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Social Media Analytics: Return on Involvement presented on October 16, 2012 at the Swiss Knife of Social Media Conference held in Karachi, Pakistan. It provides 6 ways to measure financial impact of Social media and 4 ways to decide how to mix and match these methods for your business.
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Social Media Analytics : Return on Involvement
Adnan AliHead of Web Strategy
Vopium A/S
SOCIAL MEDIA IS NOT FREE
INVESTMENT vs INVOLVEMENT
Investment
Financial Impact
Action Reaction Nonfinancial Impact
Missing Insights on Involvement
… to help fund $1 billion in marketing cost cuts by 2016, the company will be leaning more heavily on lower-cost digital marketing and easing up somewhat on pricey broadcast ads.
Marc PritchardGlobal Marketing OfficerProcter & Gamble (P&G)
Barriers to Measuring Revenue Impact of
Social Data
Proliferating Social Media
Challenges to Insights
Source: Altimeter
Social Data is New & Different
Primary Business Impact
Source: Altimeter
Business Use Cases for Social MediaSource: Altimeter
How to Measure Revenue Impact of Social Media
Anecdote
Specific examples where social media was known to influence a sale or sales
Correlation
Comparing two data sets (for e.g. likes and revenue) to determine whether there may be a relationship
Multivariate Testing
Comparing one group that was exposed to social media content with another group that was exposed to different or no content
Links & Tagging
Short links and tags / cookies for conversion attribution
Integrated
Refers to apps or SaaS offerings with integrated analytics
Direct Commerce
Addition of an ecommerce storefront to a social platform such as Facebook; frequently known as “fCommerce”
BUSINESS
• Sales Channel: Indirect or Direct• Delivery Medium: Online only or Mixed• Culture: Conservative or Experimental• Target Market: B2C or B2B
PRODUCT
• Type: Product or Service• Sales Cycle: Short or Long• Consideration: Low or High
MEDIA• Paid (taggable)• Owned (taggable)• Earned (not always taggable)• Shared (not always taggable)
CUSTOMER• Demographics: Where & Who they are• Socialgraphics: Where & How they interact
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