social media monitoring 01.07.2010
DESCRIPTION
Social Media - What it is & Where to StartTRANSCRIPT
Social Media Monitoring & Tracking Tools to Work Wonders
Marko Straus Head of Sales & Marketing
Social Media Link 3rd June, 2010
Agenda
• What is Social Media?
• Who Accesses Social Media?
• How Does Social Media Work?
• How is Social Media Monitored?
• Strategy
• Establish Business Objectives
• Baseline Measurements
• Prepare for Social Media
• Social Media Metrics
• General Internet Tracking
• How to Create Measurable Objectives – Example Scenario
• Measuring Social Media in 10 Steps
• Top 2 Social Media Sites
• Social Media Success Stories
• Where Do I Start?
• Conclusion: How Can I Make My Business More Social Media Savvy?
• Q&A
The Conversation: The Art of Listening, Learning & Sharing
What Is Social Media?
Web Based Technologies
Social Interaction
Highly Accessible
Scalable Publishing Techniques
User Generated Content
Web 2.0
Information Sharing
Interoperability
User-Centred Design
Collaboration
• Swiss Post/Snail mail
• Yellow Pages Book
– local.ch online website?
• Newspaper –Blick, Cash, Die Weltwoche, Tages Anzeiger, Sonntags Zeitung
• Facebook, MySpace, Twitter, LinkedIn, Digg, DailyMotion or Flickr?
Who Accesses Social Media?
How Does Social Media Work?
• Print – 1752
• Radio
– 1916
• TV
– 1930
• Computers
– 1970
Customer Relationship
Clarity, Harmony, Unity
How is Social Media Monitored?
• Listen & Learn
– New Media, New Metrics, New Lessons
• “Just Add Water” framework doesn’t exist
– Every company has different goals
You Can’t Go Wrong if Your Goals Relate to:
Reputation Awareness Money Engagement Education Entertainment
Strategy
• Bolt-on strategy. Not a good strategy. Company doesn’t do anything differently, still business as usual internally.
• Forced compliance. Also not a good strategy, sucks the life out of social media.
• Make your company optimised for social media. What would your company look like if your company changed to maximise social media opportunities?
Establish Business Objectives • Before you jump in, define success. Is it:
• Building “buzz”
• Better brand awareness?
• More traffic?
• Blog subscribers?
• Increased Leads?
• New Knowledge about your customers & how they view your brand?
QUANTITATIVE – sales leads subscribers, revenue QUALITATIVE – satisfaction, loyalty, authority, interaction, feedback
Baseline Measurements
• Take a snapshot
• Benchmark where your company stands currently
• Make a note of the obvious numbers
• Make a note of the less obvious benchmarks
• Make a note of ROI benchmarks
How is Social Media Monitored?
• Social Media’s Guiding Principles:
• Authenticity
• Creativity
• Transparency
• Respect
Basic Tools = Google & Yahoo free alerts, Twitter search function
• KEY LEARNING: If you do not take time to figure out (a) what you want and (b) how you’re going to get it, you will fail in social media. In fact, you will fail in life. That is how fundamentally vital this point is. It applies to everything, so we must consistently ensure our actions support achieving our goal.
Prepare for Social Media
• Know Who You Are - Marketing is storytelling. use your tools to inspire your customers believe & be motivated to share it with others.
Decisions to be Made: How will social media be integrated? Who will engage? How much time will be spent on social
media? How long will the company “test”? Emergency procedure?
Social Media: Activity Metrics
• Activity Metrics
• Actionable Analytics • Pageviews
• Unique visitors
• Members
• Posts (ideas/threads)
• Number of groups (networks/forums)
• Comments & Trackbacks
• Tags/Ratings/Rankings
• Time spent on site
• Contributors
• Active contributors
• Word count
• Referrals
• Completed profiles
• Connections (between members)
• Ratios: Member to contributor; Posts to comments; Completed profiles to posts
• Periods: By day, week, month, year
• Frequency: of visits, posts, comments
2 core metrics = Influence or Engagement
Social Media: ROI Metrics
• ROI Metrics
• Marketing/Sales
– Cost per number of engaged prospects (community vs. other initiatives)
– Number of leads/period
– Number of qualified leads/period
– Ratio of qualified to non-qualified leads
– Cost of lead
– Time to qualified lead
– Lead conversion
– Number of pre-sales reference calls (to other customers)
– Average new revenue per customer
• Customer Support
– Customer satisfaction
– Number of initiated support tickets per customer per period
– Support cost per customer in community
• Product Development
– Number of new product ideas
– % of ideas from customers/prospects/community
– Idea to development initiation cycle time
– Revenue/Adoption rate of new products from community vs. traditional sources
• HR
– Retention/Employee turn over
– Time to hire
– Prospect identification cost
– Prospect to hire conversion rate
– Hiring cost
– Training cost
– Time to acclimation for new employees
2 core metrics = Influence or Engagement
Creating Measurable Objectives
• Measurement & ROI
NOTE: ROI is only ONE metric!
Not everything will have a measurable return in dollars
EXAMPLE: ROI on blog?
