Aaron C. NewmanFounder, Techrigy

Author: Enterprise 2.0 Implementationhttp://sm2.techrigy.com

May 2009

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SMB Tech ValleySocial Media Measurement 101

• Introduction to Social Media Measurement

• How to Measure Social Media

• Social Media Optimization

• Resources, Conclusions, Questions

Agenda

Social Media Measurement 101

Introduction to Social Media Measurement

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• Why is social media becoming relevant?

• The Year 2000– Blogs were people talking about their cats

• The Year 2009– Social media is people talking about your brand

• Critical mass of people participating– Ashton Kutcher reaches 1 million Twitter followers

Why do I care?

Who owns your brand?Your brand is the conversations occurring through

word-of-mouth

Old World:Advertising was shouting as loud

as possible to reach a mass market.

What happened:People learned how to tune your message out

New World:Renaissance in WOM

Tapping into the conversations

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Evolution in Marketing

Building Your Brand

• Your Personal Brand– Do people believe and trust you?

• Your Corporate Brand– Combination of personal brands– The market’s perception of you

• Get commitment from management– Half-hearted participation is not effective– Need to build social capital and credibility

What is Social Media Measurement?

• Monitoring– Let me know when someone is

talking about my brand

• Measurement– Calculate qualitative and

quantitative attributes

• Analysis– Understand what it all means

Social media measurement refers to the tracking of various social media content such as blogs, wikis, micro-blogs, social networking sites, video/photo sharing websites, forums, message boards, and user-generated content in general. -Wikipedia

Social Media Measurement 101

How to Measure Social Media

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• Examples: – Measuring the effectiveness of a Marketing Campaign– Grading your brand– Tracking the effect of negative publicity– Finding influencers– Measuring Share of Voice

Why and What to Measure?

First come up with your Social Media Strategy.Does this support your corporate/personal strategy?

• Quantitative Measures – Number of mentions– Demographics of mentions: age, gender, location

• Cross reference profiles from social networks

• Qualitative Measures– Evaluate mentions in social media based on:

• Relevancy, Sentiment, Influence, Popularity

– Automated vs. Human Review

How to Measure

• Factors to consider– Hard costs and benefits

• Leads generated that convert to sales• Support issues that prevent lost customers

– Soft costs and benefits • Corporate goodwill• Immediate feedback directly from customers

• What is the danger of ignoring Social Media?– Brand damage, missed opportunities, not connecting

with your customer

Measuring Return on Investment

• Number of subscribers/readers– How many people visit the site and comment on the post

• Authority of the source– A post on Consumerist vs. an anonymous Blogspot.com mention

• Discoverability of the content– Does content ends up on the first page of a popular Google search

• Lifetime of the content– A tweet that is a flash in the pan or a Wikipedia page

• Sentiment of content – Scales from very negative to very positive

Value of a Social Media Mention

SM Value = subscribers * authority * discoverability * lifetime * sentiment

• Cost– How much time does your staff have to spend on social media?

• Calculate average hourly cost of staff, how much time spent in – Tools, training, analysis/consulting costs– Opportunity cost of doing other projects

• Benefits– Additional sales– Increase in brand value– Reduction in other marketing costs

• Forego advertising, conferences, or other PR costs

Calculating the ROI

Net Return = Benefits(hard+soft) – Costs(hard+soft)

ROI = Net Return / Money Invested

Social Media Measurement 101

Social Media Optimization

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Getting the Most Value• Social Media creates 1-to-Many Conversations

– 1-to-1 Conversations are expensive– Social media broadcasts to many readers– Social media is indexed and searched later

• Finding Influencers with the highest 1-to-Many– Dunbar’s Law places limitations on number of relationship we

can maintain at ~150– Malcolm Gladwell’s Connectors– Albert Laszlo’s Network Hubs

What is Social Media Optimization?

• SMO term coined by Rohit Bhargava• Blog Post: 5 Rules of Social Media Optimization

http://rohitbhargava.typepad.com/weblog/2006/08/5_rules_of_soci.html

• Increase your linkability • Make tagging and bookmarking easy • Reward inbound links • Help your content travel • Encourage the mashup • Get communities connected

Social media optimization (SMO) is a set of methods for generating publicity through social media, online communities and community websites.

-Wikipedia

Stage 1: Listening• http://techrigy.com/pdf/EngagingSocialMedia

WhiteP.pdf

• Step #1 – Listen to what people are saying about your brand.

• Step #2 – Listen to what people are saying about your competitors.

• Step #3 – Listen to what people are saying in your industry.

Stage 2: Engaging• Step #4 Start your

company blogging– CEO blog or employee

blogs?

• Step #5 Comment on other blogs– Participate, don’t pitch

• Step #6 Participate in conversations on tools such as Twitter.– Create conversations

Stage 2: Engaging• Step #7 Engage your customers through

social networks– Setup your own + find existing ones

• Step #8 Contribute to sources such as Wikipedia.– Delicate balance – not for brochures

• Step #9 Encourage your customers to talk about your product, good or bad.– Address problems, show them you care

Social Media Measurement 101

Conclusions, Resources, Questions

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Resources• Books

Social Media Marketing: An Hour a Day By Dave EvansThe New Rules of Marketing and PR By David Meer Scott

• Blogshttp://www.micropersuasion.com/http://www.briansolis.com/http://www.web-strategist.com/blog/

• Podcastshttp://www.insidepr.ca/

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Questions?

Social media monitoring will be a function of any marketing strategy going forward.

Contact information:

Aaron Newman - aaron@techrigy.com

http://twitter.com/aaronnewman

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