demystifying social media measurement
DESCRIPTION
The social media frenzy is escalating, as millions of consumers flock to sites like Facebook, Twitter, YouTube and Flickr to find their social media fix. Now, marketers seek out customers in these new channels, and an estimated 86% of them plan to increase their investments in social media activity this year. However, among these marketers, a staggering number are failing to measure the effects of their efforts. Nonetheless, dollars are flowing from traditional marketing activities to social media methods. Now more than ever, it's imperative to measure the results of social media marketing. Learn how to: • Identify the focal point for measuring social media activity• Align strategic measurement with business objectives• Create Key Performance Indicators for social media measurement• Recognize metrics that offer insight into your customers' social activity• Use a framework for truly understanding social media marketingTRANSCRIPT
Demystifying Social Media Measurement
John Lovett of Web Analytics Demystified strips away the hype of social media and applies proven measurement practices. In this session you'll learn how to:
• Identify the focal point for measuring social media activity• Align strategic measurement with business objectives• Align strategic measurement with business objectives• Create Key Performance Indicators for social media measurement• Recognize metrics that offer insight into your customers' social activity• Use a framework for truly understanding social media marketing
DEMYSTIFYING SOCIAL MEDIA MEASUREMENT
Presented by: American Marketing Association
Sponsored by: Aquent
Speakers:
Alli Libb, American Marketing Association
John Lovett, Web Analytics Demystified
Introduction
• Senior Partner, Web Analytics Demystified, Inc.
• We offer Consulting, Content & Community– Free books: www.webanalyticsdemystified.com/content/books.asp– Education: Analysis-Exchange.com– Dialog: http://john.webanalyticsdemystified.com
• Focused on measurement process, organizational structure, and overall digital analytics strategy
3
@JohnLovett
46% of online American adults 18 and older use a social networking site
4
Social Media Hits Mainstream
Source: Pew Internet & American Life Projecthttp://pewinternet.org/Infographics/Growth-in-Adult-SNS-Use-20052009.aspx
5
6
Social Media Is No Joke
• Facebook exceeds Google.com in weekly visits with 7.07% of Internet traffic
• Tweet volume grew 16x this year alone
• Blogging has become a full-blown professional career for some, with mean annual revenues of $61K
7
Postmodern Marketing Requires New Thinking
8
Yada, yada yada….IS ANYONE LISTENING?
Yada, yada
Yada, yada yada….IS ANYONE LISTENING?
Yada, yada
9Image Source: Twitter Cocktail Party apture.s3.amazonaws.com
10
Did you hear what she
said?
Did you hear what she
said?
No, but her brand is
awesome.
No, but her brand is
awesome.
Social media is about people.That’s your focus.
11
Finding Focus Amid the Cacophony of Noise
12
Analytics is the study of the behavior of web site visitors.
visitors, AKA People!
13
By the numbers…
• “While 2009 may have been a “trial” run for many brands and social media, in 2010, CMOs expect social initiatives to directly impact their bottom lines, without exception.”
• “CMOs reported that 64% of them would increase their social media budgets within the next year.”
• In 2009, 89% of CMOs tracked social media's impact by using standard metrics such as site traffic, pageviews, and number of fans.
14Source: BazzarVoice “CMOs Plan for Higher Social Media Measurability in 2010” December 8, 2009
The vast majority of businesses tracking social media today are using the wrong metrics!
It’s time for a new Social Media Measurement standard.
15
Introducing…
Social Marketing Analytics is the discipline that helps companies measure, assess and explain the performance of social media initiatives in the context of specific business objectives.
