Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie
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Want to know more about social media monitoring as well as the ROI for using social media monitoring for your business? This presentation has several case studies and analyzes the benefits vs the costs. There case studies are based on the social media monitoring technology of Crimson Hexagon. Let's Connect here: http://www.linkedin.com/profile/view?id=7338937&trk=tab_pro https://www.facebook.com/natalie.petouhoff www.Twitter.com/drnatalie www.drnatalienews.com/blog
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Social Media Monitoring ROI & Setting Up A Measurement Program @DrNatalie
- 1. Demystifying the ROI of Social Media Real Social Media Monitoring Case Studies By Dr. Natalie Petouhoff @drnatalie www.drnatalienews.com/blog
- 2. Agenda • Look at real case studies • Calculate business impact & ROI • Set-up a social media measurement program 2 @drnatalie
- 3. Learning •is the desire to discover new things We are amazed by new things… @drnatalie
- 4. • And Social Media? It’s the new shiny object @drnatalie @drnatalie
- 5. But the amount of information – can feel like an insurmountable blur @drnatalie
- 6. @drnatalie It can generally be useless
- 7. Today’s goal is to… Provide… • Marketers • Brand Managers • Product Managers • Consumer Insights Teams & • Market Research Professionals w An understanding of the benefits of: • Having deep, real-time insights • Using insights to make business decisions & • Being able to be an invaluable @drnatalie resource to CEO- suite
- 8. Using context To TAKE THE CHAOS TO ssss ORDER @drnatalie
- 9. Business As Usual Executives want to know what the business value of social media is 9 @drnatalie
- 10. Misconceptions http://www.flowtown.com/blog/what-is-the-roi-of-your-mom of ROI You may have heard… “Would you calculate the ROI of your mom or your pants? Then why would you calculate the ROI of social media? It’s obvious!” • That’s funny • But ROI is not obvious to everyone • And your boss would like a number @drnatalie @drnatalie
- 11. Misconceptions of ROI “ROI is too difficult because I’m not a “math” person.” @drnatalie
- 12. Misconceptions of ROI… There’s a change in metrics!! • We have 500 more “Likes” • 10X click-thru rate on “Buy Now” button • $5M in annual support savings & sales advocacy • Viral videos increased company sales +700% • Social microsites secured 1,000,000 fans and a 10% increase in same-store sales E I have an ROI!! e Note to self: Metrics are necessary… But they are not ROI @drnatalie
- 13. Real-world Examples @drnatalie
- 14. Case Study: @drnatalie Major Insurer Advertising Effectiveness & Competitor Evaluation Ran nat’l ad campaigns & wants to understand: • Effectiveness of messages and • Drivers of consumer purchase intent Analyzed online conversations: • Their brand • Key competitor
- 15. Insurer Ad Effectiveness • Insurer’s ad campaign is liked • Didn’t generate conversation about buying or switching insurers @drnatalie
- 16. Insurer Ad Effectiveness • Competitor ad campaign is more divisive • Insurer’s ad campaign is liked • Didn’t generate conversation about buying or switching insurers @drnatalie
- 17. Insurer Ad Effectiveness • Competitor ad campaign is more divisive • Insurer’s ad campaign is liked • Didn’t generate conversation about buying or switching insurers • But spurs a conversation trend related to purchasing @drnatalie
- 18. @drnatalie Conclusion of social media monitoring • Both campaigns generate healthy “buzz” • But positive sentiment doesn’t reflect intent to purchase • Using context avoids misinterpreting positive sentiment for a social buying gesture- intent to purchase
- 19. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs What is the benefit? What is the cost? • If the commercial drove sales? • People- to do the analysis • Number of leads? • Process- process to compile the • What is a lead worth? information • Number of lead conversions? • Technology- social media monitoring tool • What’s a sale worth? @drnatalie
- 20. Case Study: @drnatalie Craft Company Product Development & Marketing Wants to understand: • What topics dominate craft-related conversations? • Is marketing having the desired effect? • What’s lacking in the product line and accessories? cccccccccc
- 21. Identified New Product Opportunities Consumers’ expressed strong desire for: • More & better supplies & accessories • Improved access to purchase those accessories Discovered opportunity to develop more male-centric product line & accessories @drnatalie
- 22. Conclusions of social media monitoring • In-house Research • Quickly and cost effectively identifies new product & market opportunities • Prompts development of new product accessories • Enables additional sales • Expands market share • Marketing • Gained increased confidence leveraging social-media • Confirmed effectiveness of current messaging and promotional approach @drnatalie
