Presentationdeck foreseeresults-100728132628-phpapp02
- 1. Managing Forward: Measuring Social Media Value and Influence Larry Freed, President and CEO, ForeSee Results
- 2. Social Media Popularity Facebook 500 3.5 50% Facebook fans 5.3 Billion fans on Million Billion content Facebook pieces shared Log in daily purpose-built users weekly Facebook pages Source: Econsultancy.com January 29, 2010, comScore 2010
- 4. 3 Types of Social Media 1. Controlled 2. Sponsored 3. Viral
- 5. Making Sense of Social Media: The Social Media Map
- 6. What do consumers want from Facebook?
- 7. Where and why do consumers engage with social media Source: ForeSee Results Top 40 Holiday Retail Satisfaction Index, February 2010
- 8. What are you doing about it ?
- 9. 71% Companies with a social media plan are setting up metrics & tracking methods Source: eMarketer July 24, 2010 from Digital Brand Expression report , Social Media Without a Parachure
- 10. Traditional Social Metrics count activity and measure impressions/buzz Fans on social sites Social mentions Tweets Blog entries
- 11. What is missing ?
- 12. Who is coming to your social networking site? What are the social media tendencies of your website visitors?
- 13. What influenced them to come to your site?
- 14. Was their experience successful? Were they satisfied?
- 15. What are they going to do as a result of the experience? What is the value of a visitor from Social Media?
- 16. Measuring Success Success is measured through the eyes of the customer/visitor Success is customer/visitor satisfied, did the experience meet their needs and exceed their Success is defined by what the user does as a result of the experience: return, recommend, purchase, etc.
- 17. Customer Satisfaction = Key Success Metric Satisfaction Satisfaction is a combination of what you get and what you expect Consumers have freedom of choice and will go where they are satisfied Satisfaction drives behaviors which drive value, loyalty and word-of-mouth and cost-efficiency visitors
- 18. How Do We Measure Satisfaction Satisfaction: Measurement of Success American Customer Satisfaction Index #1 Measurement of Customer Satisfaction Leading National Economic Indicator of Consumer Spending 45 industries, 200+ organizations
- 19. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Valid Precise
- 20. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Correct Valid Precise
- 21. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Consistent Valid Precise
- 22. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Exact Valid Precise
- 23. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Measures the right things Valid Precise
- 24. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Detects change Valid Precise
- 25. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Credible Valid Precise
- 26. Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable American Customer Satisfaction Index Valid Precise
- 27. The American Customer Satisfaction Index: Unparalleled Measurement Technology 15 years of Accurate Cause-and-effect empirical evidence Precise methodology 45 industries Reliable provides actionable 200+ organizations insights Published and vetted by academic research
- 28. Cause and Effect
- 29. Cause-and-Effect Methodology Customer satisfaction is a means to achieving your end goals ForeSee Results measures the drivers of satisfaction, overall satisfaction and future behaviors
- 30. Identify and Prioritize Improvements Priority Map shows you where to focus your improvement efforts based on their impact on future behaviors Low score, high impact elements are top improvement opportunities
- 31. Customer Satisfaction with Social Media ACSI E-‐Business Report MySpace.com 63 Facebook.com 64 All Others 72 YouTube.com 73 Wikipedia.org 77 Aggregate 70 0 10 20 30 40 50 60 70 80 90 Satisfaction (100-point scale) Source: ForeSee Results Report on ACSI E-Business Scores, July 2010
- 32. Satisfaction With Social Media Sites Trail Other Segments Comparison of Online ACSI Scores by Industry 85 83 80 77 77 75 75 74 73 70 70 65 60 Source: ForeSee Results Report on ACSI E-Business Scores, July 2010
- 33. Social media impact on the cross-channel customer
- 34. You cannot manage what you do not measure What you measure will determine what you do
- 35. Measuring Social Media Understand Your Audience Social Influencer Model Measure Personas of Site Visitors Measuring Controlled Sponsored Viral Social Social Media Social Media Social Media Media Social Media On-‐site surveys Posted surveys Monitoring Tools Value of Social Media Social Media Value Calculation
