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Social Metrics

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This was a presentation I gave at the Vermont Web Summit on November 3, 2011. It's mostly about choosing something smart to measure, like real business stuff, than the nuts and bolts of social analytics.

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Social Metrics

  1. 1. Social Media Metrics Presented by Rich Nadworny @rnadworny November 3, 2011
  2. 2. Digital Strategy and Marketing firmBased in Burlington, since 2008Virtual AgencyStarted #BTVSMB in 2009
  3. 3. What Are Metrics?(def) noun1. the science of meter.2. the art of metricalcomposition.
  4. 4. What Are Metrics?How about:(def) noun1. the distance betweenpoints on a real line
  5. 5. What Are Metrics?Metrics are a set ofmeasurements thatquantify results. (from glossary of business management terms)
  6. 6. What Metrics really means:How do I know if what I’m doing works?
  7. 7. What are you really trying to do? What’s your social strategy?
  8. 8. Social Media:The Plant and Vegetable Strategy Establish & Grow
  9. 9. How Do You Measure That? Quantitative Growth numbers Followers Likes Visits Views Establish & Grow
  10. 10. Create Scorecards
  11. 11. Use Free or Paid Tools
  12. 12. Use Free or Paid Tools
  13. 13. Use Free or Paid Tools
  14. 14. What Are These Metrics Worth?Numbers to consider:Social media marketers reported that48% of their budgets are used to attractnew members to their pages.From e-Marketer study, September 2011
  15. 15. What Are These Metrics Worth?Numbers to consider:Social media marketers reported that48% of their budgets are used to attractnew members to their pages.52% said their fan or follower basewas not target-appropriate.From e-Marketer study, September 2011
  16. 16. How have all of those METRICShelped your BUSINESS?
  17. 17. Numbers to think about:Increasing your customer satisfaction by 5%can increase profits by as much as 95%
  18. 18. Social Strategy & Metrics: SalesUse your social channels to increase sales
  19. 19. Strategy & Metrics: Sales
  20. 20. Measure1. How many items sold2. How many people clicked on your offer (conversion rate)3. How much the promotion cost4. Increase in sales in general
  21. 21. Wait!! That’s social media ROI!
  22. 22. Strategy: Increase Customer Satisfaction
  23. 23. Measure: Increase Customer Satisfaction1. Requests through social2. # of resolved issues3. How long does it take to resolve4. Do customers tell others5. Satisfaction (ask!)
  24. 24. Strategy: Active Intelligence
  25. 25. Mine Your Stream
  26. 26. Monitor Conversation
  27. 27. Monitor Influencers
  28. 28. Measure Listening
  29. 29. Listening MetricsGather the top 3-4 ideas per month fromyour customers.Identify the top 2-3 influencers eachmonth. Treat them specially.
  30. 30. Strategy: Drive Web TrafficUse your social channels to increasetraffic to your Web site (where you dobusiness).
  31. 31. Integrate Social AppsABCNews.com, Washington Post and TheHuffington Post are said to have more thandoubled their referral traffic from Facebooksince adding social plugins.
  32. 32. Integrate Social AppsAmerican Eagle added the Like button next toevery product on their site and foundFacebook referred visitors spent an averageof 57% more money than non-Facebookreferred visitors
  33. 33. Use Free or Paid Tools
  34. 34. Integrate Your MetricsDon’t let them stand alone.Mash them up with biz data, like sales, brandaffinity.
  35. 35. Integrate Your Metrics Numbers look better if you can make inferences with real things.
  36. 36. Social Metrics Figure out what you want to do – then figure out how to measure it
  37. 37. Social StrategyCreate small strategies and learn from the results
  38. 38. Measure MeaningNot Numbers
  39. 39. Thanks!! Presented by Rich Nadworny @rnadwornyNovember 2, 2011