Social Media Measurement - Coast Digital

Marketing you can measureTM

@J_Fairweather

Social Media Measurement Proving ROI and Measuring Social in the B2B Environment.James Fairweather of Coast Digital


@J_Fairweather

Where are we with social now?

•The B2B sector has embraced social media.

•We’re getting customer service and support right.

•Many are struggling moving towards acquisition & lead generation.


@J_Fairweather

Measuring Success is key

Some of the challenge lies in the breadth of social;

• Customer service• Marketing & PR• Market research• Business development• HR & Recruitment

The difficulty is in selecting relevant metrics beyond followers and shares to represent success in these areas.


@J_Fairweather

Measuring Success

•Marketers are still unsure how to calculate social media ROI.

•The bigger picture; would you measure the ROI from your telephone line?

•B2B marketers need to understand the value in what people are doing to justify resource on social media.

•Biggest mistake is not considering what success and failure look like early enough. IBM mantra; Fail, fast.


@J_Fairweather

What are people measuring?

•Confusion between social media data, metrics (and KPIs) for ROI

•Last touch & direct conversion metrics.

•Vanity metrics.


@J_Fairweather

Vanity Metrics

•Follows

•Number of ‘Fans’

•Likes

•Shares

• Visits

•‘Influence’ scores like Klout


@J_Fairweather

Vanity Metrics – Some Pitfalls

•Hundreds of distracting social data points to wade through.

•Most of this data is actually nothing but “data puke”. - Avinash Kaushik

•Analysing this data is risky - they can hide the insights needed to understand what actions to take.

•They can be relevant, however they don’t always represent reality and mislead from meaningful measurement.

http://www.kaushik.net/avinash/




@J_Fairweather


•Reach, isn’t really powerful unless you consider ‘influencer identification’.

•Discover the most influential people in your networks and map them.

•Go on to build relationships online with those people.

•Track the quality of these engagements.


@J_Fairweather


There can be a place for vanity metrics as part of a set of KPI’s alongside other data.

Look into some of the metrics from in those tools, for example;

1. Reach & velocity.

2. # Of Retweets Per Thousand Followers, as measure of efficiency.

3. Messages Per Outbound Message, a measure of two way conversation, not just broadcast.


@J_Fairweather

Last Touch Analytics

• Last touch attribution doesn’t allow Social Media activity to be credited with keeping conversation going and leads ‘warm’.

• If the final ‘visit’ to the site isn’t from a social source, last touch model doesn’t credit it at all.


@J_Fairweather

What should you really be doing?

• Map metrics to business objectives

• Some metrics to consider

• Consider impact of social on SEO

• Create effective dashboards

• Use the right tools


@J_Fairweather

Map Metrics to Business Objectives

•Focus on choosing a few metrics to use as your KPI’s in the context of your business.

•These should form the basis of your measurement framework and will map back to your business and marketing goals.

•These KPI’s should lead to action!


@J_Fairweather

Map Metrics to Business Objectives

•Consider the impact of having a great customer service team.

•What is the ROI from not losing a customer?

•Or reducing your volume of call centre complaint calls by 50%.

These are tangible objectives and have associated costs and savings. ROI calculation needs to account for how much better your customer service is.


@J_Fairweather

How do IBM do it?

IBM look at 4 metrics and not a vanity metric in sight!

1) # of leads

2) $ leads

3) Win revenue

4) Win rate

‘Listening for leads’ casr study; seeking out leads on twitter for IBM; http://www.emarketer.com/blog/index.php/case-study-ibm-drives-millions-dollars-worth-sales-leads-social-media/

http://www.emarketer.com/blog/index.php/case-study-ibm-drives-millions-dollars-worth-sales-leads-social-media/

http://www.emarketer.com/blog/index.php/case-study-ibm-drives-millions-dollars-worth-sales-leads-social-media/


@J_Fairweather








@J_Fairweather

Some metrics to consider

Volume of conversation and share of voice – what proportions?

Social graphing - tools like Rapleaf can analyse your email database

Sentiment - analyse conversations around how your brand is portrayed.

Paid Value of Traffic – what cost might equivalent paid traffic be?

On site impact on social – do social visitors behave differently on site?

Lost Customer Value - what impact does a lost customer have socially?

Customer Lifetime Value – consider the impact of increased CLV.


@J_Fairweather

Planning a strategy

1. Review and learn what works. Keep testing, React and refine.

2. Use A/B testing where you can to optimise performance.

3. Drop things that don’t work and invest in a steady stream of new initiatives.

4. Always consider time as a key component. Social data may be instantly available, but building a brand is a timely process.

