Tuesday, June 05, 2012

#iel12 Social Media Analytics - Pt 2

Social Media is about engaging / the conversation
- Do we NEED to define it or do we just need to recognize it?
Is a blog social media?
- Comments and tweets and reshares - yes.
Website - do we care?

Are we listening to./ engaging the audience?

Cannot fake or force communities of interest.

Media - what is the tool that communicates the message? (insert McLuhan quote here)

Oldest form of social media = the market.  Places where people gossip.

Analytics - how an organization arrives at an optimal and realistic decisions based on data. (presenter's own definition)
- not just existing data.  We might find we may need to collect more
- Business context and constraints

If we make recommendations that managers don't act on - may be optimal, but not realistic.

Analysis - the process of breaking down a complex topic into smaller parts to gain a better understanding of it.

Creativity - the ability to generate innovative ideas and manifest them from thought into reality.  The process involves original thinking then producing.
- Not just have ideas - but DO IT. (manifest....)

Social Media Metrics (at this point Firefox crashed.  ugh....)
Social Media ROI pyramid from Altimeter Group

What we sound like when talking about social media.

How do you define influence? engagement?

Tons of tools to measure influence.  (But WHO do you want to influence? Goes back to audience you are targeting).
- Klout
- Peer Influence (can't find the link right now)
- Twitalyzer
- Google Analytics (most popular tool for measuring websites and traffic sources)

Pick one tool and STICK WITH IT.  This way - consistent presentation / terminology.

"Who are the most influential people?" Depends on how you are asking.
- On Twitter?
- Survey around industry?
- Clients?
- Re-tweets / mentions?
"You are going to be measured whether you 'play' or not."  (audience comment)

Don't just care about "likes" - but are they actively following you?

Is it better to be consistent? Post only when have something to say?
- Some communities - want regular posting.  Others - spontaneous
- Want "growing active users"

When see spikes - what was the event that might have triggered it?
- Look for trends.

Save the Children example - 2 audiences
- Who's gonna give money
- Who's gonna volunteer
- Each medium used to target particular audience in particular ways.  Part of their strategy.

Analytics - want to leverage data from as many sources as have access to.
- Through this - better observation of what is going on.
- Observation through different angles

Facebook - people self-report demographics
- can then target surveys and other info.

Save the Children ex - facebook most common social traffic source.  But still a very small fraction of actual sources of traffic.  Search usually biggest source of traffic.
- Social media conversion - about 1%.  Not uncommon.

Again - why are you using social media?
- What are you trying to accomplish?  What is the outcome you are looking for?
- This does NOT have to be money related
   + product feedback
   + get ideas

(so at this point there was a demo of Google Analytics against Save the Children)

Ground level - page use, visits, tweets, likes....
iPads are a game changer
- Before and after iPad - changes behavior of people.
- More people accessing iPad on weekends vs. desktops on weekday
Do NOT analyze with only one metric.

What happened?  Why the spike?  What else is going on? Other variables?

"Sherlock Holmes factor" - go beyond the obvious.  Look for the explanation.
- External or planned event?

Business stakeholders care about social media analytics (marketing and communication managers)
- Share of voice
- Ratio of positive vs. negative comments
- Level of engagement (comments and reshares / resonation)

Recency / Frequency / Monetary Value (Goals) - RFM
- best predictor of future behavior
- most recent and most often are most likely to repeat the same behavior

RFM Model (academic paper)
General Summary (jimnovo.com)

How do we determine the value of all these other traffic sources (trip advisor, angies list, etc)
- (What sources do we really need to evaluate?)

What is the cost of NOT doing it / measuring it / analyzing it / paying attention to these other traffic sources?

And what is the most efficient way of managing it?

Driving interaction
- Some groups do surveys on the page - encourage reviews for a short timeframe
- "Survey periods" asking for feedback

Cross-channel can contribute to each other to get fuller picture of what is going on.

Data best when you know what you are looking for.....

Can also tack on source of the campaign. Drive the traffic.
Business executives - business metrics
- Revenue and reputation
- Customer satisfaction

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