16
Measure by Business Objective• Foster Dialog• Promote Advocacy• Facilitate Support• Spur Innovation
17
Align KPIs with Business Objectives• Key Performance Indicators…
– Provide context– Set expectations– Mandate actions
18
Use a Framework for Measurement
19
Objective
KPI
KPI
KPI
Foster Dialog & Measure Success
20
Dialog
Share of Voice
Audience Engagement
Conversation Reach
Dialog: Objectives & Indicators in Action• Dialog Requires: Building awareness by initiating the
conversation
• KPI: Share of Voice is the relative percentage of brand mentions in social channels (i.e., articles, blogs, comments, Tweets, videos, etc.) among a competitive set.
# specific brand mentions / Total mentions (brand + Competitor A, B, C, D, n) = Share of Voice
21
Dialog: Objectives & Indicators in Action• Dialog Requires: Engaging with individuals to determine
their response to ideas, thoughts, products and activities generated by the organization.
• KPI: Audience Engagement is the proportion of visitors who participate in a specific marketing initiative by contributing comments, sharing or linking back.
Total comments + shares + trackbacks / Total views = Audience Engagement
22
Dialog: Objectives & Indicators in Action• Dialog Requires: Responding to individuals on behalf of
the brand through genuine interactions.
• KPI: Conversation Reach is the number of unique visitors who participate in a specific brand/issue/topic conversation across one or more social media channels.
Total people participating / Total audience exposure = Conversation Reach
23
Promote Advocacy & Measure Success
24
Advocacy
Active Advocates
Advocate Influence
Advocacy Impact
Advocacy Requires…
• Encouraging word of mouth activity by promoting and endorsing conversations shared by individuals.
• Developing relationships with individuals who have an affinity towards the brand.
• Nurturing existing relationships with customers as a proven method of building advocacy within an easily identified segment.
25
Advocacy KPIs In Action
26
Facilitate Support & Measure Success
27
Support
Resolution Rate
Resolution Time
Satisfaction Score
Support Requires…
• Resolving service issues through social media channels via direct company response and crowd-sourcing alternatives.
• Expediting issue resolution with quality and integrity.
• Elevate satisfaction through flexible support options.
28
Support KPIs In Action
29
Spur Innovation & Measure Success
30
Innovation
Topic Trends
Sentiment Ratio
Idea Impact
Innovation Requires…
• Gathering customer insights via social media channels with a clear mission of identifying market needs and service opportunities.
• Processing ideas and community feedback as a means to drive products and services requires receptive product managers.
• Delivering new products and services to the market with credit and acknowledgement to customers.
31
Innovation KPIs In Action
32
Social Marketing Analytics Framework
33
Objective
KPI KPI KPI
34
Wait a minute…What about Twitter, and
Facebook, and YouTube, and…
Wait a minute…What about Twitter, and
Facebook, and YouTube, and…
35
Wait a minute…What about Twitter, and
Facebook, and YouTube, and…
Wait a minute…What about Twitter, and
Facebook, and YouTube, and…
Specific Channels Are Secondary to Strategy
• Find your audience, wherever they may be.
• Recognize influence above the noise.
• Promote advocacy and leverage your people.
36
37
Ahem…Aren’t you forgetting something here?!?!!
Ahem…Aren’t you forgetting something here?!?!! Yeah Dude,
What about the vendors?
Yeah Dude, What about the
vendors?
38
Ahem…Aren’t you forgetting something here?!?!!
Ahem…Aren’t you forgetting something here?!?!! Yeah Dude,
What about the vendors?
Yeah Dude, What about the
vendors?
The Social Bandwagon Confuses Marketers
• The perfect social media measurement vendor does not exist.
• Existing vendors shine at listening, sentiment and trending conversations.
• Technologies can facilitate data collection in diverse social media, but there are no silver bullets.
39
A New Social Media Measurement Playbook is Mandatory
• Measure based on specific business objectives.
• Use Key Performance Indicators to Become a Measurement Hero.
• Adopt the Social Marketing Analytics Framework and make it your own.
40
Want to Learn More?
41
John LovettJohn.Lovett@webanalyticsdemystified.comwww.webanalyticsdemystified.comTwitter: @JohnLovett
42
Questions?Questions?