SMCHI - Social Media Analytics Road Map

Editor's Notes

1. Roadmap for SM Measurement. Many roads to travel and I will present my perspective from a marketing POV using standard marketin measuresures with SM tools & practices\n
2. what should you do before you measure? \n
3. First, understand the difference between ROI and metrics. You’ll want to measure for two different objectives: insight and ROI. And while they share a road….\n
4. They run on different fuel. Most businesses want the answers to both sets of questions - is it working and what’s the ROI? They have different fuels - one is KPI based, the other is Dollar based. We’ll first discuss Measurement of Metrics, then ROI. \n
5. We have to pack before we get on the road to social media success. Packing isn’t the fun part, but there are consequences for not packing. Some of what we need is general marketing, some is specific for social media. I encourage everyone to put social media measurement against measurement of other mkting objectives so you can see efficiencies and how things work together. \n
6. Baseline: use SM 3-6 mos before setting large strategic goals. Set realistic initial goals for audience building initially. \nGoals: KPI’s & ROI\nKey Tools: Get your house in order. Social CRM\n
7. Pack your suitcase before you get on the road. SMART=Specific. Measurable. Achievable. Realistic. Time Sensitive. IE “I want as many followers of Hawaiian Airlines” \n
8. Start with end in mind. Not always about sales. Like many marketing tools, the benefits can be long-term and impact other areas. Brand equity makes a lot of things easier. Trust increased. Lower costs in other areas. Really think about how social media can help you achieve various objectives. Be creative. There are lots of goals you could choose that SM can impact. \n
9. An exposure dashboard is great measurement for numerous goals. \n
10. Influence is important when your focusing on brand awareness or if you are a B2B or niche provider. Less relevant for consumer. \n
11. To me, in social media, engagement is the basis for all success. Without engagement, you won’t have action. The key is to determine what creates engagement in your audience. But you can quantify and track engagement with these metrics. You can track the relationship of engagement to sales, etc. \n
12. The easiest way to track action + conversions is to use digital metrics. This is one reason why there is such an emphasis on content creation. Content is a great carrot. Facebook, Website, Email all these things can be influenced by social activity. \n
13. But I know you all want to define how sales and SM are related. Keep in mind that this is hard to do because its impossible to know EXACTLY what pushed a customer to buy - you can track LAST TOUCH sales in Google Analytics. I wanted to give you some KPI’s to begin tracking it internally. These are of course, correlations. If you want to track direct causation, you’ll need to have a complete website funnel and throughly tested landing pages. Google Analytics will be your best friend. \n
14. Here you’re essentially measuring whether the SM customer is any better than that from marketing efforts. If you’re measuring this, you can take it to the next level of measuring sales from SM vs. sales from other sources. Keep in mind that a KPI like this is effected by total followers etc. as well as other marketing efforts. This kind of KPI may point to successes (or failures) of marketing tools that you didn’t expect to see. \n
15. Now the devil is in the details. Create a plan that reflects your goals, objectives and KPI’s. Choose the tools that are most helpful to you. You might start out with only one or two. You might use one for a campaign, then not again for awhile. \n
16. Now, lets look at ROI\n
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19. Measures increased web traffic as if you had to purchase it in a CPC circumstance. \n
20. Notice that the baseline measurements were taken so that the increases could be tracked. Clear goals were set, including increasing average check and increasing reservation rate. \n
21. Measures unpaide reviews in known & trackable media outlets, digital & print. # of articles, taking into account unique views + page views, audience value create a media weight in our case between .025-.10. Multiple weight X uniques. \n
22. Trust and relevance factors in my case are based on by McKinsey Research in 2010 about valuing WOM equity. Take in case of influencer program, reach, Klout and Peer Index are taken into account. You can read about weighting in the SM Analytics Book we’re giving away tonight. \n
23. You can measure revenue or other strategic objectives in ROI. The key is to put a dollar value to those objectives. \n
24. in 30 days, we’re not even measuring the long term return. We could continue to measure that. But this is a good example of an immediate return on a social campaign. \n
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