Date post: | 11-Nov-2014 |
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Business |
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#datadriven
Data Driven Social Media Management
Using data, process, and iteration to turn your social media marketing into a revenue-generating machine.
August 4, 2011
#datadriven
Who are these people talking to me?
Jason [email protected]
Eric BoggsCEO, Argyle Social
@ericboggsericboggs.com
(We’re smarter than we look. Hopefully.)
#datadriven
Details
• Jason will lead Q/A at the end of the call.• Tag your tweets/questions with #datadriven.• We’re recording this shin dig.• We’ll send an email follow up to everyone.
• Eric is @ericboggs.• Jason is @jasonfalls.
#datadriven
15-SECOND COMMERCIAL:JASON
#datadriven
15-SECOND COMMERCIAL:ERIC
Social Review Whitepaper
http://ar.gy/review
• Do you have the fans you want?• What content resonates with you audience?• How do you drive more value through social?
#datadriven
USING DATA TO GENERATE INSIGHTS
#datadriven
Data SourceA slice of aggregate, anonymous Argyle user data.
• December 2010 through May 2011• 70k+ posts• 381 organizations; all industries, all sizes
#datadriven
Insight #1 RSS Automation Works
RSS Manual0
5
10
15
20
25
30
Clicks by Posting Method
Posting Method
Clic
ks
RSS Manual$0
$50
$100
$150
$200
$250
$300
Revenue by Posting Method
Posting MethodR
ev
en
ue
RSS automation is just as effective as manual posting at driving clicks and conversions.
#datadriven
Insight #2 Scheduled Posts Generate Clicks, Not Conversions
<2min 2-30min 30min-3hrs
3-12hrs 12-24hrs
>24hrs $-
$50
$100
$150
$200
$250
$300
$350
$400
Timeliness vs. Influenced Revenue
Posting Delay
Infl
uen
ced
Rev
enu
e
Posted Immediately Scheduled for Later0
5
10
15
20
25
Timeliness vs. Traffic
Posting Timeframe
Cli
cks
Scheduled posting is a great tool if your goal is traffic, but not if you’re attempting to drive conversions.
#datadriven
Insight #3Hashtag Stuffing Doesn’t Work
52%
21%
26%
How Effective are Posts with Hashtags?
Posts with Hashtags UnderperformNo Significant DifferencePosts with Hashtags Outperform
-70%
-50%
-30%
-10% 10
%30
%50
%70
%90
%11
0%
0
5
10
15
20
25
Relative Performance of Hashtag vs Non-Hash-tag Posts
Performance Increase (Decrease) of Posts with Hashtags
# o
f T
wit
er
Ac
co
un
ts
Don’t target content to hashtags. Target hashtags to content when relevant.
#datadriven
Insight #4Facebook Influences More Purchases Than Twitter
None72%
Faceboo
k24%
Other4%
Frequency with which Social Networks Influence Buying
Decisions
Source: Edison Research
Facebook Twitter $-
$5.00
$10.00
$15.00
$20.00
The 1-Year Value of a Fol-lower
#datadriven
DATA-DRIVEN SOCIAL MEDIA MARKETING
Practicing
#datadriven
The Social Media Marketing Funnel
• Your goal as a marketer is to
move people down the funnel.
• Key Insight: every step is
measurable.– Awareness: Fans
– Interest: Clicks
– Action: Conversions
#datadriven
Measuring Awareness: Fans
• Raw numbers and trends are easy but not very instructive. Compare with something real to make judgments:
– B2BCompare total fan count to lead count. Aim for 1:1 ratio.
– Consumer ProductsCompare fan count to customer count. Aim for 1:1 ratio.
– Newspapers & BlogsCompare fan count to website uniques. Aim for 15%.
How many fans do you have? Fan count is important, but it’s just one of many
numbers that lead to success in social media
marketing.
Fan / Follower counts are important for normalizing other social media marketing metrics!
#datadriven
Measuring Awareness: Fans
Who are they?
• Demographics—target and actual• “Like Sources” and “External referrers”• Fan churn (% of fans who unlike you)
When it comes to your social audience, quality is
just as important as quantity.
#datadriven
Measuring Interest: Clicks
KPIs• Clicks (duh)• Clicks per post• Clicks per follower• Response rate
Key Questions
• What content drives interest?• What are you posting?• How are you posting it?
#datadriven
Measuring Interest: Clicks
Metrics in Action
Clicks Posts Clicks per Post
Which is better?
Which is worse?
Increase in clicks is driven by increase posting frequency
Increase in clicks is driven by more engaging content
Decrease in clicks is driven by less engaging content
Decrease in posts is drive by fewer posts—easy to fix!
#datadriven
Measuring Action Requires Attribution
• Social media builds
awareness and interest in
your brand but doesn’t
usually lead directly to
sales…
• …but you can still measure
its impact on revenue!
• The secret: use multi-
touch conversion tracking.
#datadriven
Attributing Conversions in Social
Two Types of Marketing Channels
Intent Generating channels build consumer awareness and interest, creating an intention to purchase a product.
Intent Harvesting channels capture consumer intent to purchase and drive them to the cash register.
Two Types of Conversion Tracking
Multi-touch tracking attributes revenue to all of the channels that touched the consumer on their path through the funnel.
Last-touch tracking attributes all of the revenue for a purchase to the last channel that touched the customer prior to the sale.
#datadriven
Measuring Action: Conversions
KPIs• Revenue• Conversion count• Revenue per conversion• Conversion rate
Key Questions
• What is your call to action strategy?• What offers work best?• Are you using landing pages?
#datadriven
Measuring Action: Conversions
Metrics in Action
Revenue Conversions RPC
Which is better?
Which is worse?
Increase in revenue is driven by higher conversion volume
Increase in revenue is driven by higher revenue per conversion
Decrease in revenue is driven by lower revenue per conversion
Decrease in revenue is driven lower conversion volume
#datadriven
Questions & Answers (& Thank you!)
http://ar.gy/review http://nobullshitsocialmedia.com