Social media analytics slides
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The document discusses strategic social media measurement. It recommends defining measurable key performance indicators (KPIs) and an analytics plan upfront when developing a social media plan. This allows social media objectives to drive the KPIs, tactics, and measurement approach. The document provides examples of KPIs like percentage of online conversation, new subscribers/buyers, and actions taken. It also discusses tools for measurement like HubSpot, HootSuite, Google Analytics, and SAS that can track metrics like engagement, reach, sentiment, and sales.
Social media analytics slides
- 1. STRATEGIC SOCIAL MEDIA MEASUREMENT J. Aull, Social Media Instructor Georgia State University Robinson College of Business
- 2. Social Media in the Customer Purchase Cycle ! The traditional marketing funnel: eyeballs>>awareness>>consideration>> preference>>action>>loyalty>>buyers ! Clickstream and customer journey ! โBloggingโ is in the lost center of the funnel (consideration>>preference>>action)
- 3. Metrics ! Chris Brogan (co-author of Trust Agents) blogs about social media and metrics. ! Here is part of Chrisโs recommended list of high-level social media metrics: ยค % of online conversation (versus competitor). ยค % of coverage improvement. ยค # of new subscribers/attendees/buyers via tracking links. ยค # of new threads, comments, conversations for engagements. ยค # of (audience) actions taken (for example on blog posts).
- 4. 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
- 5. Measurement Planning ! Here is my plan for upfront web exploratory research and monitoring identification: ยค Situation - e.g., online brand buzz has increased in recent months ยค Problem - e.g., brand is unaware of its online reputation ยค Measurement objectives - e.g., identify quantity and ratio of existing online "brand fanatics" vs. haters ยค Measurement questions - e.g., what tags (such as "love this brand") and channels best fit our problem and objectives? ยค Hypothesis - e.g., the brand has more social media promoters than detractors ยค Action Standard - e.g., a Net Promoter Score over 30% in Twitter ยค Measurement method & tool - e.g., NPS, Twitter and SAS ! For reference and additional reading, see Exploring Marketing Research by William G. Zikmund and Barry J. Babin.
- 6. 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
- 8. Fred Reischheldโs Net Promoter Score ! Modeled on this question: โHow likely is it that you would recommend (brand X) to a friend?โ ยค 0-6 = Not Likely at All (Detractors) ยค 7-8 = Neutral (Passive) ยค 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 โhatersโ 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
- 9. Measuring Increase in Search Effects (brand awareness) ยค Increase in channels/pages appearing in major keyword search results (SEO Book Tools) ยค Measure increases in search rankings for website concurrent with increases in social content output (SEO Book Tools and Google Alerts) ยค Increase of brand name search results and mentions in social โsearch enginesโ such as Digg, StumbleUpon/Mix or Reddit ยค Increase in share-of-voice of important keywords in search engines, Twitter, Facebook and LinkedIn (HootSuite social keyword monitoring)
- 10. 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) ! 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)
- 11. Measuring Brand Loyalty ! Increase in brand (positive) social mentions per customer ! Increase in brand ReTweets and post sharing (HootSuite, HubSpot) ! Increase in customer brand recommendations and positive reviews ! Increase in joins and chatter in retention/rewards community (channel-specific or Google Analytics) ! Increase in up-sales (HubSpot with Salesforce.com)
- 12. 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
- 14. Social Media Objectives & Tools, contโd Thought-leadership projection (a content strategy for goals of brand attribution or to influence sales)
- 15. Social Media Objectives & Tools, contโd Brand Awareness & Fan Promoters
- 16. Social Tools for 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
- 17. Social Tools for Measurement ! HootSuite " Twitter mentions and HashTag/keyword monitoring " ReTweets " LinkedIn stats and Facebook insights ! SEO Spy Tools (such as those available from 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.
