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Social Media - Social Media: It's All About Results... and How to Measure Them : Market... - 1 views

  • Social Media: It's All About Results... and How to Measure Them
  • In this article, you'll learn...

    • How self-service business intelligence can demonstrate the value of social media
    • Nine best-practices of measuring social media effectiveness
  • Industry analysts are touting self-service business intelligence (BI) as the golden child of 2011. Lucky for marketers, one area that's ripe for self-service BI is social marketing.

    SaaS (software as a service) BI solutions for the cloud are an excellent option for cutting costs and reducing the drain on information technology (IT) departments. The SaaS model has also made BI accessible to more users, paving the way for self-service BI.

    Add to that the introduction of social media metrics, and you have a marketer's dream: a way to determine the holy grail of return on marketing investment (ROMI).

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  • Self-Service BI: What it Means for Social Marketing

    True self-service BI must be timely, relevant to the user, very easy to consume, and highly interactive. Users must be able to personalize it while still allowing for consistency across the organization. It needs to remain focused on specific business processes, such as marketing contact to sales opportunity, and support specific best-practices, such as social media outreach.

  • All that makes self-service BI and social marketing a match made in heaven.

    Many marketers instinctively know the value of using social media channels in their marketing mix. Yet in this still-untracked territory, many struggle to prove that the outcomes of such initiatives are worth the time, resources, and marketing spend.

    BI tools may be exactly what marketers need to demonstrate the value of social media, an endeavor that has proven to be complex and difficult—and beyond the capability of many social-media measurement tools on the market.

    BI is no longer relegated to the realms of business analysts or finance, nor is it limited to BI "experts." The shift toward self-service BI means that anyone can now use it as part of his or her daily decision making, and it's focused on metrics that matter to marketing.

    For example, whether you're doing a survey on Facebook, seeking webinar participation via Twitter, or hosting a group discussion on LinkedIn, you need access to data that show outcomes of marketing campaigns, rather than mere activity reports.

  • "OME": Your New BFF

    The addition of social media to the marketing mix means that BI solutions need to aggregate and analyze more sophisticated performance metrics, particularly since the number of data sources and associated activity metrics continues to grow.

    Because more business is being conducted online, marketers are increasing their focus on social media and online marketing to take advantage of websites, search engines, and paid search to attract and engage prospects. There's no question that you're constantly tasked with improving the effectiveness of online marketing and showing the business value and ROI of online marketing campaigns.

    But how?

    Activity measures, such as the number of fans or followers and mentions, are a starting point for understanding whether social media initiatives are generating interest. However, calculated performance metrics, such as feedback rate (number of comments divided by the number of pageviews), provide better context. Outcome measures, such as referred website visits that result in a goal completion, show true business value.

  • You can extend that approach by relating costs to sales outcomes (number of leads, number of opportunities, cost per conversion, cost per opportunity), which starts you down the path toward true marketing ROI. Such information can be achieved by combining outcome data with CRM data to show metrics like incremental sales, and with ERP data to show incremental revenue and profit.

    Though you may have used tools that track site visitors, bounces, and even bounce rates, those metrics alone are quickly becoming useless and obsolete because there are so many other factors to consider.

    A bounce rate is a percentage that doesn't tell you enough. You may have a zero bounce rate on a page... but if there was only one visitor to the page, that low bounce rate quickly loses its luster.

  • Instead, a weighted metric based on the number of visitors to a page, the number who stayed for a reasonable amount of time, and the number of visitors who viewed consecutive pages, provides more useful and actionable insight. Such weighted metrics also help to provide complete context of the outcome, including the drivers that affect that outcome.

    For example, consider what I call overall marketing effectiveness, or "OME." That is a measure that can be tracked over time to show a composite view of marketing campaign effectiveness. OME is composed of "attraction," "engagement," and "conversion."

    Overall Marketing Effectiveness (OME) = Attraction x Engagement x Conversion

    Attraction is a measure of bringing visitors to the Website; for paid search, that would be click-through ratio. Engagement measures the percentage of visitors who stayed and engaged, based on time spent, number of pageviews, etc. And conversion tracks the percentage of visitors who completed designated website goals—converted to qualified leads, became sales opportunities, closed orders, etc.

