I am so excited about this panel – Thom Craver, Tami Dalley, and Eli Goodman – a terrific group of people.
Up first is Thom Craver from Saunders College:
- What does it mean to measure?
- Are we doing it right?
- Is it effective?
- Did we meet our goals?
- What are our goals?
- What do we know?
- Friends, followers, subscribers, circles
- RTs, mentions, shares, likes… who CARES?
- Who Cares? What do the tools really measure?
- Content Sharing
- Customer Perception
- Brand awareness
- Brand reputation
- Meaningful numbers
- Generate Revenue
- Cost reduction
“Who cares how popular we are if we don’t make any money?”
- Facebook apps
- Direct web sales
- Paid subscriptions
- Ad impressions/clicks
- Lead generation
- PDF downloads
- Call centers
- HR applications
Proper Tracking and Data Collection – referenced Avinash’s unveiling of GA social graphs. But you need to tag it and give proper attribution!
GA gives you total value – “assisted conversion value”. This is big!
- Make sure you capture all the data that comes into your website – referrers
- Use coded URLs and shorteners for content
- Use web analytics know-how to set expectations with stakeholders
- Look beyond the obvious metrics to discover additional ways to mine for data overlaps/corrections.
Now up is Eli Goodman, ComScore
How do you convince your CMO that you need to spend money on social media?
Three types of social media:
- Paid Social Media: ads, sponsored listings, display
- Facebook is THE largest publisher of online display ad impressions by nearly 3 times any other channel.
- 1 out of 12 display ads are socially enabled. Among CPG advertisers, it’s 1 in 6.
- Owned social media: brand pages (FB for example)
- Yesterday’s brand.com website is today’s FB fan page. (example, oreo.com is 6K visitors, their FB page is 189K visitors.)
- Earned media: When people like you – impressions, likes, +1’s, etc.
- Fans, friends, followers. This is where you get amplification of your message.
- Earned social media stacks up favorably against display ad impressions – and it’s basically free!
- Promotions significantly expand viral impact – case study from Target showing impact of viral social activity on brand website
- Excellent graphic on how brands measure fan value
“One out of every 7 minutes spent online is spent on FB”
Don’t silo these! The major value is the cross over in the channels.
(Ed note: There are excellent graphics and stats in this presentation – download it! One of the best I’ve seen)
Now the incredible, beautiful, and brilliant Tami Dalley from Buddy Media:
She’ll talk to us about measuring social… with some Aussie jokes…
Value is specific to you. Your first task is to determine YOUR goal.
How are others measuring social?
Survey of 150 brands, what are they measuring? The majority were measuring engagement metrics, participation and reach, but within each of these there are so many different metrics. You have to zone in on one.
Pretzel Crisps – we need fans, because we’re talking to an empty room. So they tested coupons. The first coupon saw a 75% increase in the first three days. Then they launched Buy 1, Get 1 free, they increased by 2 times in three days, 2.7x in 2 weeks. Then they looked at redemption rates, and saw that they were 90%. They met and exceeded their goal.
Value through social sharing:
There’s no variable cost! So who has sharing capability on their website? Who can tie it directly to revenue? It is possible! (Ed Note: But how? The implied way is a new product called “Conversion Buddy”.)
Value through market research –what do you want to know about your fan’s preferences and desires?
Example: Virgin Mobile Live – see what people’s favorite magazines are: The result was instant and very clear, by simply posting a question on their facebook fan page.
Another example: Ladies’ Fashion brand found that women wanted to own a lovely trench coat. The client realized they only had one trench coat in their line, so they added more.
They also realized that people referenced clothes by material a lot, so they added that sorting capability to the website filters.
Lesson? Social is a great way to get FREE market research, direct from the source!
- Establish goals and then pick your metrics
- When possible, use secondary data
- Track ROI on social sharing
- Gain market research insights