Implosion is Likely To Last” “Central Banks To Lawmakers: You Try Growing The Economy” “Janet Yellen defends Federal Reserve Politics Before Senate Banking Panel” @ylanmui 13K followers 462+ Connections 25 followers 4% 15% 15% 2% 65% Financial Institutions Financial Crisis TBTF Legislature Stakeholders
- 21. AND, WHO INFLUENCES THOSE INFLUENCERS 21 160/1188 258/88372 WHOINFLUENCESTHEINFLUENCER? Name / Outlet Rank Score Name / Outlet Rank Score Name / Outlet Rank Score Name / Outlet Rank Score WHODOESTHEINFLUENCERINFLUENCETHEMOST? Name / Outlet Rank Score Name / Outlet Rank Score Name / Outlet Rank Score Name / Outlet Rank Score
- 22. 22 “Central Insights Center” Providing the Voice of Customer, Employee, Investor
- 23. 23
- 24. ARISTOTLE AND THE SECOND ROAD OF THOUGHT 24 ANALYTICS “Where things cannot be other than they are.” Diagnoses the past LOGIC
- 25. ARISTOTLE AND THE SECOND ROAD OF THOUGHT 25 ANALYTICS “Where things cannot be other than they are.” Diagnoses the past LOGIC RHETORIC “Where things can be other than they are.” Designs the future INTUITION
- 26. S-CURVES OF INTUITIVE LEAPS AND INNOVATION 26 1ST: The ‘Industrial Revolution’ | Big Bang Moment: Arkwright’s mill opens in Cromford – 1771 2ND: Age of Steam & Railways | Big Bang Moment: Test of the ‘Rocket’ steam engine for the Liverpool-Manchester railway – 1829 3RD: Age of Steal, Electricity & Heavy Engineering | Big Bang Moment: The Carnegie Bessemer steel plant opens in Pittsburgh, PA – 1875 4TH: Age of Oil, the Automobile & Mass Production | Big Bang Moment: First Model-T comes out of the Ford plant in Detroit, MI – 1908 5TH: Age of Information & Telecommunications | Big Bang Moment: The Intel microprocessor is announced in Santa Clara, CA – 1971 6TH: Age of ? | Big Bang Moment: TBD – 2021
- 27. THE INTUITIVE LEAP OF FAITH 27 Incremental Discontinuous Intuitive Leap P = 40<>70
- 28. 28
- 29. 29
- 30. 30
- 31. 31
- 32. 32 “Playlist LIVE 2011” Activating top YouTube influencers around a meme
- 33. 33 “Jennifer Aniston Sex Tape” (2011) 2:45 viral video 27.3 million views, YouTube
- 34. 34
- 35. 35 “This is AHH” :30 commercial made by customers
- 36. 36 “#mycalvins” Social insight leads to new brand relevance
- 37. REFRESHING THE BRAND THROUGH NOSTALGIA 37 Left: Mark Wahlberg and Kate Moss, 1992 | Right: Justin Bieber and Lara Stone, 2015
- 38. AND, RELEVANT INFLUENCERS 38 Emily Weiss (Fashion Blogger) Kendall Jenner (Social Celebrity)
- 39. AND, PEOPLE ENGAGED In first 18 months… • 600 influencers from 31 countries • Reached 469 million consumers globally • Achieved 23 million consumer social interactions • Facebook fan base grew by 2.2 million people • Instagram followers grew by 1.8 million people • Twitter followers grew by 1 million people 39
- 40. MEASUREMENT: OPTIMIZING PERFORMANCE AND MEASURING ROI
- 41. LOOK AT MEASUREMENT IN TWO KEY AREAS 41 MARKETING METRICS Deep analysis of channels and tactics to understand effectiveness and identify opportunities to optimize BUSINESS METRICS Measurement of core business goals and achievement of business objectives including sales
- 42. MEASUREMENT VIA OWNED, PAID, EARNED FUNNEL 42 OWNED PAID EARNED CHANNEL • Unique open rate • Unique CTR • Referrals to .com • Unique visitors • Time on site • CTAs taken • Engagements • Referrals to .com Email SEO .com Social • Unique open rate • Unique CTR • CPM, CPE, CPL • PPC • CTAs to LPs • CPL • CPM, CPC, CPE, CPL • CPA, CPE, CPL Email Search Display/Rich Media Social • Coverage • Impressions • SOV Influencers/Trades/Media CHANNEL KPIs SALES VOLUME REVENUE SPEND • Media Only • Media + Fee • Media Only • Media + Fee TRAFFIC # visitors # leads • Media Only • Media + Fee • Media Only • Media + Fee # products sold LEADS $ revenue
- 43. REAL EXAMPLE 43 20% 30% est. PatientTraffic Leads Referrals .COM1 2 3 800-LAPBAND Surgeon Co-op 4 Referring Physician & Surgeon Practices 7,881 Calls thru May 237,643 Visits thru May 1,647 to 2,745 Est. thru May 2,861 Reported thru May 7.5% 15% est. 32 % 49,439 5,464 1,647 to 2,745 2,861 1,771 21 % 69 % 250,032 – 251,130 Total with est. 54,903 total 9,987 – 14,793 Total with est. 7.5% to 15% 1,997 – 4,438 Total with est. 20% to 30% Media Only $1,790,933 $32.62 $121.07 to $179.33 $403.55 to $896.63 $5.8mm to $12.9mm Potential Revenue Impact Television ($550,780) Co-op Advertising (Print/Outdoor $745,000) Social Media & PR ($27,600) Interactive (Banners $0) (Search $347,013) Collateral ($58,280) Website (SEO $0) (Main. $9,799) Strategy ($24,698) Agency Mgmt. ($51,714) Call Center ($148,140) 3,708 to 7,416 1,997 to 4,438 3% 5% est.
