The Role KPIs Play In Your Social Media Strategy

Post on 18-Jul-2015

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Tracy Hermans

Digital Marketing Manager l Wet Seal

SOCIAL MEDIA STRATEGY & MEASUREMENTSOCIAL MEDIA STRATEGY & MEASUREMENT

Presenting

Today:

KPIs + Strategy in Social Media

Overview

Develop: Strategy

Create: Content

Analyze: KPIs

Summary

Tools & Resources

The Evolution of Social Media Marketing

Brand Marketing: Reach, Impressions

Best Social Media Metrics: Conversation, Amplification, Applause, Economic Value,

Avinash Kaushik

Brand Marketing

Engagement Metrics

Conversation Rate# of comments/posts

Amplification Rate# of shares/posts

Applause Rate# of likes/posts

Economic Valuemacro + micro goals

Brand Marketing

Engagement Metrics

Conversation Rate# of comments/posts

Amplification Rate# of shares/posts

Applause Rate# of likes/posts

Economic Valuemacro + micro goals

Monetization: Facebook Ad Display

Conversion: ROAS, Frequency

Targeting: Audiences

User Generated Content

Social Network AOV and RPV

47% of ecommerce revenue comes as the result of a multiday purchase. 65% of total revenue comes from purchase processes consisting of more than one step.

- Think with Google

Customers are spending more time on social networks

when comparing year-over-year trends. Visual web

image rich networks are advertising platforms:

AOV

- Instagram AOV (+150.3%) YOY

RPV

- Facebook RPV (+77.9%) YOY

Source(s): Think with Google Insights, 2014;

Monetate Ecommerce Quarterly Q1 2014

Engage in a social conversation. Build a UGC community. Cross-

channel data into marketing initiatives.

Isolate key performance indicators across channels. Monitor reach,

engagement, conversion, sales. Determine scale.

DATA DRIVEN APPROACH

IDENTIFY THE STRATEGY

MEASURE PERFORMANCE

ANALYZE & ACT

Harness social customer data to improve marketing. Leverage attribution

modeling and segment. Apply insights to other channels.

Be Strategic and Authentic

Social media is a conversation

Be strategic with promotions

If you jump [on social media

sites] to sell you will lose a lot

of credibility and basically you

are going to turn off your

followers. Spend some time

and money to make sure your

branding is there first, being

strategic and authentic to what

you are doing. Once you

have that, the ROI will follow.

- Dace Morris

Head of Communications

and Commerce, Rogue

Source: “Social media marketing: chasing ROI” – Shearman, Sara WGSN, 10 January 2014

Case Study: Rebecca Minkoff

Social bridges between online and

offline conversionsWe see direct results. I know

when we post something

Rebecca's [Minkoff] wearing,

we can track those sales to

our online site. People

actually walk in [to our

stores] on their phones and

say 'I want this jacket’ or I

want this handbag.

- Uri Minkoff

CEO Rebecca Minkoff

Source: “Social media marketing: chasing ROI” – Shearman, Sara WGSN, 10 January 2014

Measure Performance: Lifestyle v Promotional

Modcloth 9.8k likes

Modcloth 1.6k likes

Messages directly engage; promotions are less liked

Measure What Matters: Know Your Audience

Urban Outfitters 21.6k likes

Wet Seal 13.2k likes

Content is personal; capture moments and provide value

Create Data: Build a Social Media Community

TV Radio Direct Mail Call

Centers

In-store

Purchases

Phone

Web/App

Tablet

Web/App

SocialEmailWebsite

Ways Social Customer Data is Collected, Social Media Customer Guide, Shoutlet, Inc. 2013 • v13.01

Case Study: ModCloth Social Community

These suggested tools are affordable, easy to use and integrate. Use to collect

aggregated data and measure growth and value.

Case Study: Go Pro HERO4 ChallengeCase Study: Go Pro HERO4 Challenge

These suggested tools are affordable, easy to use and integrate. Use to collect

aggregated data and measure growth and value.

Curalate Fanreel

These suggested tools are affordable, easy to use and integrate. Use to collect

aggregated data and measure growth and value.

Segment & Optimize Digital Channels

Dive in deep to mid-level and individual-level data within the community

Social data offers demographic, age, and behavioral data that can be harnessed

to refine email campaigns to segmented groups. Examine your best customers

and create loyalty rewards and incentives to improve engagement across digital

touch points.

Measure Attribution by Channel

Examine which channels drive the most impact within the customer journey

Assign credit by channel and device. Use benchmarks

to determine growth by industry. Customize attribution

in Google Analytics or another clickstream tool to

continue fine-tuning your CPA and share of revenue

improvements.

Source: Think with Google Insights, 2014

http://www.thinkwithgoogle.com/tools/customer-journey-to-online-purchase.html

Recommended Social Tools

Tracks Likes, Shares, Comments ✔✔✔✔ ✔✔✔✔ ✔✔✔✔

Tracks Followers ✔✔✔✔ ✔✔✔✔ ✔✔✔✔

Impression, Retweets, Mentions ✔✔✔✔

Content Analysis ✔✔✔✔ ✔✔✔✔ ✔✔✔✔

Predictive Modeling ✔✔✔✔

Hashtag, Keyword Analysis ✔✔✔✔ ✔✔✔✔ ✔✔✔✔

Competitive Analysis ✔✔✔✔ ✔✔✔✔

Campaign Traffic ✔✔✔✔ ✔✔✔✔

Ecommerce Goal Tracking ✔✔✔✔

Social Conversions, Event Tracking ✔✔✔✔

Contract Minimum Length Monthly Monthly 12 Months N/A

Cost Low Low Medium Free

These suggested tools are affordable, easy to use and integrate. Use to collect

aggregated data and measure growth and value.

Follow Us!

Tracy Hermans

Digital Marketing Manager, Wet Seal

@tracysurfs

tracy.hermans@wetseal.com

t. 949.699.3995

tracy.hermans@wetseal.com | www.wetseal.com

Wet Seal, Inc., a pioneer in fast fashion retailing, sells apparel,

footwear and accessories designed for teen girls and young

women of all sizes through retail stores nationwide, as well as an

e-commerce website www.wetseal.com.