  • Best-Practices for Measuring Social Media Effectiveness

    Today, marketers can benefit from BI solutions that focus on the context of outcomes, improving decision-making and, ultimately, driving incremental revenue and profit. As you work to improve online marketing effectiveness, consider the following nine best-practices:

  • Measure all your online initiatives to show activity, outreach, engagement, and most important, outcomes (goal completions, lead and opportunity conversion ratios, and cost-per-conversion).
      • Even better, track all the way through to incremental sales, revenue, and gross profit driven directly from online marketing.

    * * *

    Imagine the power of having "right-time" insight into your social media campaigns and being able to instantly alter their focus, rather than simply tossing meaningless numbers at your boss.

    Business intelligence for social marketing—via easy-to-use tools like interactive dashboards and budget-friendly SaaS solutions—can help marketers create and demonstrate greater value in their social media outreach campaigns.


Study: Marketers Reporting Social Media ROI of 100, 200, Even 1,000 Percent - Lisa Arth... - 3 views

  • I’m hearing more and more reports about social media campaigns that are delivering solid, proven ROI.

  • Research results are beginning to reflect the shift, as well. For instance, the 2011 Social Marketing Benchmark Report from MarketingSherpa found that the overall average social media ROI reported by CMOs who are measuring it is a whopping 95 percent. What’s more, nearly one-third (30 percent) of those in the survey reported a ROI of at least 150 percent!
  • That’s a dramatic shift from MarketingSherpa’s first benchmarking report in 2009. Back then, soft objectives such as building customer awareness were key, and marketers said they were having a tough time demonstrating any ROI from social media, at all.
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  • For those who are measuring it, social media is showing positive ROI.
  • Social CRM is gaining momentum.
  • customer relationship management
  • As the MarketingSherpa report illustrates, Web 2.0 and other collaborative technologies are well on their way to becoming fundamental components of the marketing mix.

When it comes to social media, Coke is it! | Opinion | Marketing Week - 1 views

  • Last year Pepsi shocked American marketers by announcing a major change in its US brand strategy.
  • After 10 years and $150m of investment in Super Bowl TV ads, Pepsi passed up the chance to buy any media during Super Bowl 2010. Instead, as part of a wholesale shift away from traditional media, Pepsi invested as much of 50% of its American branding budget into social media.
  • At the heart of this new strategy was the Pepsi Refresh Project. Using Facebook, Twitter, live Ustream video and an iPhone application, consumers were encouraged to suggest social causes that would “refresh the world”.
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  • The response was spectacular: 80 million votes registered; 60,000 followers on Twitter; 4 million “likes” on Facebook.
  • There was only one snag. For all the big social media numbers and even bigger talk of communication revolutions and social movements - Pepsi’s sales started to slide.
  • And Coke’s didn’t.
  • Last month the Wall Street Journal reported that both Pepsi and Diet Pepsi had each lost about 5% of their market share over the past 12 months in the US - that’s about half a billion dollars worth of sales. And market share was not the only thing Pepsi had lost, for the first time in living memory it also lost its number two spot. Diet Coke is now the second biggest cola brand in the US.
  • as John Sicher, the editor of Beverage Digest, more plainly put it: Pepsi needs “more product-oriented advertising and marketing”.
  • Second, not only is Pepsi aware of the failings of social media, it is now reversing course. More money is to be pumped back into traditional media including a $60m sponsorship deal with the American version of The X-Factor. So much for social media movements, Pepsi is going back to traditional media moments before it’s too late for the brand.
  • My argument against social media was never that it was pointless or worthless - just that its advantages and applications have been wildly overstated by those who will benefit most from its adoption. It certainly does add an interesting new set of tools to the traditional media mix that brand managers should consider. But it is not a new platform. It is not a new way of thinking. And it is clearly not the end for traditional media. Social media adds an extra couple of options to the integrated marketing mix that could prove worthwhile for some brands, and entirely unnecessary for others.

