Monitoring Measuring Social Media

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Monitoring and Measuring Social Media Conversations by Sean Moffitt, Agent Wildfire

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1.Monitoring and Measuring Conversations Sean Moffitt, President & Chief Evangelist Agent Wildfire Inc. smoffitt@agentwildfire.com 2. Blonde Guys Trying to Make the World a Better Place. 3. Communication Collaboration 4. Why Social Media? 5. 4 Camps of Social Media Benefits PeopleProduce Content About You People Engage/ Rally Behind You People Collaborate With You PeopleAdvocate You 6. 7. *I think a pillow should be the symbol of peace, not the dove. The pillow has more feathers than the dove, and it doesn't have that dangerous beak. 8. There is only one thing in the world worse than being talked about, and that is not being talked about. Was Oscar Wilde a good social media practitioner?: 9. If one ad impression is worth $0.01-0.10 whats the value of a social media conversation? 10. If a newspaper publishes their print content in a blogformat but turns commenting off ..do we account for it as social mediaand is it just as important as the hobbyist blogger post? 11. 12. Would you rather have your social media be engaging .or Influential? 13. Whats happening more quickly Is social media becoming more traditional ..or is traditional mediabecoming more social? 14. Would you like 1% of your social media audiencevery involved.. or 10% of your audience somewhat involved? 15. If we hold sales people accountable for sales and operations people accountable for operations what do we hold social media people accountable for? 16. The 10 somewhat immutable laws of social media measurement10SOCIAL MEDIA MEASUREMENT 17. Its an imperfect science, but thats OK Law #1 -its new it resists neatly packaging its multi-media it has many stakeholders it has many benefits it keeps changing Blogs (2005) YouTube (2006) Facebook (2007) Twitter/FriendFeed (2008) ???? (2009) 18. because its of what your next student/employee/customer does Source: Harrison Group 2007 19. because its the new currency on how to build brands Something you Buy Something you Trust Something you Want Something you Prefer Something you Love Something youParticipate In 20. 1960/70s 2008Ads Exposed to Daily 7003,000-5,000Per Capita Spending on Ads $110 $865* Ave No. of TV Channel/Household 5.7116 No. of Products - Grocery Store 7,00045,000+ No. of Books Available 20,0004 mil.+ Day-After-Recall on TV Ads 36%3% Trust Ranking of Advertisers n/a20nd out of 21 US numbers, Inflation adjusted number for 2007 $465,4x as much as 1972 and because Its a Panacea for What Ails Marketing/Media/Communications 21. Social media value is trapped in the Long Tail of its metrics Law #2 -Social Media Metrics Metrics Why Social Media benefits are trapped in the tail 22. What we measure : Traffic (75%) Member engagement (74%) Unique visitors (72%)Member registrations (70%) Product feedback/ideation (40%)WOM Influence (31%) Comments per post (25%) Cost savings (16%) Tech. support (11%) Insights, content, employees, competitive intelligence The activity (clickstream) The benefits Source: Online Community Research Network 23. Its an intimacy medium Participation of a few > Eyeballs of many Law #3 - The Ones Who Create Ideas The Ones Who Spot & Scout New Stuff The Ones Who Sell and Lead Opinions The Ones Who Provide Credibility The Ones Who Attract Attention The Ones Who Connect & Spread the Word 24. Harnessing the Influencer Grapevine Turning small groups ofEnthusiasts, Users, Customers and ConsumersInto Authors, Producers, Scouts, Testers and Collaborators & BroadcastersInto Community Members, Advocates, Ambassadorsand Evangelists Thinktank/ Sounding Board Scout/ Mystery Shopper Advisory Council/ Cause Torchbearer Seeded Adopter/ Beta Tester Customer User Consumer Collaborator/ Producer Evangelist/ Ambassador/ Advocate Community Member/ VIP Insider Influencer 25. The measurement lense depends on your perspectiveLaw #4 -A hustler (media/ads) A fisher(e-commerce) A surveyor (researcher/ innovation) A farmer/gardener (community owner) A sniper(PR) 26. The Influencers 6 Archetypes A Fisher (E-commerce)Whats my catch like? - Visitors, conversions, sales A Hustler (Ads/Media) How many people paid attention? - Traffic, page views*, time spent A Sniper (PR) Who is my most important target? - Authority