- 44. REAL EXAMPLE 44 All Target Teens 97MM total reach 4.85MM “daily” reach Paid Social 35MM impressions 1.14MM engagements CK ‘Cool Kids’ (~60k) Package and Amplify Drive incremental reach and frequency using highly-targeted paid social to keep BRAND top of mind with “Cool Kids” Digital advertising Custom Content Influencer activations Media Coverage Events 246MM impressions 5MM video views 76MM impressions 100MM impressions 1MM+ impressions Media Awareness Metric twistASM ASM& twisttwisttwist twist twist
- 45. HOW THE COOL KIDS CONTRIBUTE TO 1 MILLION UNITS 45 All Target Teens 97MM total reach 4.85MM “daily” reach Media Awareness Metric Paid Social 35MM impressions 1.14MM engagements CK ‘Cool Kids’ (~60k) Package and Amplify Drive incremental reach and frequency using highly-targeted paid social to keep BRAND top of mind with “Cool Kids” Assumptions 25% of Cool Kids try Benzac AND Exposed Benzac to their friends and followers AND 2% of these friends tried Benzac too = 309,000 units + 14.7MM viral impressions Cool Kids WOM influences our target teens too Digital advertising Custom Content Influencer activations Media Coverage Events 246MM impressions 5MM video views 76MM impressions 100MM impressions 1MM+ impressions twistASM ASM& twist
- 46. REAL EXAMPLE 46 Engagement rates based on the audience size, industry benchmarks, 2015 Brand data, and 2016 Brand activities. Engagement Rate Feb. Mar. April May June July Aug. Sept. Facebook 3.33% 3.83% 3.83% 3.63% 3.33% 3.33% 3.83% 3.13% Twitter 1.69% 2.39% 2.39% 2.19% 1.89% 2.19% 2.39% 2.19% Instagram 1.95% 2.65% 2.65% 2.45% 2.30% 2.45% 2.45% 2.30% Cool Kids represent a unique social (online and offline) amplifier group of teens within our target demographic. These teens have large, active personal networks and are being leveraged to create the BRAND groundswell needed to reach our 2016 goals. Engagement rate is the core KPI – the signal of our success in connecting with the Cool Kids. The engagement rate tells us whether Cool Kids are responding to the brand & content, and as a result, are more likely to try and recommend Benzac. Through paid social media, we will package, amplify, and deliver content from the broader plan plus unique, analytics-informed creative. Equates to 35MM impressions and 1.14MM engagements
- 47. 47 “Dear Kitten” (2014) 2:57 viral video 27.3 million views, YouTube
- 48. DAVID FOSSAS Twitter: @dfossas Email: david@thereciprocity.co THANK YOU
Editor's Notes
- https://www.youtube.com/watch?v=q1a7tiA1Qzo Through his research, neuroeconomist, Paul Zak, discovered what he dubs “The Moral Molecule” Oxytocin is a neurochemical that is key to signaling trust and invoking a sense of empathy Produced when we are trusted or shown a kindness Motivates cooperation with others by Enhancing the sense of empathy – our ability to experience others’ emotions Research found that character-driven stories consistently cause oxytocin synthesis, and The amount of oxytocin released by the brain predicted how much people were willing to help others (e.g. donating money to a charity associated with the narrative) So, is it any wonder why the Ice Bucket Challenge went viral? Research found that In order to motivate a desire to help others, a story must first sustain attention – an increasingly scarce resource in the brain – by developing tension during the narrative If that tension resonates strongly enough with the audience, then they will come to share the emotions of the characters in the story, and, after the story ends, likely to continue mimicking the feelings and behaviors of those characters This explains your feelings of dominance after you watch James Bond save the world, or your desire to work out after watching the Spartans fight in the movie 300 Business implications Enables better recall of key points in a presentation or speech People are substantially more motivated by their organization’s transcendent purpose (how it improves lives) than by its transactional purpose (how it sells goods and services) The former is effectively communicated through stories Sources “Why Your Brain Loves Good Storytelling” – written by Paul J. Zak, published by Harvard Business Review (October, 28, 2014) http://bit.ly/1yso8wD
- That means we’re somewhere in between a Golden Age and political unrest We experienced the financial bubble for the good part of the 1990s and early 2000s, and the collapse in 2008 Now we’re living in an economy that is taking full advantage of innovations in cloud computing, social technologies and mobile devices These innovations have led to the collaborative economy, the democratization of content publishing and citizen reporters that can create movements for or against brands – or even governments – by identifying a cause, a purpose, that resonates with a community of people and exploiting it Perhaps even more thought provoking is to think about what the next revolution might bring Sources “Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages” – written by Carlotta Perez, published by Edward Elgar Publishing Limited, 2002 (Chapter 2, page 11)
- https://www.youtube.com/watch?v=rEWDQbH-mis
- https://vimeo.com/87709333 https://www.youtube.com/watch?v=kgX_IJPOifs
- First eighteen months of the campaign, nearly 600 influencers from 31 countries reached over 469 million consumers, globally, and achieved some 23 million consumer social interactions. Calvin Klein’s audiences on social channels grew too: its Facebook fan base grew by 2.2 million people, Instagram by 1.8 million and Twitter by 1 million. A quick hashtag search on Instagram shows that over 400,000 images have been contributed by audiences to the #MyCalvins program.
- Cool Kids reach = all Cool Kids x total followers Brand ambassadors reach = assumes 5 ambassadors x avg social followership (7.9MM) Estimated Paid Social Impressions based on 2016 budget and paid social plan
- https://www.youtube.com/watch?v=G4Sn91t1V4g