5. Establish milestones and re-evaluate regularly.


@J_Fairweather








@J_Fairweather

Social as a ranking signal for SEO


@J_Fairweather

300 million twitter users. Over 845 Million active Facebook users.

170 million Google Plus sign-ups.

Search engines can’t afford to ignore this volume of usage.


@J_Fairweather

“In the past year, traffic from social has grown from 3% - 27%”

via @timgentry

https://twitter.com/




@J_Fairweather

Social as a ranking signal for SEO

“We do look at the social authority of a user. This can add a little weight to a listing in regular search results.”

“Yes, we do use it as a signal. It is used as a signal in our organic and news rankings.”

“The purpose of any ranking signal is to improve overall search quality. For +1’s and other social ranking signals, as with any new ranking signal, we’ll be starting carefully and learning how those signals are related to quality.”


@J_Fairweather

What are the effects of this cross-over now?

Social Media Optimisation


@J_Fairweather

Source: www.branded3.com



@J_Fairweather








@J_Fairweather

Use effective dashboards

1. Establish your analytics suite and form a good work-flow process

2. There are hundreds of tools and dashboards out there. Trial and test to find the ones that work for you.

3. Establish a good mix of tools & services that can form your measurement toolbox and automate where you can.

4. Some can integrate with CRM and other internal systems.

Don’t forget: social media monitoring is about a "team" rather than a "tool"


Reach

Reduced Phone

Reliance

Shares KPI

KPI

KPI

Dashboard – ROI Reporting

Metrics KPI’s

An example strategy


@J_Fairweather








@J_Fairweather

Tools & Takeouts

The key to getting Social media ‘right’ is more in strategy rather than the toolset.

In many ways, social monitoring is about a "team" rather than a "tool“.

However.... there are good services out there that can speed the management side of social media up.

“Only 23% of UK marketers said they were able to update multiple channels from one dashboard.” (Econsultancy)


@J_Fairweather

Google Analytics Social Reporting


@J_Fairweather

Google Analytics Multi Channel Goals


@J_Fairweather

Tools & Takeouts

Identifying Influential Followers


@J_Fairweather

Tools & Takeouts – Some useful toolsHootsuite – http://www.hootsuite.com Social Media management dashboard

Tweetdeck – http://www.tweetdeck.com Facebook & Twitter account management

Twitsprout - https://twitsprout.com Twitter & Facebook reporting (although primarily Twitter)

Tweetreach - http://tweetreach.com/ Twitter reach metrics, statistics and analysis

Radian 6 - http://www.radian6.com/ Social media monitoring tools & social media engagement software

Alterian - http://www.alterian.com/ Social Conversation management

Brandwatch - http://www.brandwatch.com/ Social Media monitoring platform

Social Bro - http://www.socialbro.com/ Twitter management dashboard

Buffer (web client) - http://bufferapp.com/ Post scheduling tool

Addictomatic - http://addictomatic.com/ Buzz monitoring tool

Icerocket - http://www.icerocket.com/ Meltwater buzz monitoring

Argyle - http://argylesocial.com Enterprise social marketing platform

Sprout - http://sproutsocial.com/ Social Media management platform

Buto.tv - http://get.buto.tv/ Web Video measurement platform

http://www.hootsuite.com/

http://www.tweetdeck.com/

https://twitsprout.com/

http://tweetreach.com/

http://tweetreach.com/

http://www.radian6.com/

http://www.radian6.com/

http://www.alterian.com/

http://www.alterian.com/

http://www.brandwatch.com/

http://www.brandwatch.com/

http://www.socialbro.com/

http://www.socialbro.com/

http://bufferapp.com/

http://bufferapp.com/

http://addictomatic.com/

http://addictomatic.com/

http://www.icerocket.com/

http://www.icerocket.com/

http://argylesocial.com/

http://argylesocial.com/

http://sproutsocial.com/

http://get.buto.tv/

http://get.buto.tv/


@J_Fairweather

Wrapping it up

Choose careful metrics & map to KPI’s.

Measure them meticulously.

Calculate ROI as you would any other channel.

Review regularly & learn.

One size doesn’t fit all.

Social should be a platform to support a comprehensive and interesting content strategy.


Private LinkedIn group for Q&A, http://linkd.in/socialmediaROIgroup

We've also got a free Social Media guide for the B2B marketer. If you'd like a copy, connect with us online or leave some details.

[email protected]

linkedin.com/jamesfairweather

twitter.com/j_fairweather


http://linkd.in/socialmediaROIgroup

mailto:[email protected]

http://www.linkedin.com/jamesfairweather

http://www.twitter.com/j_fairweather

http://www.twitter.com/j_fairweather

Date post:	13-May-2015
Category:	Business
Upload:	b2b-marketing
View:	436 times
Download:	0 times