ranking, influence, velocity, comments/post A Farmer/Gardener (Community Owners) What am Igrowing/is this being cared for? - Engagement, interaction, sentiment A Surveyor (Research/Innovation) What have we learned? - Insight, quality of content, relevance 27. Social media outcomes trump traditional media inputs Law #5 -Traditional media measurement deals with what you aired social media measurement deals with what actually happened Vs. 28. Those who measure social media are those who manage social media Law #6 -CEO Key Metric 49% - bottom line profits - CEO Key Critical Drivers (rank) 1 st- Business Strategy 2 nd- Customer Service 3 rd- Customer Experience 4 th- Sales Force 5 th- Marketing Strategy 6 th- Product development 7 th- Pricing 8th - Distribution Conversely 12 th- Advertising 13 th- Promotions Source: Microsoft Executive Circle 29. 1 +1 = 3 Social Media Measurement is multi-variate Law #7 - 30. Excitement Intimacy Broader Audience Targeted UGC/CGM BUZZ VIRAL SOCIAL CAUSE COMMUNITY INFLUENCER EXPERIENTIAL AFFILIATE 31. What is your Social Media Shooting for? Reach how far does it travel? Relevance does it support your intended direction? Influence who shares and passes along with who? Authority how trusted is the source? Engagement how involved do they get? 32. What is Your Social MediaShooting for? Interaction do they do anything with it? Velocity how fast does it travel? Attention how much time do they spend with it? Sentiment how positive are they? Net Promoter are they recommending you? 33. Ownership where can I find the data Measurement is quite different based on ownership of data, is your effort: Hosted by your school/company?communities/corporate blogs/CGC platforms Outreached by your school/company?blogger relations/social network apps/groups, widgets Exists in the social media ether? independent social media monitoring 34. Monitoring Tools, tools, tools Freebies Technorati (authority, links) Del.icio.us (quality/type) Google Analytics (traffic) Feedburner (subscribers) Compete/Alexa (relative traffic) Appsholic (social media)Video/photo (YouTube, flickr) Social bookmarks (Digg/Stumble Upon)Forums (Boardtracker/Twing) Communities, widgets The Paid Methods: Radian6 Buzzlogic Nielsen Buzzmetrics 35. There are 27 Flavors of Conversation Law #8 - 36. The 27 Types of Social Media Conversation Acknowledge receipt Advertise something Answer question Ask a question Augment a post Call for action Disclose personal info Distribute media Express agreement Express criticism Express surprise Rally support Give a heads up Respond to criticism Give a shout out Make a joke Makea suggestion Make an observation Offer a greeting Offer an opinion Put out a wanted ad Rallying support Recruit people Show dismay Solicit comments Solicit help Start a poll Source: KD Paine & Partners 37. There are no silver bullet standards Law #9 - 38. Social Media Value(vs. objective) You Need to Roll your Own = Benefits Risks ---------------------- Cost 39. One of my favourite roll your own examples. 40. The Gladwell The New Social Media Measurement Incorporates the benefits: Engagement Influence/AdvocacyPolarity (Positivity) Depth of Interaction Action (Conversions/Sales) Search results PR Value Content Insight Support Credibility/Authority Community/Lifetime Value /Loyalty 41. Faith goes a long way Law #10 - 42. What progressive companies are currently practicing? Currently UsePlan To Pilot Blogs 49% 31% RSS 47% 32% Social Networking40% 31%Customer Service 40% 26% Podcasts 33% 41% CGC 27% 35% Wikis 21% 29% Co-creation 13% 24% Open-Source 12% 20% Virtual Worlds 9% 23% Source: Society for New Communications Research, 2007 43. Major Media/Marketing Implications The Future is Social Word of Mouth Marketing +30% Social Network Ads +51% Social Media Ads +71% 2008-2011 Projections (CAGR) Source: VSS 44. Take Back to the Class Join the conversation: - Facebook, LinkedIn, Twitter - Find top 50 blogs of interest - Start commenting Start a new conversation: - Build a blog post 27 types of conversation - Outreach to other bloggers - Produce a Social Media Release - Network out to video/photo sites- Social bookmark content Define what they should measure: - Establish metrics - Roll their own measurement - Track progress over time - Measure vs. objective Analyze results: - Prove the value of the effort - Identify improvement 45. Never Forget - Humans are Social Animals 46. 47.