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Kip Knight Social Media Metrics: What, So What, Now What?

Kip Knight Social Media Metrics: What, So What, Now What?. March 31, 2011. Executive Summary:. WHAT: Social media is empowering massive changes in business…and it ’ s going to accelerate Wide variety of social media metrics, tools available – what you measure depends on your goals SO WHAT:

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Kip Knight Social Media Metrics: What, So What, Now What?

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  1. Kip KnightSocial Media Metrics: What, So What, Now What? March 31, 2011

  2. Executive Summary: • WHAT: • Social media is empowering massive changes in business…and it’s going to accelerate • Wide variety of social media metrics, tools available – what you measure depends on your goals • SO WHAT: • Critical you determine goals, key metrics, strategy up front: “That which gets measured gets done” • Numerous ways to capture and analyze social media data – be smart about right level of investment and effort required • NOW WHAT: • You can win in social media without a lot of $$$ if you’re strategic, focused and creative

  3. What is Social Media?

  4. Social Media Defined: • Allows anybody to talk to everybody • Distributed using highly accessible, inexpensive and scalable publishing techniques • Changes marketing communication from monologues to dialogues • Transforms people from content consumers into content producers

  5. Whole Business R&D Corporate Affairs Social Media

  6. Social Media is more than just Facebook! • Blogs • Social Networks (Facebook) • Microblogs (Twitter) • Photos (Flickr) and Video (YouTube) • Audio (Podcasts) • Branded Communities • Ideation and Support Forums • User Review Sites (Yelp) • Wikis • Mobile

  7. Social Media Growth: Past 12 Months Q1/2010 Q1/2011 Source: Jack Hird, Econsultancy, 3/25/11

  8. Who uses Social Media?

  9. Social Media is Changing Business!

  10. Mismatch: Time Spent vs. Ad Spend

  11. Which Businesses Will “Win” With Social Media? Companies who are: • Authentic • Honest • Interesting • Responsive • Clear positioning • Flexible and opportunistic

  12. Social Media Metrics & ROI

  13. What’s the problem? “Everybody knows social media is important, but it’s so new that only a few are measuring its business impact with any sophistication.”– Jim Sterne, author of “ Social Media Metrics”

  14. Social Media Measurement is a Priority:

  15. The ROI Mandate: • Less than 1/5 of marketers are measuring the ROI of their social media efforts • MENG................... 12% (US) • Mzinga & Babson.. 16% (global) • Aberdeen Group.... 18% (global) • Econsultancy.......... 19% (US)

  16. Examples of Social Media Metrics • Variety of ways to measure: • Traffic (absolute) • Sentiment • NPS Score • Number of followers, likes (fans) • Level of interaction – likes / dislikes • Number of customers served – “saved” • Number of positive reviews / ratio of positive vs. negative reviews • Conversion rates (to website, etc.) • Early detection of product issues / malfunctions (first to know)

  17. Measuring Social Media is a Challenge • Too much data – easy to drown! • No standard methodologies (yet) • No tacit agreement with consumers what social data can be used (privacy issues)  • Fan count (reach) has become ultimate number so far – but that may not be what’s important • Might even be the wrong metric to focus on depending on your business goals

  18. How To Think About Social Media Metrics: Social media metrics need to link to one or more of three fundamental business goals (all of which relate to your ROI): • Increasing revenue • Reducing cost • Improving customer satisfaction Source: Social Media Metrics by Jim Sterne

  19. The ROI Pyramid: Roles View Provide the right metrics to the right audience at the right time. A novice mistake is to provide ‘engagement metrics’ to executives. Source: Jeremiah Owang, Altimeter Group

  20. The ROI Pyramid: Metrics View These metrics are based on various formulas from a variety of data sources. Currently, there is no industry standard.

  21. The ROI Pyramid: Metrics Examples (there are many more!) A common mistake is providing ‘engagement data’ to executives –instead focus on business metrics.

  22. How To Organize Social Media Metrics:

  23. Potential ROI from Social Media is Promising:

  24. How To Capture and Analyze Social Media Metrics (refer to handout)

  25. Social Media Metrics Tools: General Social Media Metrics Tools: Websites

  26. Social Media Measurement Tools • Determine if customer is reacting to cold-calls or e-mail campaigns • Immediate notification if customer is viewing your website • Understand what a specific customer is looking for by analyzing their search terms

  27. Social Media Metrics Tools: Overall

  28. Social Media Measurement Tools • Buzzstream: Tracking Influencers http://johnbell.typepad.com/

  29. Social Media Measurement Tools Shows three scores: Brand Passion (Net Sentiment), Intensity (Passion) and Buzz.

  30. Social Media Metrics Tools: Overall (cont’d)

  31. Social Media Measurement Tools

  32. Social Media Measurement Tools

  33. Social Media Metric: Net Promoter Score (NPS) • Likelihood of Recommendation (0-10) • Share of Promoters (9-10) • Share of Detractors (0-6) • Difference is Net Promoter score % Promoters - % Detractors = % Net Promoter Score

  34. How To Create A Social Media Gameplan For Your Business

  35. Social Media Gameplan: Brand Target: Who Business Objective: What and by when (3 years) Social Media Goal: What and by when (12 months) Social Media Strategy: How (big picture) Social Media Plans: How (tactics)

  36. Here’s How It Works:Social Metrics Case Studies

  37. Social Media Gameplan: Old Spice Target: Primary Audience: Women who purchase the vast majority of male body wash. Secondary: Men who want to be perceived as suave and masculine. Business Objective: Increase purchase of Old Spice body wash Social Media Goal: Bridge offline experience (TV commercials – Super Bowl introduction and print ads) with online presence of the Old Spice Man to improve consumer engagement and create WOM and brand loyalty Social Media Strategy: Create an online community using Facebook, Twitter, and YouTube to involve audience and personally interact with customers through the Old Spice Man Social Media Plans: Align all social channels with consistent and real-time messaging by the Old Spice Man; create fun and funny content that is easy to share; and engage influencers

  38. Case Study: Old Spice – Personalized Videos • One of the fastest growing online video campaigns of all time • Frank and direct engagement with fans • Brands don’t make viral videos. Users do.

  39. Case Study: Old Spice 3.4M 2.5M 2.1M

  40. Case Study: Old Spice Results • 107% YOY increase in body wash sales (July 2010) • 1.3M Facebook Fans (March 2011) • 124K Twitter Followers (March 2011)

  41. Case Study: Orabrush

  42. Social Media Gameplan: Orabrush Target: Young adults who want to attract others (and not risk turning them off with bad breath) Business Objective: National distribution and strong sales with very limited marketing dollars Social Media Goal: Strong “buzz”, trial and affection for Orabrush among target Social Media Strategy: Create engaging videos and social media network talking about the benefits of using Orabrush Social Media Plans: Create series of engaging YouTube videos; create loyal followers and fans on Facebook and Twitter

  43. Case Study: Orabrush

  44. Multi-Channel Integrated Campaigns 300k downloads #3 YouTube Channel (20-100k views/wk) 37 million views to date

  45. Integrated Facebook Fan Pages

  46. Case Study: Orabrush Results

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