Overcoming the Challenges of Social Media Metrics (Webinar from Marketing Prof’s #mpworld)
This webinar recap is part one of a three part series from the Social Media Marketing conference at MarketingProfs’ Digital Marketing World 2010.
In this presentation:
- How old/new metrics can work together
- The difference between ROI/Value/Impact
- The importance of goal setting in measurement
- Why benchmarking is critical
Measurement is a Discipline
- Smart
- Specific
- Measurable
- Actionable
Measurement Tips
- Don’t let your metrics sit in a silo.
- Do your measurements tie in with your business objectives?
- There is no one magic metric.
- Measure in line with your objectives.
- Use qualitative AND quantitative data.
Go beyond the tool
- View at the Macro Level
- Outline useful metrics across multiple verticals.
TurboTax example
“Follow me home” – executives “follow” customers home and watch how they use the products.
Use radian6 technology to pull metrics:
- Share a voice – what are people saying about TurboTax
- Sentiment – what’s the tone of the conversation?
- Key themes – to pass on to leadership
- Deep dive – Use for crisis situation/new product/social media launch
Awareness, Attention, and Reach
- Don’t throw the baby out with the bath water
- Improve on what is existing
- For example, how is your CRM system being used to derive value?
- What are your FAQs? How is being measured?
- How can you lay your new (social) metrics on old metrics?
New metrics
- Instead of just looking for negative/positive/neutral engagement, look into the industry. Figure out how those people are talking. Can you participate in those conversations/communities?
- Discover how present you are.
- Difference between cause/correlation: There are always external factors.
The Ultimate Metric
Where’s the social media ROI?
[(Gain from Investment - Investment Cost)/Investment Cost] x 100
Metrics and Measurement
- Activity & Engagement
- Members
- Posts/Threads
- Comments or Ideas
- Inbound Links
- Tags, Votes, Bookmarks
- Active Profiles
- Referrals
- Post Frequency/Density
- Revenue and Business Development
- Speed of sales cycle
- Number/% of repeat business
- % customer retention
- Transaction value
- Referrals
- Net new leads
- Cost per lead
- Conversions from community
- Cost Savings
- Issue resolution time
- % of issues resolved online
- Account turnover
- Employee turnover
- Hiring/recruiting
- Training costs
- New product ideas
- Development cycle time
- Product/serv adoption rate
- Awareness and Value
- Brand loyalty/affinity
- Media placements
- Share of conversation
- Sentiment of posts
- Net promoter score
- Interaction with content
- Employee social graphs
Presenters
Lauren Vargas, Senior Community Manager, Radian 6
Chelsea Marti, PR& Social Media Manager for TurboTax, Intuit, Inc.
Tags: #mpworld, MarketingProfs, Social Media