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1 Taming the social media beast Marianne Madden

Taming the Social Media Beast - Social Media Analytics for Marketers

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Presented at Web Analytics Wednesday on 3/25/09 in San Diego. Ideas for defining concrete KPIs for social media initiatives, projecting ROI, setting realistic expectations and more.

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Page 1: Taming the Social Media Beast - Social Media Analytics for Marketers

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Taming the social media beastMarianne Madden

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The Challenge

How to quantify relationships,communities, influence and engagement

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The Challenge

How to stay focused on meaningful metrics and ignore the noise --

in the midst of hoopla, skepticism or impatience

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The Challenge

How to draw a straight line from social media activities to profits

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The Challenge

How to find out what’s working and what’s not –

so you can refine and optimize

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The Challenge

How to set appropriate expectations

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But first…

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NetApp SEO| Geary Interactive | 8

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Criticism

NetApp SEO| Geary Interactive | 9

• Bad execution• Locked children out• Encouraged false conversations

• “The problem is that Skittles attempted to enter the social network without really engaging in it”

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Effects

NetApp SEO| Geary Interactive | 10

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It all begs the question…

NetApp SEO| Geary Interactive | 11

What were they really trying to accomplish?

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NetApp SEO| Geary Interactive | 12

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How much time will it take for a social media strategy to help my business?

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The POST Process

NetApp SEO| Geary Interactive | 14

• Define target audience (People)• Define Objectives• Define Strategy– Rules of engagement– Assign responsibilities– Analytics tracking – Etc.

• Define appropriate Technologies• Launch• Measure results, optimize, repeat

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Morals of the story

• Take the time to nail strategy/planning

• Quality of execution is everything

• Launch of social media engagement is only the beginning

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And whatever you do…

Don’t give in to execs who try to rush deployment

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Which metrics can help me assess my social media campaign for each type of objective: awareness, acquisition and retention?

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Prioritizing Metrics

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Measuring awareness from SM

• The basics: traffic, links, rankings, time interacting with you/your site

• Spread/sharing of assets: use tracking codes• Sustained increase in keyword volume for your

brand • Online buzz: use monitoring solution like

Radian6• Social bookmarking• Interaction with widgets/apps

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Measuring acquisition from SM

• Direct links/sales from SM efforts, shared content, etc.

• Conversion rates from SM; value of SM customers

• Email newsletter subscribers, RSS subscribers, etc.

• Gain understanding of who you’re reaching via SM that you couldn’t reach via traditional means

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Measuring retention

• Audience empowerment• Purchase rate/value and lifetime value of

customers from SM• Quantity and quality of conversations– How many customers are having issues resolved

through SM?• Ability to answer questions, nip customer

service issues in the bud

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Measuring engagement

• Joining the community• Submitting a comment/rating/review• Contributing UGC, incl. questions/replies• Saving a social bookmark• Favoriting videos• RSS subscribers• Clickstream data

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Measuring ORM from SM

• SERPs• Content of online chatter• How your content is tagged • Keyword trends

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Rules of thumb

Define concrete KPIs beforehand; zero in on your real objectives

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Rules of thumb

Allow campaign (and its KPIs) to evolve

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Rules of thumb

Look at the campaign holistically

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Rules of thumb

Keep your eyes peeled for unintended consequences

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Rules of thumb

Use SM to gain an understanding of who you’re reaching

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Pesky qualitative considerations

Engagement Audience empowerment

InfluenceCommunityTrustTransparencyInstant feedbackAbility to flip the scriptCoolness factor

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How to beat back the monster

• Focus on what’s important, and what you can reliably

measure

• Study others

• Do projections

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What’s important? ROI!

ROI =

Value of benefit --------------------------------------------------------Planning and development + Ongoing costs

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Projecting ROI of a forum

Baseline numbers:• Number of customers• Number of customers participating in forum (~1% annually)• Additional customers viewing content (Spectators) (~5% annually)

Then estimate:• Total support calls these customers would have made (~1 call per customer)• Support calls avoided b/c of forum (assume 33% find answers on forum)• Cost savings from avoided calls (assume $10 per call)

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Projecting ROI of ratings/reviews

Baseline numbers: • Site visitors• Sales at typical conversion rate and transaction value Then estimate:• Visitors seeing reviews (~20%)• Increased conversion rate and transaction value• Net additional sales

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Projecting ROI of a company blog

• Advertising value (visibility/traffic)• PR value (press stories written about/driven from

blog content)• Word of mouth value (referring posts)• Support value (support calls avoided)• Research value (customer insights)

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Parting thoughts

Measurement must evolve beyond web analytics and now focus on community insights.”

- Jeremiah Owyang

“Not everything that can be counted counts, and not everything that counts can be counted.”

- Albert Einstein

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Thank you

Marianne Madden

[email protected]

619-756-6729

Twitter: melondrama

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References

• Chart, slide 18

• Slides 32-35: Groundswell