- 23. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs What is the benefit? What is the cost? • What does it cost the company to go to market • People- to do the analysis with a product that isn’t what customers really wanted? • Process- process to compile the • What would this type of market research information normally cost the company? • How long would it normally take to get that kind • Technology- social media of feedback? What’s the general cost for product monitoring tool dev to launch a product? • What’s the value of finding a new product to provide their market? • What was the value in revenue of the new products/ accessories? • What’s the value of key messaging that works? Higher lead conversation rate? @drnatalie
- 24. Case Study: Medical Device for Diabetes & Insulin Product Launch Marketing Wants to understand diabetes & insulin: • What core messages will resonate most with these consumers? • How do patients discuss the complexities of treatment & control? • What is the significance for the new product launches? @drnatalie
- 25. Consumers’ Concerns Top Conversations Lifestyle Treatment Lifestyle Success Support Device comments? LOWER @drnatalie
- 26. Conclusions of social media monitoring Opportunity for brand to: • Get more engaged • Become trusted-partner • Create a online Community for • Advice • Recommendations • Shared-support @drnatalie
- 27. ROI of social media monitoring ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs What is the benefit? What is the cost? • What’s the value in knowing what to put the emphasis of content online? • People- to do the analysis • I.e.., to create an editorial calendar that has content that specifically addresses why people • Process- process to compile the might not use their medicine information • And which means that don’t feel as well and they don’t live as long or buy the medicine- which • Technology- social media affects sales • What is the value of becoming a trusted resource for monitoring tool patient concerns? Enhanced brand trust? • Did the online community: • Deflect any calls to the call center? • Increase the efficiency or effectiveness of the calls? • Did the company use the content in the community to update their FAQs or knowledge base which helped self-service? @drnatalie
- 28. Case Study: Healthy Snacking & Kids Campaign Planning: Product Launch & Marketing Wanted to know the nature of online conversations: • Concerns parents have providing kids a healthy diet • What factors drive purchase decisions and habits? @drnatalie
- 29. “Healthy” in Kids Snack Foods: More Effectively Resonate with Consumers Allergies Top Conversations Nutrition Convenience Not as High Taste @drnatalie
- 30. Conclusions of social media monitoring Opportunities for Brand: • Better launch messaging • Product packaging • On-going campaign messaging @drnatalie
- 31. ROI of social media monitoring ROI xof social media Investment ROI = Benefits - Costs 100 = Percentage Return on the ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs Costs What is the benefit? What is the cost? • What’s the cost of market research? • People- to do the analysis • Focus group of 12 people = 15K • Process- process to compile the • How many would you need to do to get information the same volume of content? • 12 x $15K = $180,000 • Technology- social media monitoring tool • What’s the value of targeting the message for a campaign? • What’s the value of being able to run an AB test of taste vs. allergies to see which one really gets the most responses? @drnatalie
- 32. How to Set-up A Social Media Measurement Program 1. Get executive buy-in & support 2. Choose Staff 3. Determine your business goals • Product Development • Product Launch • Product Marketing… 4. Choose a social media monitoring system 5. Start listening to online conversations 6. Hone the analysis / teach the system 7. Analyze the information 8. Create appealing presentation of data 9. Present information to stakeholders How to Monetize Facebook 10. Take action on the data & repeat! With Social Commerce By Dr. Natalie @drnatalie
- 33. Wayne St. Amand Vice President, Marketing
- 34. SOCIAL MEDIA IS EVERYWHERE, AND EVERYONE IS USING IT. WE ANSWER THE QUESTIONS.
- 35. 250+ MILLION POSTS PER DAY 1.75 BILLION POSTS PER WEEK 100+ BILLION POSTS TO DATE
- 36. MASSIVE OPPORTUNITY NOT FULLY LEVERAGED BY MOST • Social media is the largest source of unfiltered information ever available about how consumers truly think and feel • The vast majority of companies have yet to take advantage of this intelligence to influence their business decisions Achieving Social Intelligence The management and analysis of customer data from social sources, used to activate and recalibrate marketing and business programs.
