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Social Media Metrics (analytics) slides

Date post:29-Aug-2014
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Slides I used in my social media analytics webinar for TheExpertsBench
Transcript:
  • STRATEGIC SOCIAL MEDIAMEASUREMENTJake Aull, Social Media Instructor http://jakeaull.wordpress.comGeorgia State University Robinson College of Business
  • Social Media in the Customer Purchase Cycle The traditional marketing funnel: eyeballs>>awareness>>consideration>> preference>>action>>loyalty>>buyers Clickstream and customer journey Blogging is in the lost center of the funnel (consideration>>preference>>action)
  • Chris Brogans Metrics Chris Brogan (co-author of Trust Agents)blogs about social media and metrics. Here is part of Chriss recommendedlist of high-level social media metrics: % of online conversation (versus competitor). % of coverage improvement. # of new subscribers/attendees/buyers via tracking links. # of new threads, comments, conversations for engagements. # of (audience) actions taken (for example on blog posts).
  • Strategic Social Media Measurement Planning Objectives are explored and married upfront in the planning process for social media, measurement and search Define measureable KPIs and analytics plan upfront with social media plan Social media objectives drive KPIs and tactical plan Social media objectives drive keywords and search integration and plan
  • From my blog Here is my plan for upfront web exploratory research and monitoring identification: Situation - e.g., online brand buzz has increased in recent months Problem - e.g., brand is unaware of its online reputation Measurement objectives - e.g., identify quantity and ratio of existing online "brand fanatics" vs. haters Measurement questions - e.g., what tags (such as "love this brand") and channels best fit our problem and objectives? Hypothesis - e.g., the brand has more social media promoters than detractors Action Standard - e.g., a Net Promoter Score over 30% in Twitter Measurement method & tool - e.g., NPS, Twitter and SAS For reference and additional reading, see my blog at http://jakeaull.wordpress.com and Exploring Marketing Research by William G. Zikmund and Barry J. Babin.
  • The Measurement Plan Campaign Overview & Objectives Communications Calendar Overview & Consumer Journey Tracking mechanisms like Webtrends tags, Google Analytics, Omniture Tags, social media monitoring, Twitter hashtags, etc Diagnostic Metrics - example: CTR, Interaction Rate, Mentions Success Metrics - example: ROAS, ROI, Conversion Rate Dashboard - showing the key metrics help to understand the performance of the campaign. Reporting Frequencies - Inspired in part by Amit Prakash web measurement approach http://measuringemarketing.blogspot.com
  • Marketing Funnels
  • Fred Reischhelds Net Promoter Score Modeled on this question: How likely is it that you would recommend (brand X) to a friend? 0-6 = Not Likely at All (Detractors) 7-8 = Neutral (Passive) 9-10 = Extremely Likely (Promoters) Net Promoter Score = %Promoters - %Detractors Applied without a survey, for example promoters could be online recommenders, and detractors as brand haters or negative reviewers Can be a measure of brand loyalty, WOM effect or projection of brand awareness SAS now measures sentiment such as promoters and detractors
  • Measuring Increase in Search Effects (brand awareness) Increase in channels/pages appearing in major keyword search results (SEO Book Tools) Measure increases in search rankings for website concurrent with increases in social content output (SEO Book Tools and Google Alerts) Increase of brand name search results and mentions in social search engines such as Digg, StumbleUpon, Reddit or Del.icio.us (Synthesto Unity) Increase in share-of-voice of important keywords in search engines, Twitter, Facebook and LinkedIn (HootSuite social keyword monitoring)
  • Measuring Sales Improvement Reduction of sales cycle concurrent with increase in social media access during customer journey to purchase (or increases of social content output) (HubSpot and Salesforce.com) Reduction of sales cycle, or increase in sales, concurrent with increases in brand and customer social engagements (conversations; HubSpot, Synthesto Unity) Reduction of sales-lead research/nurturing time (due to social profiling for leads; HubSpot with Salesforce.com) Web lead-conversion improvement concurrent with increase in customer social media hits or engagements Reduced cost-to-acquire customer concurrent with social media replacing traditional promotions channels (based on 30% first touch, 30% last touch, 40% divided between middle nurturing and social media channels; Argyle Social)
  • Measuring Brand Loyalty Increase in brand (positive) social mentions per customer (Synthesto Unity) Increase in brand ReTweets and post sharing (HootSuite, HubSpot) Increase in customer brand recommendations and positive reviews (Synthesto Unity) Increase in joins and chatter in retention/rewards community (channel-specific or Google Analytics) Increase in up-sales (HubSpot with Salesforce.com)
  • Measuring Cost Reductions toward ROI Social media pages/posts as touch points replacing previous paid promotions models (cost savings of channel change) Customer support forums reducing support staff hours consumption (reduced disparate phone time) Crowd-sourcing product development (features ideas and demand), reducing R&D dept costs
  • Crowd-sourcing/R&D/Product Support
  • Social Media Objectives & Tools, contdThought-leadership projection Brand Awareness & Fan Promoters(a content strategy for goals of brand attribution or to influence sales)For more on these, see my blog post: http://jakeaull.wordpress.com/2011/04/25/four-usable-social-media-objectives-kpis/
  • Social Tools for Measurement Synthesio Unity Online reputation management (across all social channels) Crisis manament Influencer identification Campaign measurement HubSpot Closed-loop marketing measurement (all customer digital touch points to Salesforce.com conversion) Social profiling of leads Brand/keyword monitoring Omniture Multi-touch metrics Argyle Social Channel ROI attribution for multi-touch campaigns
  • Social Tools for Measurement HootSuite Twitter mentions and HashTag/keyword monitoring ReTweets Klout score LinkedIn stats and Facebook insights ExactTarget CoTweet Campaign email metrics; compared to: Twitter and Facebook SEO Book Tools Website competition Keyword competition PPC competition SEO rankings Google tools Brand monitoring (Google Alerts) PageViews (Google Analytics) Duration of visit Clicks Referrals Directs (bookmarks or type-ins, but also mobile app click-thrus) Wordpress stats, Bit.ly stats, etc.
  • SAS PerspectivesSo, what exactly is engagement? Katie Paine (CEO KDPaine & Partners)classifies information consumers into five levels of engagement, based on howthey interact with online channels. At the most passive level are the Searchers. They scan online resources to find specific information and largely ignore social media. A count of unique visitors captures your best view of this silent group. Next are the Lurkers, who listen in on the conversation but dont participate. These users can be tracked as repeat visitors above a certain frequency, say, more than three or five visits per month. Somewhat more engaged are the Casuals, who participate lightly in social media. They might be identified through metrics such as percentages of visitors who post comments or who become your friend on Facebook or your follower on Twitter. Higher up the value chain are the Actives, who retweet to others, regularly participate in interactive threads and post comments frequently. Most organizations would love to cultivate the strong voice of Defenders, those who serve as your most influential ambassadors advocating, recommending and defending the brand. From SAS white paper Social Media Metrics: Listening, Understanding and Predicting the Impacts of Social Media on Your Business
  • SAS PerspectivesPaine presented her battle-tested seven steps to an effective social media measurement system: 1. Define the R, the expected results. As with traditional media, the goal determines the metrics. According to Paine, social media goals fall into
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