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

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What we sound like when talking about social media.


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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?
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"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....
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iPads are a game changer
- Before and after iPad - changes behavior of people.
- More people accessing iPad on weekends vs. desktops on weekday
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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?

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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)

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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?

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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.

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

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

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