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TRANSCRIPT
Managing Forward:
Measuring Social Media Value and Influence
Larry Freed, President and CEO, ForeSee Results
Social Media Popularity
50%Facebook fans
Log in daily
500Million
Facebookusers
Facebook5.3
Billion fans on purpose-built
Facebook pages
Source: Econsultancy.com January 29, 2010, comScore 2010
3.5Billion contentpieces shared
weekly
3 Types of Social Media1. Controlled2. Sponsored3. Viral
Making Sense of Social Media: The Social Media Map
What do consumers want from Facebook?
Where and why do consumers engage with social media
Source: ForeSee Results Top 40 Holiday Retail Satisfaction Index, February 2010
What are you doing about it ?
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
Fans on social sitesSocial mentionsTweetsBlog entries
Traditional Social Metrics count activity and measure impressions/buzz
What is missing ?
Who is coming to your social networking site?
What are the social media tendencies of your website visitors?
What influenced them to cometo your site?
Were they satisfied?
Was their experience successful?
What are they going to do as a result of the experience?
What is the value of a visitor from Social Media?
Success is defined by what the user does as a result of the experience: return, recommend, purchase, etc.
Success is customer/visitor satisfied, did the experience meet their needs and exceed their
Success is measured through the eyes of the customer/visitor
Measuring Success
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
visitors
Customer Satisfaction = Key Success Metric
How Do We Measure Satisfaction
American Customer Satisfaction Index#1 Measurement of Customer SatisfactionLeading National Economic Indicator of Consumer Spending
45 industries, 200+ organizations
Satisfaction: Measurement of Success
Accurate
Reliable
PreciseValid
Sensitive
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
Sensitive
Correct
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
Sensitive
Consistent
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
Sensitive
Exact
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
SensitiveMeasuresthe rightthings
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
SensitiveDetectschange
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
Sensitive
Credible
Scientific Customer Satisfaction Measurement
Accurate
Reliable
PreciseValid
Sensitive AmericanCustomer
SatisfactionIndex
Scientific Customer Satisfaction Measurement
15 years of empirical evidence45 industries200+ organizationsPublished and vetted by academic research
AccuratePreciseReliable
Cause-and-effect methodology provides actionable insights
The American Customer Satisfaction Index: Unparalleled Measurement Technology
Cause and Effect
Cause-and-Effect Methodology
Customer satisfaction is a means to achieving your end goals
ForeSee Results measures the drivers of satisfaction, overall satisfaction and future behaviors
Identify and Prioritize Improvements
Low score, high impact elements are top improvement opportunities
Priority Map shows you where to focus your improvement efforts based on their impact on future behaviors
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
70
74
77
73
83
7775
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
You cannot manage what you do not measure
What you measure will determine what you do
Measuring Social Media
Understand Your Audience
Controlled Social Media
Sponsored Social Media
Viral Social Media
Value of Social Media
Measuring Social 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
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 media networking sites
What value does Social Media bring to my business
Social Influencer Model Measure Personas of Site Visitors
Info See
king
Info Sharing
Customized persona survey is deployed on website in rotation with existing satisfaction measure
those who are satisfied or dissatisfied
Passive
CS Persona
Computers & ElectronicsRetailers
High
ForeSee Results Top 100 E-Retail Satisfaction Index
Social Influencer Model Measure Personas of Site Visitors
Food & DrugRetailers
Measure Controlled Social Media: On-site Surveys
CS Site Manager: Satisfaction survey on website, microsite, blog, forum
Measure Sponsored Social Media: Posted Survey
Post a shortened URL on your fan/follower page
CS Social Media
Measure Sponsored Social Media: Posted Survey
Link to Satisfaction SurveyBased on the methodology of the American Customer Satisfaction Index
Uncover Valuable Information
future behaviors
Analyzing The Effectiveness Across Social Media Efforts
Social Media Value Calculation
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
Quantify social media influences for site visitors and link to intended and actualpurchase 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 actual purchase
behavior
Social Media Value CalculationWorks across multiple industries
Satisfaction
Social Media InfluenceProprietary calculation:
ForeSee Results Social Media Influence Model
&Direct linkage from social media
Future Behaviors
Revenue$
(Determined by actual spend or purchase intent)
Retail Example:
Satisfaction
Social Media InfluenceProprietary calculation:
ForeSee Results Social Media Influence Model
&Direct linkage from social media
Future Behaviors
Revenue$
(Determined by average lifetimevalue of new site visitors)
Content Example:
Social Media Value Calculation:One step further
Summary of Social Media Measurement Opportunities
How engaged are my visitors with Social MediaSocial 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 media networking sites
Posted surveys of Sponsored Social Media: CS Social Media
What is being talked about in social media networking sitesSocial Media Monitoring Tools
What value does Social Media bring to my businessSocial Media Value Calculation
A bit of background on ForeSee Results
ForeSee Results is the market leader, thought leader, and innovation leader in online customer satisfaction measurement, continuously expanding in customer experience analytics.
We apply a proven, predictive methodology to measuring customer needs and expectations online and their impact on customer behavior
Help companies measure effectiveness of online initiatives from
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
Top Takeaways
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
The consumer is a cross-‐channel consumer
Link social media to cross-‐channel intent and actual behavior for ROI
Measurement is
Satisfy your customers and be fiscally responsibleto survive and thrive in the years ahead
Measure the success of your social media effortsacross Controlled, Sponsored and Viral social networks
Larry FreedPresident and CEOForeSee Results
(734) 205-‐2555 [email protected]: larryfreedBlog: www.FreedYourMind.comwww.ForeSeeResults.com
Questions?