- 36. Measuring Social Media Value and Influence How engaged are my visitors with Social Media What do they think of the social media experience on my social networking sites What do they think of my participation in social media networking sites What value does Social Media bring to my business
- 37. Social Influencer Model Measure Personas of Site Visitors CS Persona Customized persona survey is deployed on website in rotation with existing satisfaction measure those who are satisfied or dissatisfied Info Seeking Passive Info Sharing
- 38. Social Influencer Model Measure Personas of Site Visitors Computers & Electronics Food & Drug Retailers Retailers High ForeSee Results Top 100 E-Retail Satisfaction Index
- 39. Measure Controlled Social Media: On-site Surveys CS Site Manager: Satisfaction survey on website, microsite, blog, forum
- 40. Measure Sponsored Social Media: Posted Survey CS Social Media Post a shortened URL on your fan/follower page
- 41. Measure Sponsored Social Media: Posted Survey Link to Satisfaction Survey Based on the methodology of the American Customer Satisfaction Index Uncover Valuable Information future behaviors
- 42. Analyzing The Effectiveness Across Social Media Efforts
- 43. Social Media Value Calculation
- 44. Link Social Media to Business Goals Awareness (attract new customers) Conversion (sign up for email, become member, etc.) Engagement (fan sign up, word-of-mouth) Revenue generation (e-commerce, offline sales) Across channels
- 45. Social Media Value Calculation Quantify social media influences for site visitors and link to intended and actual purchase behaviors Social media model included in a satisfaction survey on your website, encompassing predictive modeling of future behaviors Understand direct and influence impact Answer key questions about social media initiatives: What value does social media bring to my business? Does social media drive site visits? Does social media drive sales/conversions? Link social media to satisfaction, intended future behaviors and actual purchase behavior
- 46. Social Media Value Calculation Works across multiple industries Retail Example: Social Media Influence Revenue Proprietary calculation: Future ForeSee Results Satisfaction $ Social Media Influence Model Behaviors (Determined by & actual spend or Direct linkage from social media purchase intent) Content Example: Social Media Influence Revenue Proprietary calculation: Future $ ForeSee Results Satisfaction (Determined by Social Media Influence Model Behaviors average lifetime & value of new Direct linkage from social media site visitors)
- 47. Social Media Value Calculation: One step further
- 48. Summary of Social Media Measurement Opportunities How engaged are my visitors with Social Media Social Influencer Model: CS Persona What do they think of the social media experience on my social networking sites On-site surveys of Controlled Social Media: CS Site Manager What do they think of my participation in social media networking sites Posted surveys of Sponsored Social Media: CS Social Media What is being talked about in social media networking sites Social Media Monitoring Tools What value does Social Media bring to my business Social Media Value Calculation
- 49. A bit of background on ForeSee Results ForeSee Results is the market leader, thought leader, and innovation leader in online customer satisfaction measurement, continuously expanding in customer experience analytics. We apply a proven, predictive methodology to measuring customer needs and expectations online and their impact on customer behavior Help companies measure effectiveness of online initiatives from Prioritize investment based on ROI Benchmark performance over time and against competitors and best- in- class companies.
- 50. Leaders and the Best: Some of the Companies We Measure
- 51. Top Takeaways measure What you measure will determine what you do Measure what matters most your customers Satisfaction drives conversion, loyalty, retention, and word-‐of-‐mouth Turn data into information Turn information into intelligence
- 52. Top Takeaways The consumer is a cross-‐channel consumer Measure the success of your social media efforts across Controlled, Sponsored and Viral social networks Link social media to cross-‐channel intent and actual behavior for ROI Measurement is Satisfy your customers and be fiscally responsible to survive and thrive in the years ahead
- 53. Questions? Larry Freed President and CEO ForeSee Results (734) 205-‐2555 Larry.Freed@ForeSeeResults.com Twitter: larryfreed Blog: www.FreedYourMind.com www.ForeSeeResults.com