Social Media Measurement [Mini Course] SMMU.com
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Transcript of Social Media Measurement [Mini Course] SMMU.com
SOCIAL MEDIA MEASUREMENTFOR BUSINESS
How to Measure Social Media Effectiveness and Demonstrate ROI
AGENDA
2. Relevant statistics
1. The ROI Challenge
3. Measurement Infrastructure
4. The Cisco Model
6. Auditing
5. Tools
THE ROI CHALLENGE
• “The puzzle that can’t be solved”• The C-Suite remains skeptical• Measuring best practices still
evolving• Goal best approaches are easiest
to measure
THE ROI CHALLENGE
Many social media activities can't be effectively measured using a transactional formula. SMM is often best measured in terms of audience reach, engagement and sentiment.
STATISTICALLY SPEAKING – CMO SURVEY
of marketers say their boards and CEOs are tightening pressure to measure ROI.66%
STATISTICALLY SPEAKING – CMO SURVEY
of marketers said they aren’t able to quantify whether social media has made a difference for their companies.49%
STATISTICALLY SPEAKING – CMO SURVEY
of marketers said they had a good sense of qualitative – though not quantitative – results. 36%
STATISTICALLY SPEAKING – CMO SURVEY
of marketers said they’ve seen a proven quantitative impact.15%
STATISTICALLY SPEAKING – CMO SURVEY
of marketers were using traditional ROI metrics in 2013, down from 17%. 9%
STATISTICALLY SPEAKING
Marketers are expected to increase their share of social media spending from 6.6% to 15.8% of their budgets by 2018.
MEASUREMENT INFRASTRUCTURE
TRADITIONAL / COMMON METRICS
Hits, Visits & Page Views
Revenue Per
Customer
Buzz Indicators /
Web Mentions
Repeat Visits
Customer Acquisition
Costs
Sales Levels
Profits per Customer
Conversion Rates
Followers and
Friends
Online product/servi
ce ratings
Customer Retention
Costs
Net Promoter
Score
Abandoned Shopping
Carts
MEASUREMENT INFRASTRUCTURE
AUDIENCE REACH
ENGAGEMENT SENTIMENT
The core of social media measurement…
IDENTIFY GOALS
• Increase awareness• Generate leads• Convert leads to
sales• Retain existing
customers• Reduce costs
ALIGN OBJECTIVES WITH METRICS
Drucker’s “SMART” Methodology
• Specific• Measurable • Actionable• Realistic• Timed
CREATE A DASHBOARD
• Create a central hub for data• Use external tools or Excel• Convert leads to sales• Retain existing customers• Reduce costs
AUDIENCE REACH
• Number of fans• Number of followers• Number of influencers• Audience profiling
ENGAGEMENT
• Number of likes• Number of mentions• Number of shares, retweets, etc.• Other meaningful interactions • Response rate• Conversions
ENGAGEMENT RATING SYSTEM
What is engagement worth to your organization?
ENGAGEMENT POINTS
LIKE 1
COMMENT 5
SHARE 10
SENTIMENT
SOCIAL LISTENING
• Monitoring• Systems for
quantifying results
• Charting findings• Reporting• Evaluating
growth
COMMUNITY HEALTH
Engagement
Customer Satisfaction
Social Content Mobility
Community membership
s
Positive third-party
reviews
Ratio of posts to
comments
Channel/Content
Subscriptions
Content views/downl
oads
Customer retention
Positive sentiment
overall
Sentiment compared to satisfaction
Customer loyalty
Customer satisfaction
Facebook Shares/Like
s
Content tagged, rated
or ranked
Blog Track-Backs
YouTube Likes/Embe
ds
Twitter Retweets
MARKET PERCEPTION
Thought Leadership
Message Resonance
Market Awareness
Share of Voice
Thought Leader Market
Perception
Ratio of posts to
comments
Topical Content
Coverage
Thought Leaders Quoted
Conversations containing one or
more key messages
Market Position
Key messages in social media conversations
Awareness and credibility of key
messages
# of times positioned favorably in convos versus competition
# of times mentioned in key blogs and communities versus
competition
Perceived positioning relative to the competition
Aided and unaided awareness versus
competition
Preference in specific markets versus the
competition
Positive sentiment versus the competition
QUANTITATIVE
Lead Sales / Market Share
Efficiency of Communication
Correlation between social media
conversations and number of qualified
leads
Desirable mentions or key sales
drivers
Cost per contact or customer
acquisition
Cost per qualified
lead
Cost per click thru
Messages communicated (budget
divided by message appearances)
Cost per engagement
TOOLS
HOOTSUITEFACEBOOK INSIGHTS
SPROUT SOCIAL
CROWD-BOOSTER
GOOGLE ANALYTICS
KEYHOLESOCIAL
MENTIONBUFFER
AUDITING
• Measurement best practices are still evolving
• Not every complex methodology will work for every brand
• Methodologies may change as marketing goals change
• Reevaluate often
QUESTIONS
Send us a Tweet @SMMagic