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Social Media & the Enterprise, Part 4 ROI & Analyzing Effectiveness. Analyzing the Effectiveness Of Your Social Media Effort Presented by Sean Gallagher sean@seanmgallagher.com. Understanding Goals of Your Social Media Operations. Brand awareness? Lead generation?
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Social Media & the Enterprise, Part 4 ROI & Analyzing Effectiveness Analyzing the Effectiveness Of Your Social Media Effort Presented by Sean Gallagher sean@seanmgallagher.com
Understanding Goals of Your Social Media Operations • Brand awareness? • Lead generation? • Improved customer communication? • Driving Web traffic? • Increased sales? • Reduce customer service complexity and costs? • Market research? • Create brand loyalty? • Create opportunities for interaction? • New product ideas? • Understand customer perceptions, holes in operations? • Competitive intelligence?
‘Hard’ Metrics • Web traffic generated by social media referrers • User registrations on community site or newsletter • E-coupon redemptions • Positive mentions • “Likes” and “Fans” • Phone calls (numbers specific to social media sources)
Less Hard Metrics • Value of the “Fans” and Followers you have –what’s their influence and reach? • Conversion rate of “fans” to customers? • Volume of social media mentions of your company/brand, by whom, what their reach is • How your social media audience compares to the demographics of your offline customers • Feedback / comments / engagement
Facebook Page Metrics: ‘Facebook Insights’ • Fan interaction per day, per post • Discussion page posts • Impressions and actions per post • Click-through rate, • Total # of fans, unsubscriptions / resubscriptions • New fans • Demographics (age, gender) • Media consumption • Also tracks off-Facebook sites registered with FB domain service for “Likes”
Facebook Ads • Can be targeted by: • Age (and birthday), gender • Keywords in interests • Education, workplace (company name) • Relationship status, “Interested In” • Connection to a group, fan page • Estimates audience size • Can check results per targeted demographic
Facebook Ads Metrics: • Impressions • Clicks • Click-through rate • Cost per click / CPM • Actions / cost per action
Twitter Metrics • Organic tools • Followers, mentions, retweets • Search.Twitter.com for brand mentions • Free external tools • Klout (also tracks Facebook profiles, but not pages) • Twitalyzer
Other Social Metrics • Alexa, Quantcast • Technorati • HootSuite, CoTweet, • Ow.ly, Bit.ly URL services • Various paid tools and services
Measuring Customer Sentiment: ZenDesk • ZenDesk integrates Twitter into ticket generation process through “twicket” generation • Customer service agents can follow conversations in Twitter about product within customer support app, and collaborate on response • Frequently used by marketing as much as for Helpdesk/CRM
Analyze, Assess, Adjust • It's difficult, if not impossible, to derive a hard ROI figure for social media efforts • Even if you’re “effective” in hitting metrics, the results may not be what you expect • Balance hard metrics against soft metrics, quantitative against qualitative • Baseline core business metrics and measure those as well – customer retention, organizational efficiency