- 18. SAS Perspectives Track the Elusive Sentiment Customers want to take what they are hearing and learning from online conversations, and put some action to it, said Chaves. โThe key lies in being precise in extracting and tagging sentiment.โ Text analytic tools can categorize online content, uncover linked concepts, and reveal the sentiment in a conversation as โpositive,โ โnegativeโ or โneutral,โ based on the words people use. The technology gets down to very specific elements and can separate positive and negative remarks within a single comment. โA mixed-polarity phrase, such as โhotel in great location but bathroom was smellyโ should not be tagged as โneutral,โ if you want it to be actionable,โ said Chaves. โBe specific; โbathroom was smellyโ is something someone can own and improve upon.โ You can classify and categorize these sentiments, look at trends over time, and see significant differences in the way people speak either positively or negatively about you. Furthermore, you can compare sentiment about your brand to your competitors. From SAS white paper Social Media Metrics: Listening, Understanding and Predicting the Impacts of Social Media on Your Business
- 19. Social Media Measurement Q&A 1. Why do we need to measure (analytics) social media? Social Media marketing only works when driven by real marketing objectives. These must be measurable; else how to know when the objectives have succeeded? 2. How? Again, KPIs should be determined upfront to fit the objectives. For example, brand keyword monitoring in Twitter or HootSuite can measure brand awareness in that channel. I like Fred Reichheld's Net Promoter Score as a metric for brand loyalty and brand reputation, where shares/retweets could represent promoters. 3. Fb, twitter (ie: How do you calculate social media impressions on Facebook and Twitter? Is there a formula you use to be demonstrate reach?) Reach is a traditional broadcast advertising metric used to compensate for the lack of direct contact or known viewer action. Such shortcomings don't exist in social media, so why shortchange its metrics? Better social media KPIs measure audience engagement, such as likes, click-thrus, shares, ratings and bookmarks. At its most basic level, if you broadcast posts in Facbook and Twitter, your fans and followers (plus their shares and retweets, if you like) represent reach. Even more effective, DMs in these channels have a much higher likelihood of being seen by fans/followers. CTR continues to be a good, free and easy web and social media metric, as URL shorteners such as bit.ly and ow.ly (via HootSuite) provide their own stats for all their clicked-through shortened URLs.
- 20. Q&A, conclusion 4. My question would be which are the most popular social media analytic tools and how are they differentiated? Also which sources are the best ones in order to attract professionals at a senior marketing level that can use those tools? There are all types of metrics and methods to measure social media. All social channels should offer some type of measurement; the higher-priced pro versions offering more (e.g., HootSuite and Facebook Insights). If you care to do the aggregation yourself, you can obtain plenty of free data (e.g., Google Analytics and other tools, URL shorterners, WordPress Stats). The bigger your budget, you can pay for more comprehensive and tailored metrics reports; for "closed loop marketing" as HubSpot likes to call it (which offers comprehensive social media metrics integrated with Salesforce.com). Paid-model social media dashboards such as TweetDeck offer many measurement reports options. Higher end services such as Omniture offer sophisticated social media reporting related to all channels of the marketing mix. 5. What is a good measure of ROI for Twitter & Facebook (other than likes & followers)? If sales ROI is your primary social media marketing objective, then compose your posts with CTAs for recipients to click-through to purchase (similar to PPC/CPA ads). Then measure your purchases from social media click-thrus via aforementioned tools and methods. 6. What are the challenges of measuring sm? - Aggregating to a common base - Gauging role in the total integrated marketing mix - Realizing the valuable differentiation between consumer-shared brand content versus original company brand postings. 7. ROI challengesโฆ If sales ROI is your primary objective, you must structure your campaign and messaging to drive sales, measurably with aforementioned tools and methods.
- 21. Major Points ! Objectives identification drives everything; do this while IDโing. ! A social media measurement plan is crucial for composition with the social media plan; it can follow traditional marketing research plan. ! The Marketing Funnel is a vital approach to digital measurement and objectives-based digital marketing strategic planning. ! NPS is an important metric for social media. ! SocialMention calculates positive, neutral and detractor values for a brand similar to NPS.