understanding the impact of social media
Post on 21-Oct-2014
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Understanding the impact of social mediaBy: Eric Boggs & Adam Covati Argyle SocialTRANSCRIPT
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@ericboggs, @covatiargylesocial.com
Understanding the Impact of Social Media
@argylesocial
@ericboggs@covati
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@ericboggs, @covatiargylesocial.com
Argyle Social helps marketers understand the impact of social media.
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@ericboggs, @covatiargylesocial.com
How do you understand the impact of social media
marketing efforts today?
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@ericboggs, @covatiargylesocial.com
Engagement is a core tenet of any social media marketing
program.
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@ericboggs, @covatiargylesocial.com
Engagement – and your social media marketing efforts in
general – should eventually lead to dollars.
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@ericboggs, @covatiargylesocial.com
Without a commitment to measurement, you’ll have no
idea if you’re creating value or wasting time.
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@ericboggs, @covatiargylesocial.com
“What gets measured, gets managed.”
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@ericboggs, @covatiargylesocial.com
Keyword Impression Click Visit Conversion
Offer Send Open Click Conversion
Twitter/Facebook Fans/Followers
PPC
Social
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@ericboggs, @covatiargylesocial.com
Channel
Subscribers
Engagers
Prospects
Conversions
Engagement drives loyalty and repeat purchases
Conversion doesn’t complete the cycle -it re-frames the relationship.
Influencers may be outside the funnel
The Social Funnel
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@ericboggs, @covatiargylesocial.com
• Your people: Followers, Fans, Subscribers, etc.
• Extend customer relationships online.
• Key Metrics:– % customers subscribed
– Growth rate, growth drivers
• Hack:– Ask for social connection at all customer touch-points.
– Link social subscribers to email subscribers.
– Quantify customers / subscribers.
Subscribers
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@ericboggs, @covatiargylesocial.com
• People that raise their hand.
• Engagement moves subscribers down the funnel.
• Metrics:– Engagers / Subscribers – can you increase engagement?
– Interactions by Content – what made people pipe up?
• Hack:– Define “engagement” for your organization.
– Inspect your data from different perspectives.
Engagers
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@ericboggs, @covatiargylesocial.com
• People that convey interest.
• This stage may take different permutations.
• Key Metrics:– Interactions per prospect
– Prospects by content
• Hack:– Define the threshold between engager and prospect.
– Use web analytics parameters to build smarter links.
– Let others do the asking for you.
Prospects
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@ericboggs, @covatiargylesocial.com
• People that rang the register.
• Conversions should include repeat customers.
• Metrics:– Revenue per content, per subscriber, per channel, per property, etc.
– Lead time – from subscriber to conversion.
• Hack:– Use web analytics parameters to build smarter links.
– You can probably track this with existing tools.
– Rinse, repeat.
Conversions
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@ericboggs, @covatiargylesocial.com
Room For Improvement
• These steps are squishy.
• Causation is a big leap from correlation.
• Attribution remains a problem.
• This is still a manual process. For now…
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@ericboggs, @covatiargylesocial.com
Try This Tomorrow:
• Find ways to differentiate your audience.
• Snapshot metrics that reflect separate stages.
• Try to move the needle week-over-week.
• Tip:
Channel Subscribers Engagers Prospects Conversions
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@ericboggs, @covatiargylesocial.com
Try This Tomorrow:
• Tip, cont’d:
– Create a new Gmail account.
– Export your email list, import to Contacts.
– Use the Contact finder on Twitter/Facebook/etc. to find your customers.
– Count / Follow / Engage / Etc.
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@ericboggs, @covatiargylesocial.com
Try This Tomorrow:
• Publish all social content via single platform.
• Append analytics parameters to your links.
• Track the impact of your content.
• Tip:
– Link bit.ly with Tweetdeck across your team.
– More? Check out Argyle, Spredfast, CoTweet.
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@ericboggs, @covatiargylesocial.com
Try This Tomorrow:
• Find your top-performing content.
• Re-schedule it for the next several months.
• Thank me later.
– Tip of the hat: Phil Buckley
• Tip:
– Vary timing to determine if it is significant.
– Make sure to segment tracking data.
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@ericboggs, @covatiargylesocial.com
When working on other marketing programs, ask yourself why your social media marketing programs
don’t have the same rigorous approach.
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@ericboggs, @covatiargylesocial.com
Feedback? Questions?
(Thank you.)
Eric Boggs - [email protected] Covati – [email protected]