SOCIAL MEDIA METRICS Chapter

What Matters is Measured  In many ways, social media marketing mimics online advertising in terms of the viable metrics available to measure how effective these messages are. Advertisers can measure  Reach - the number of people exposed to the message  Frequency - the average number of times someone is exposed  Site stickiness - the ability of a site to draw repeat visits and to keep people on a site  Relative pull - a comparison of how well different creative executions generate a response of creative advertising  Clickthroughs - the number of people exposed to an online ad or link who actually click on it  Sales conversions - the number of people who click through who go on to purchase the product  Viewthroughs - the number of people who are exposed and do not click through, but who later visit the brand’s website 2-10

What Matters is Measured  A First Date or a Marriage?  Simply counting the quantity of interactions consumers have with a brand doesn’t tell us much about the quality of these touchpoints. We need to know the degree of engagement people feel during and after the interaction, and how these exposures influenced their feelings about the brand.  Key performance indicators (KPIs) are those metrics that are tied to organizational objectives. 3-10

Engagement  Engagement is a complex construct made up of several individual accomplishments.  The Engagement Food Chain illustrates the hierarchy of effects we seek from our target audience as the reach increasing levels of engagement with our brand.  Figure 10.1 demonstrates how we look for different outcomes depending upon the consumer’s level of engagement with the brand. 4

What Matters is Measured  A Review  Measurements within a defined context are metrics.  Measurements require context to provide useful feedback.  Metrics that are tied to objectives are key performance indicators.  Objectives must be well-defined before we can identify key performance indicators. 5-10

What Matters is Measured Campaign Timelines and Metrics It is important to remember that the metrics we use may shift as a campaign progresses. 6-10

Measurement matters  When it comes to social media marketing—or any form of marketing, for that matter—measurement isn’t optional.  It’s a necessity for organizations that are serious about adjusting their strategies and tactics to better meet their objectives. 7

Measurement matters  Some may feel intimidated about specifying what it is they want to see happen when it comes to their social media activities.  Others may still be in the early stage of the social media maturity life cycle discussed in Chapter 2; because they’re still “playing” with social media, they don’t yet feel the need to define what results they would like to see. 8

Measurement matters  But ultimately social media will have to answer to the same masters as other kinds of traditional media—the bean counters that need to see value for their money.  The investment in social media marketing will require justification.  Strategists will want to understand what’s working and what isn’t in order to decide if a campaign needs fixing or if it’s worth continuing at all. 9

The Evaluation and Measurement Process: DATA  The measurement plan is organized according to a four-step process known as the DATA approach. 1. Define: Define the results that the program is designed to promote. 2. Assess: Assess the costs of the program and the potential value of the results. 3. Track: Track the actual results and link those results to the program. 4. Adjust: Adjust the program based on results to optimize future outcomes

The DATA Approach  Define. Define the results that the program is designed to promote.  The first task is to define just what we want to occur and what we need to measure.  SMART Objectives:  Specific  Measurable  Appropriate  Realistic  Time-oriented \ 12-10

The DATA Approach  Define - continued  Metrics – the specific standard of measurement used to measure the objective 13-10

The DATA Approach  Define - continued  A common metric to gauge success is return on investment (ROI). ROI is a measure of profitability.  A Social Media Marketing Metrics Matrix  Activity metrics measure the actions the organization takes relative to social media  Interaction metrics focus on how the target market engages with the social media platform and activities  Return metrics focus on outcomes 14-10

The DATA Approach  Some other approaches to measuring return  Return on impressions model demonstrates how many media impressions were generated by the social media tactics employed.  Return on social media impact model attempts to track coverage across media and in different markets against sales over time.  Return on target influence model -- relies upon survey data to assess the effectiveness of social media marketing.  Return on earned media model -- used primarily to equate publicity in news media outlets to its paid advertising equivalent

The DATA Approach  Assess. Assess the costs of the program and the potential value of the results.  Costs that have to be considered:  Opportunity cost – What else could employees have done if they were not spending time contributing to the brand’s social media activity?  Speed of response – It can be difficult to quantify the value of speed  Message control – Brands accept a risk that the brand’s message will be shared or manipulated in ways that the brand would rather not have happen

The DATA Approach  Track. Track the actual results and link those results to the program.  The tracking step in the DATA process involves the following components:  Identify tracking mechanisms  Establish baseline comparisons  Create activity timelines  Develop transaction data  Measure transaction precursors  Overlay timelines and look for patterns 17-10

The DATA Approach  Track - continued  The three approaches to tracking: 1. Forward tracking – tracking mechanisms are developed prior to launching the campaign 2. Coincident tracking – tracking that begins during the campaign 3. Reverse tracking – tracking that is conducted after the campaign is concluded 18-10

The DATA Approach  Track - continued  Baseline – a metric that allows a marketer to compare its performance on some dimension to others things such as how competitors are doing or how its own efforts fluctuate over time  Measurement Maps – display the types of branded messages produced and distributed and invitations for consumer engagement with the brand and online location for these materials 19-10

The DATA Approach  Adjust. Adjust the program based on results to optimize the outcome on future programs

The Evaluation and Measurement Process  Simple Ways to Start Measuring  Content consumption: Who is interacting with and consuming the brand-generated and consumer-generated content?  Content augmentation: Who is adding to or changing your content by continuing the conversation with response posts?  Content sharing: At what rate are those exposed to the brand messages sharing the content with others using Share tools?  Content loyalty: How many consumers have subscribed to branded content with RSS feeds or by registering for site access?  Content conversations: Who is discussing the brand?  Content engagement: Is the number of friends to brand profiles growing? 21-10

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