foresee measuring social media value
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Managing Forward:
Measuring Social Media Valueand Influence
Larry Freed, President and CEO, ForeSee Results
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Social Media Popularity
50%Facebook fansLog in daily
500MillionFacebook
users
Facebook
5.3Billion fans onpurpose-built
Facebook pages
Source: Econsultancy.com January 29, 2010, comScore 2010
3.5Billion contentpieces shared
weekly
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3 Types of Social Media
1. Controlled
2. Sponsored
3. Viral
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Making Sense of Social Media: The Social Media Map
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What do consumers want from Facebook?
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Where and why do consumers engage with social media
Source: ForeSee Results Top 40 Holiday Retail Satisfaction Index, February 2010
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What are youdoing about it ?
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71%Companies with a
social media plan aresetting up metrics &
tracking methods
Source: eMarketer July 24, 2010 from Digital Brand Expression report ,Social Media Without a Parachure
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Fans on social sites Social mentions Tweets Blog entries
Traditional SocialMetrics
count activity andmeasureimpressions/buzz
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What is missing ?
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Who is coming to your social networking site?
What are the social media tendencies ofyour website visitors?
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What influenced them to cometo your site?
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Were they satisfied?
Was their experiencesuccessful?
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What are they going to do
as a result of theexperience?
What is the value of avisitor from Social Media?
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Success is defined by what the user does as a result of the experience:return, recommend, purchase, etc.
Success is defined as was the customer/visitor satisfied, did theexperience meet their needs and exceed their expectations
Success is measured through the eyes of the customer/visitor
Measuring Success
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Satisfaction drives behaviors which drive value, loyalty and word-of-mouthand cost-efficiency
Satisfaction is a combination of what you get and what you expect
Consumers have freedom of choice and will go where they are satisfied
Satisfaction is a measure of value success the customers perspective
Traditional metrics dont allow you to measure success in the eyes of your
visitors
Customer Satisfaction = Key Success Metric
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How Do We Measure Satisfaction
American Customer Satisfaction Index#1 Measurement of Customer Satisfaction
Leading National Economic Indicator of Consumer Spending
Founded at the University of Michigan in 1994, published quarterly
Measures almost half of the U.S. economy: 45 industries, 200+ organizations Advanced methodology: Quantifiably measures & links satisfaction to financial performance
Satisfaction: Measurement of Success
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Accurate
Reliable
PreciseValid
Sensitive
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive
Correct
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive
Consistent
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive
Exact
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
SensitiveMeasuresthe rightthings
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive
Detectschange
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive
Credible
Scientific Customer Satisfaction Measurement
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Accurate
Reliable
PreciseValid
Sensitive AmericanCustomer
Satisfaction
Index
Scientific Customer Satisfaction Measurement
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15 years ofempirical evidence
45 industries 200+ organizations Published andvetted byacademic research
Accurate Precise
Reliable
Cause-and-effectmethodology
provides actionableinsights
The American Customer Satisfaction Index:
Unparalleled Measurement Technology
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Cause and Effect
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Cause-and-Effect Methodology
Customer satisfaction is a means to achieving your end goals
ForeSee Results measures the drivers of satisfaction, overallsatisfaction and future behaviors
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Identify and Prioritize Improvements
Low score,
high impactelements are topimprovementopportunities
Priority Map shows you where to focus your improvement efforts based
on their impact on future behaviors
Customer Satisfaction with Social Media
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Customer Satisfaction with Social Media
ACSI E-Business Report
Source: ForeSee Results Report on ACSI E-Business Scores, July 2010
70
77
73
72
64
63
0 10 20 30 40 50 60 70 80 90
Aggregate
Wikipedia.org
YouTube.com
All Others
Facebook.com
MySpace.com
Satisfaction (100-point scale)
Satisfaction With Social Media Sites Trail Other Segments
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Satisfaction With Social Media Sites Trail Other Segments
70
74
77
73
83
77
75
60
65
70
75
80
85
Comparison of Online ACSI Scores by Industry
Source: ForeSee Results Report on ACSI E-Business Scores, July 2010
Social media impact on the cross channel customer
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Social media impact on the cross-channel customer
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You cannot manage what you do not measure
What you measure will determine what you do
Measuring Social Media
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Measuring Social Media
Understand Your Audience
ControlledSocial Media
SponsoredSocial Media
Viral SocialMedia
Value of Social Media
MeasuringSocial Media
Social Media
Monitoring ToolsOn-site surveys Posted surveys
Social Media Value Calculation
Social Influencer Model Measure Personas of Site Visitors
Measuring Social Media Value and Influence
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Measuring Social Media Value and Influence
How engaged are my visitors with Social Media
What do they think of the social media experience on my
social networking sites
What do they think of my participation in social medianetworking sites
What value does Social Media bring to my business
Social Influencer Model Measure Personas of Site Visitors
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Social Influencer Model Measure Personas of Site Visitors
Info
Seeking
Info Sharing
Customized persona survey is deployed on website in rotation with existing
satisfaction measureUnderstand your customers social media behaviors & preferences, including
those who are satisfied or dissatisfied
Passive
CS Persona
Social Influencer Model Measure Personas of Site Visitors
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Computers & ElectronicsRetailers
High
ForeSee Results Top 100 E-Retail Satisfaction Index
Social Influencer Model Measure Personas of Site Visitors
Food & DrugRetailers
Whats the Sharing/Seeking Info profile of your site visitors?
