The Value of a Life Led Social
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Five questions you should ask when trying to build a framework for lifetime value.
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The Value of a Life Led Social
- 1. The Value of a Life Led Social For Social Media & Web Analytics Innovation, April 25, 2013 Matthew Knell Social Media Director @matthewknell #smwa
- 3. @matthewknell / #smwa First, a bit about me … 3
- 4. @matthewknell / #smwa I have an obnoxiously large cap collection 4
- 5. @matthewknell / #smwa I tweet at @matthewknell (say hi) 5
- 6. @matthewknell / #smwa Disclaimer: I’m not an expert because there’s still a lot to learn about social media analytics. 6
- 7. @matthewknell / #smwa This is our story of a building social lifetime value framework and things we’ve found along the way. Hope you enjoy. 7
- 10. @matthewknell / #smwa Fancy charts and graphs 10
- 11. @matthewknell / #smwa 11 71% of data marketers would like to add predictive analytics around lifetime value to their customer data profile
- 12. @matthewknell / #smwa 12 50% of marketers use or plan to use customer lifetime value as a measurement of brand’s effectiveness on social media
- 13. @matthewknell / #smwa 13 41% Of social media marketers view “Customer lifetime value” as “important”
- 14. @matthewknell / #smwa 5 key questions we asked to start figure out our social lifetime value 14
- 15. @matthewknell / #smwa 5 key questions we asked to start figure out our social lifetime value 15 This would be where you start tweeting with #smwa if you like what I’m saying
- 16. @matthewknell / #smwa Where did we start? 16
- 17. @matthewknell / #smwa Question #1: Who’s tried this math before? 17
- 18. @matthewknell / #smwa 18 Lifetime value of a Facebook fan to 20 top global brands, April 2013 Source: Syncapse “Value of a Facebook Fan 2013”
- 19. @matthewknell / #smwa 19 Lifetime value of the materials of the human body Source: http://www.datagenetics.com/blog/april12011/
- 20. @matthewknell / #smwa 20 Lifetime value of a fan in social media 2010 (via Vitrue) Source: Vitrue via AdAge: http://www.adweek.com/news/technology/value-fan-social-media-360- 102063
- 21. @matthewknell / #smwa Why the discrepancy? 21 • Syncapse used purchase intent and history to determine theirs • Virtue used media impressions to determine theirs • Data genetics used, well, the raw materials of the human body.
- 22. @matthewknell / #smwa But we’re a media company… 22
- 23. @matthewknell / #smwa …and social impressions don’t matter unless they result in UVs … and we don’t really sell anything product based in this part of the biz 23
- 24. @matthewknell / #smwa Question #2: What falls under “social media”? 24
- 25. @matthewknell / #smwa A user journey 25 Your super awesome media website Social media stuff
- 26. @matthewknell / #smwa We’ve got social referrals, so it’s all good, right? 26
- 27. @matthewknell / #smwa We’ve got social referrals, so it’s all good, right? 27 (otherwise known as – The “social referrals” are “whatever my analytics tools tell me are social referrals” defense)
- 28. @matthewknell / #smwa Social referrals roll up all this 28 • Social brand communications (the “social media” team) • Social traffic coming from paid acquisition (the “audience dev” team) • Social traffic coming from product integrations (the “product team”) • Repeat visits generated through community (the “community team”) • “The everything else” (PR? Marketing?)
- 29. @matthewknell / #smwa So? 29 • Each one of these has different people, skillsets and optimization paths involved. • For the most effective measure of lifetime value, they should be tracked separately. • Each one will likely result in widely different acquistion costs and lifetime value.
- 30. @matthewknell / #smwa Social brand communications vs social traffic platforms 30
- 31. @matthewknell / #smwa The battle for social souls (and attribution issues there in) 31 WHERE BRAND SOCIAL VOICE MATTERS • Twitter • Facebook • Instagram • Tumblr • Google+ • Pinterest • Social Media team WHERE RAW SOCIAL TRAFFIC MATTERS • StumbleUpon • MyLikes • Ad.ly • ChaCha • Digg • Audience Development team
- 32. @matthewknell / #smwa Struggles with brand communications and performance 32 • Real-time content > ephemeral nature • Content optimization (here’s what we’ve got vs here’s what you want)
- 33. @matthewknell / #smwa Struggles for social paid / influencer acquisition 33 • “Content fraud” • (i.e. Tweets with Hey, look it’s Justin Bieber’s new single… oh wait, it’s just a link to a jobs listings page… MADE YOU CLICK!) • Content is the only determining factor – you are relying on it to hook the user • Probably not ideal for extremely sensitive brands
- 34. @matthewknell / #smwa A user journey 34 Your super awesome media website Social media stuff Branded social comms Paid social acquisition
- 35. @matthewknell / #smwa Question #3: How does “on- site” activity factor in? 35
- 36. @matthewknell / #smwa Social referral buckets 36 • Social traffic coming SPECIFICALLY from social brand communications (the “social media” team) • Social traffic coming from paid acquisition (the “audience dev” team) • Social traffic coming from social integrations on your websites (the “product team”) • Repeat visits generated through community (the “community team”) • “The everything else” (PR? Marketing?)
- 37. @matthewknell / #smwa Think of all the ways you can share on site 37 • Share buttons from posts • From comments • From parts of comments • From forums • Excerpts of posts • Conversations • Social contests / giveaways
- 38. @matthewknell / #smwa A user journey 38 Your super awesome media website Social media stuff Branded social comms Paid social acquisition Social product integration On-site social activity
- 39. @matthewknell / #smwa Question #4: How can we tie all of our social media together? 39
- 40. @matthewknell / #smwa Campaign tracking on social links, of course. 40
- 42. @matthewknell / #smwa Integration points for campaign tracking 42 Content tools / CMS Social products / solutions Editorial workflow Third-party publishing tools (Hootsuite, Sprout Social) Homegrown publishing tools Manual copy and paste Even most enterprise level Social Publishing Tools still require you to integrate your social campaigns with your site metrics.
- 43. @matthewknell / #smwa And… the whole is not necessarily more valuable than the parts. 43
- 44. @matthewknell / #smwa Question #5: How can we calculate lifetime value? 44
- 45. @matthewknell / #smwa A user journey 45 Your super awesome media website Social media stuff Branded social comms Paid social acquisition Social product integration On-site social activity Things that make your super awesome website money
- 46. @matthewknell / #smwa A social media follower isn’t unique to our sites until they’ve taken an action to make them trackable as one. 46 (psst… This one is up to your analytics package or social sign-in / membership product)
- 47. @matthewknell / #smwa A lifetime – contribution value of our social followers who return on ANY channel within a year 47
- 48. @matthewknell / #smwa Value – amount of value we can realize from a site visit (typically value per page of our ads) 48
- 49. @matthewknell / #smwa Return rate 49 Assuming a visitor acquired through a social media channel are attribute to “social”, we saw measurable return traffic from these visitors for up to a year.
- 50. @matthewknell / #smwa Where did we net out? 50
- 51. @matthewknell / #smwa Thank you! http://www.slideshare.net/mat thewknell 51
- 52. @matthewknell / #smwa The five questions on one-slide 52 Question #1: Who’s tried this math before? Question #2: What falls under “social media”? Question #3: How does “on-site” activity factor in? Question #4: How can we tie all of our social media together? Question #5: How can we calculate lifetime value?