How blog contributes to revenue stream?
Map blog traffic to lead pipeline & $ conversions
Time & capital investment
• Measuring Success is different than ROI
You can have successful outcomes
Qualitative ones like reach & awareness &
Quantitative ones like website traffic & media placements
Accurately & effectively calculate ROI as a whole
all successful outcomes that impact sales growth
Monitoring & Assessment Tools • Google Blog Search:
http://blogsearch.google.com/
• Technorati Blog Search:
http://search.technorati.com/
• Technorati’s Advanced Search Tool:
http://technorati.com/search?advanced
• Google Trends:
http://google.com/trends
• Google News Alert Service:
http://www.google.com/alerts
• FriendFeed:
www.FriendFeed.com
• HubSpot Grader Tools:
http://www.grader.com/
Facebook Monitoring:
Lexicon – www.facebook.com/lexicon
Twitter Monitoring Tools:
• Twitter Search: www.search.twitter.com
• Twitter Monitoring Tools –TweetScan, TweetDeck and Monitter http://tweetscan.com/ and www.tweetdeck.com and http://www.monitter.com/#
Professional Organisations:
• Social Media Link
• Radian6
• TruPulse
• Scout Labs
• SEER
• Nielson Buzz Metrics
• Feedback Ferret
• Interwoven
• Nielson Blog Pulse
• Market Sentinel
• Buzz Logic
Creating Measurable Objectives
Goals -> Objectives -> Strategies -> Tactics
• Goals
general intentions
big picture aims
• Objectives
Thing you can observe
Has to be measurable
Will define the success
• Strategies
action plans to meet the objective
• Tactics
the pieces & parts of the strategy
Creating Measurable Objectives
Example: Company A – Creates Widgets
• Goal
To increase our company’s brand footprint through social media
• Objectives
Increase our blog subscribers by 15% in 6-months
Produce 12 episodes (one per month) of Widget TV & achieve live viewership of 75 or more for each episode
Grow our LinkedIn group to 250 members (25% increase)by the end of the year
Establish a Facebook Fan Page with 500 fans within 6-months
• All Objectives follow SMART methodology
Specific, Measurable, Actionable, Realistic & Timed
Creating Measurable Objectives
• Strategies
Once objectives are written, develop a set of strategies for each objective – like a roadmap for how you’ll get there
Take the 1st objective: To increase blog subscribers by 15% in 6-months
• Strategies:
Designate a blogging team to contribute posts to the blog
Develop an editorial calendar to post three times weekly, and rotate assignments
Create a list of other relevant blogs in our industry and share with the team
Require each blog team member to leave 3 comments per week on other industry blogs
Improve blog subscription options on our main blog page and website
Creating Measurable Objectives
• Tactics
Nitty gritty execution steps to support the strategy
Focus on the details
Take the 1st strategy: Designate a blogging team to contribute posts to the blogs
• Tactics:
Send out email asking employees who would like to write for the blog
Set meeting with manager to select the contributors to the blog
Set up each individual’s profile on the blog platform
Hold a training session on how to use the blog admin tools
Measuring Social Media in 10 steps 1. Traffic
quality often beats quantity
2. Interaction
an engaged customer is a highly valuable one
3. Sales
track sales
4. Leads
track activity to enquiries about your services
5. Search marketing
SEO, Bloggers and major publishers, referrals, links, lots of ongoing traffic. Use sites like Twitter and YouTube to claim search rankings
Measuring Social Media in 10 steps 6. Brand Metrics
Word of mouth & the viral factor, positive brand associations
7. Public Relations
The distinct worlds of PR, customer service, and marketing fuse. Learn to measure social media.
8. Customer Engagement
Improve satisfaction, loyalty rates & revenue.
9. Retention
The age of optimisation and retention, watch your retention rates rise
10. Profits
Reduce customer churn, generate more business from existing customer base
Top 2 Social Media Sites
• 2 social networking examples of effective social media use:
• Pull-Approach
• Content is KING!
Social Media Success Stories
• Pepsi – shelved Super Bowl ads in favour of a 23 Million dollar social media campaign
• Nestle - a good example of what can happen when an organisation who is amateur when dealing with social media, dives in without help
Will it Blend?
Blendtec Brilliance!
• http://www.youtube.com/watch?v=qg1ckCkm8YI
Swiss Re
• World’s 2nd largest reinsurance company
• Conservative, understand risk
• “None of us is as smart as all of us”
• Project sponsored by member of Exec team
• Online strategy “jamming” session
• Ran 6-month internal pilot
Where Do I Start?
• Get Educated
• Listen
• Find Your Personality
• Define Success
• Participate
• Measure, Measure, Measure
• Don’t Be Afraid to Fail
• Need Help?
Conclusion: Get Savvy
• Here are some guidelines for creating an effective social media strategy:
• To be strategic, you must first understand what strategy means for your organisation
• Know the difference between goals and objectives.
• Do not let tactics lead your strategy.
• Craft a social media marketing plan that starts with strategic goals, defines objectives, and elaborates on tactics.
• Don’t forget to measure everything you can and analyse what you measure