Opportunity Clicks: Social Media and Converting Clicks Into Action | Fast Company - 0 views

  • As consumer attention shifts away from traditional mediums and migrates to the golden triangle of mobile, PC, and next generation Web appliances, businesses are racing to engage in the hopes of capturing fleeting awareness and igniting affinity.
  • Social media, as practiced today however, largely represents a means, not a means to an end, or said another way, social media is missing actions where the purpose is to achieve something significant. Social media marketers must learn to introduce clicks to action and also study from the book of conversion science in order convert engagement into measurable and meaningful activity now and over time.
  • Engagement through conversation is trivial. But, to reach people where their attention is focused and compel them to take an action that goes beyond response and sharing is artful and powerful. And, it's attainable.
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  • Conversion Science

    If we do not compete for attention, we are then absent from hearts, minds and decisions of our customers and the individuals who influence their decisions and actions.

  • The answer is to introduce a "call to action" in new media to intentionally define experiences and outcomes so that we can measure the corresponding results and activities to learn and improve.
  • Conversion science is essentially the study of converting impressions into actions and how to then improve engagement and conversion rates over time.
  • While conversations are helpful, they are not in of themselves, catalysts to action. It's the conversion of conversations to transactions that leads to organizational relevance and transformation.
  • In order to convert attention into desirable outcomes however, we must:

    - Create programs with an "end" in mind (What do you want to cause, change, inspire, sell, build, organize, etc.)

    - Introduce conversion opportunities through existing and emerging touchpoints

    - Measure performance

    - Increase conversions

  • Conversion science isn't new. It is exactly how many of the best web professionals in search, e-commerce, design, analytics, advertising, and direct marketing achieve astounding results.
  • And it is through the study of conversions and corresponding behavior that we learn to perfect the:

    - Definition of the actions we wish to trigger

    - Mechanisms to capture activity

    - Systems and channels we use to attract attention

    - Focus and caliber of the individuals who help us carry our intent and value across relevant social graphs

    - The relevance of the social objects we create and distribute online

  • Perhaps one of the most profound results of introducing science and data into the mix is that they inherently speak the language of executive management and the decision makers that green light our programs. When captured and organized accordingly, they can be presented to merit support and justify budgets and resources. Demonstrated consistently over time, data and interpretation also makes the case to expand programs and budgets.
  • Studying what fuels or inhibits social media conversions is a rich source of insight that is necessary to demonstrate market attentiveness while also sharpening our marketing prowess.
  • As Elvis Presley once famously sang, "a little less conversation, a little more action."

How Social Media is Changing the Business of Television - 0 views

  • There’s no question that the real-time conversations around TV shows on social networks — the virtual water cooler, if you will — enhance engagement and drive on-air ratings.
  • If you prove yourself to be an influential fan, the smart marketers will incent you to do more with rewards, which will eventually result in even more advances in user behavior.
  • We’ve tracked our real-time water cooler, dubbed the “Bravo Talk Bubble,” and found that it has delivered a 10% lift to The Real Housewives of New York.
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  • But ratings are just part of the picture. Social conversation about TV creates a real-time map, with peaks and valleys around programming that can really inform producers.
  • Tools like the Trendrr dashboard or Sysomos should now be a part of any forward-thinking television network’s tool set in an effort to incorporate fans’ participation into the business of show creation.
  • TV conversation usually spikes during prime time hours and the day after a program airs — the classic water cooler pattern. The next challenge for content creators is figuring out how to drive the conversation 24/7. The goal is to pull others into the cultural discussion and debate at any time, anywhere they may be
  • There’s always risk tied to this openness. If a certain character is driving buzz and another is a buzz kill, everyone will know it.
  • The people you watch television with are no longer restricted to your living room. Access to real-time conversation around shows, personalities and products must be a part of TV networks’ basic road map.

ROI In Social Media - - 1 views

  • ROI in social media is one of the hottest topics at the moment, everybody is discussing it and everybody is trying to measure it. ROI is usually looked at from a profit perspective. But, there is more to ROI then just profit.
  • As a dear college of mine always says: Lets explain it in plain clear english so everyone can understand. Luckily everyone understand cartoons.
    Great slideshow on ROI and what it means in the context of social media marketing.
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