Measure Controlled Social Media: On-site Surveys
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Measure Controlled Social Media: On-site Surveys
CS Site Manager: Satisfaction survey on website, microsite, blog, forum
Measure Sponsored Social Media: Posted Survey
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Measure Sponsored Social Media: Posted Survey
Post a shortened URL on your fan/follower page
CS Social Media
Measure Sponsored Social Media: Posted Survey
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Measure Sponsored Social Media: Posted Survey
Link to Satisfaction SurveyBased on the methodology of theAmerican Customer Satisfaction Index
Uncover Valuable InformationAbout followers satisfaction with your
companys social media platform and
how social media is driving followers
future behaviors
Analyzing The Effectiveness Across Social Media Efforts
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Analyzing The Effectiveness Across Social Media Efforts
Social Media Value Calculation
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Social Media Value Calculation
Link Social Media to Business Goals
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Link Social Media to Business Goals
Awareness (attract new customers)
Conversion (sign up for email, become member, etc.)
Engagement (fan sign up, word-of-mouth)
Revenue generation (e-commerce, offline sales)
Across channels
Social Media Value Calculation
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Social Media Value Calculation
Quantify social media influences for site visitors and link to intended and actual
purchase behaviors
Social media model included in a satisfaction survey on your website,
encompassing predictive modeling of future behaviors
Understand direct and influence impact
Answer key questions about social media initiatives:
What value does social media bring to my business?
Does social media drive site visits?
Does social media drive sales/conversions?
Link social media to satisfaction, intended future behaviors and actualpurchase
behavior
Social Media Value Calculation
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Social Media Value CalculationWorks across multiple industries
Satisfaction
Social Media Influence
Proprietary calculation:ForeSee Results
Social Media Influence Model&
Direct linkage from social media
FutureBehaviors
Revenue$
(Determined byactual spend or
purchase intent)
Retail Example:
Satisfaction
Social Media Influence
Proprietary calculation:ForeSee Results
Social Media Influence Model&
Direct linkage from social media
FutureBehaviors
Revenue$
(Determined byaverage lifetime
value of newsite visitors)
Content Example:
Social Media Value Calculation:
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Social Media Value Calculation:One step further
Summary of Social Media Measurement Opportunities
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y pp
How engaged are my visitors with Social Media
Social Influencer Model: CS Persona
What do they think of the social media experience on my
social networking sites
On-site surveys of Controlled Social Media: CS Site Manager
What do they think of my participation in social medianetworking sites
Posted surveys of Sponsored Social Media: CS Social Media
What is being talked about in social media networking sites Social Media Monitoring Tools
What value does Social Media bring to my business
Social Media Value Calculation
A bit of background on ForeSee Results
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g
ForeSee Results is the market leader, thought leader, andinnovation leader in online customer satisfaction measurement,continuously expanding in customer experience analytics.
We apply a proven, predictive methodology to measuring customerneeds and expectations online and their impact on customer behavior
Help companies measure effectiveness of online initiatives fromcustomers perspective
Prioritize investment based on ROI
Benchmark performance over time and against competitors and best-in- class companies.
Leaders and the Best: Some of the Companies We Measure
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p
Top Takeaways
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p y
You cant manage what you cant measure
What you measure will determine what you do
Measure what matters most your customers
Satisfaction drives conversion, loyalty, retention,
and word-of-mouth
Turn data into information
Turn information into intelligence
Top Takeaways
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p y
The consumer is a cross-channel consumer
Link social media to cross-channel intent and
actual behavior for ROI
Measurement is hard but worthwhile
Satisfy your customers and be fiscally responsible
to survive and thrive in the years ahead
Measure the success of your social media efforts
across Controlled, Sponsored and Viral social networks
Questions?
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Larry Freed
President and CEO
ForeSee Results
(734) 205-2555
Twitter: larryfreed
Blog: www.FreedYourMind.com
www.ForeSeeResults.com