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Pedro Gonçalves

Making the Most of Social Media Analytics - 0 views

www.readwriteweb.com/...-of-social-media-analytics.php

Social Media

shared by Pedro Gonçalves on 14 Jun 12 - No Cached
  • The impact of social media is harder to measure than, say, the effectiveness of banner ads, because social media are often used to build brand loyalty. A person may see an ad or promoted social media message but choose not to click through, then search for the product later, and finally make a purchase on a third, fourth or fifth visit to the company's website. While social media didn't have a direct hand in the click-through and sale, it did have a hand in how the brand made a conversion.
  • Too many brands - GM included - rely on likes (which can be artificially inflated) and direct click-throughs (which don't always result in sales). And while the industry is making strides to help brands better measure what they get for their social media buck, there is still a ways to go, Chou said. Social marketing by brands "is just terrible right now," he observed. "I can't tell you exactly what it should be, but I can tell you it sucks right now. People just shout."
  • Right now, marketers can’t easily measure a follower who doesn’t click on links or interact directly with a brand’s Facebook page or Twitter feed. That will change as social media tracking gets better.
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  • Chou calls the number of followers a “vanity metric” that doesn’t say much about how effective a social campaign is. Marketers can, after all, pay for followers. For now, the best way to measure the effectiveness of a social media campaign is to figure out which messages posted to Facebook, Twitter and other sites result in the highest levels of interaction.
  • A message that does not work is more dangerous than a message that doesn’t spur action: It can cause followers to lose interest. “Content turns into spam at some point,” Chou said. “At some point, if I'm posting a ton of crap to any network, someone might choose to unfollow me.”
  • Chou outlined four ways social media managers could measure the effectiveness of their posts: Virality: Good content gets shared. A viral video is cheap to make and can bring your message to new eyeballs. “Other mediums don’t have that,” Chou said.
  • Engagement: The 80/20 rule applies to social media, Chou said: 20% of the people generate 80% of the sharable content. “The more granular you can get... the better understanding you have of what's going on,”
  • Advocacy: Social media lets brands get endorsements from everyday people, so brands should pay attention to posts that get retweeted. “If my friend posts something, it means more to me than if some random brand posts something,” he said. Retention: Every message needs to be measured for its retention value. Every new follower is an additional member of the audience for your next message. 
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