- 37. SOCIAL INTELLIGENCE CREATES ACTIONABLE INSIGHTS True Social Intelligence Delivers • Consumer insights to drive business success – Greater marketing effectiveness – On-target product planning – Deeper competitive insights – Understand purchase triggers However, most of today’s tools do a terrible job of helping you achieve true Social Intelligence
- 38. MOST SOCIAL MEDIA MONITORING IS BROKEN Keyword NLP Manual-coding Sentiment Semantic Monitoring Search Keywords and semantics don’t work well in social media • Traditional tools lack the ability to understand context • A computer cannot replace human judgment • Human analysts cannot scale or provide consistency • Predefined rules cannot support the dynamic nature of the social media conversation • Surface-level monitoring lacks accuracy and deep insight
- 39. THE CRIMSON HEXAGON FORSIGHT® PLATFORM 39
- 40. A REVOLUTIONARY APPROACH Scalable Context Accurate Nuance Replicable Judgment
- 41. SENTIMENT ALONE IS INCOMPELTE Major Automotive Brand 102,784 mentions Positive Negative Neutral 66% 23% 11% 18% 12% 11% 11% 11% 11% 9% 9% 8% Love Chevy Legendary Want One Looks & Performance Great Business Maintenance Prefers Asking advice Design Competitor
- 43. ANALYTICS BEYOND SOCIAL PROPRIETARY ONLINE Customer Feedback Social Web Market Research Facebook Pages
- 44. GLOBAL CONVERSATION boas zdravstvuyte 早上好 bonjour namaskar sawa dee-ka selamat pagi Grüßgott konbanwa Γεια σου 안녕하세요 hej merhaba selam
- 46. ADDITIONAL RESOURCES: Request an Online Demo: http://www.crimsonhexagon.com/products/request-a-live-demo Customer Case Studies: http://www.crimsonhexagon.com/customers/#casestudies Overview Video: http://www.crimsonhexagon.com/products/overview-video/ Data Sheets & White Papers: http://www.crimsonhexagon.com/products/whitepapers/
Editor's Notes
- Real social media analysis case studies with the data that drove business decisions2. How to set-up your social media measurement program3. How to calculate the ROI and business impact of social media
- Learning is the desire to discover new things – novelty. We are amazed by new things.
- Social media?It’s the new shinny object.Whether executives understand what to do with it, they know everyone is doing it- so they are asking- what are doing doing on twitter and facebook? Many of us think it’s neat. And it is, but…
- But the amount of information – feels like an insurmountable blur
- It can be generally useless.
- Provide… MarketersBrand ManagersProduct ManagersConsumer Insights teams & Market Research professionals An understanding of the benefits of: Deep insights that social media monitoring and analysis provideShow how social media insight can be used to impact future outcomes, not just measure what’s already happened
- The real feat? Sorting it outPutting things into a contextTAKING THE CHAOS TO ORDER
- Why now? Is putting things into context so important?Most corporate initiatives require a business case and estimated ROI for approvalBut the impact of social media is one initiative that many business leaders are unsure how to quantify.Business leaders want toto substantiate the budget requests. In any new field, there is the drive from the innovators and early adopters.They are like kindling- they spark the fire SPARK THE FIRE
- Insurer has spent millions to run nat’l ad campaigns Want to understand: Effectiveness of messages and Drivers of consumer purchase intentAnalyzed online conversations: Their brand Key competitor
- Using Crimson Hexagon:What topics dominate the online conversation related to Insurer?Is the ad campaign driving intent to purchase?How does competitor stack up in similar analysis?What’s missing from current campaign messaging?
- Using Crimson Hexagon:What topics dominate the online conversation related to Insurer?Is the ad campaign driving intent to purchase?How does competitor stack up in similar analysis?What’s missing from current campaign messaging?
- Using Crimson Hexagon:What topics dominate the online conversation related to Insurer?Is the ad campaign driving intent to purchase?How does competitor stack up in similar analysis?What’s missing from current campaign messaging?
- Insurer has spent millions to run nat’l ad campaigns Want to understand: Effectiveness of messages and Drivers of consumer purchase intentAnalyzed online conversations: Their brand Key competitor
- Using Crimson Hexagon:What topics dominate the online conversation related to Insurer?Is the ad campaign driving intent to purchase?How does competitor stack up in similar analysis?What’s missing from current campaign messaging?
- Insurer has spent millions to run nat’l ad campaigns Want to understand: Effectiveness of messages and Drivers of consumer purchase intentAnalyzed online conversations: Their brand Key competitor
- Get executive buy-in & supportChoose Staff to head-up social media monitoring / measurement programDetermine your business goals; improve, refine…Product DevelopmentProduct LaunchProduct Marketing…4. Choose a social media monitoring system5. Start listening to online conversations6. Hone the analysis / teach the system7. Analyze the information8. Create appealing presentation of data9. Present information to stakeholders10. Take action on the data & repeat!
- Crimson Hexagon answers questions from government, non-profit and commercial leaders. We use a patent-pending software platform that we’re continuing to expand. It was built in 2007 at Harvard University’s Institute for Quantitative Social Science to call elections. Crimson Hexagon’s software understands the common elements of how people use language, any language, to express themselves with meaning in context; and, through our software, we’re able to raise meaningful answers to research questions that come from the top officers and C-Suite leaders in today’s profit and non-profit worlds. We’re the strategic advisors to the curious customers across the US and around the world.This week, Crimson Hexagon is answering questions like these: Which TV ad campaign provides the clearest value proposition for buying home, auto and property insurance? Which car makes and models have had significant marketing momentum before they hit the showroom and what impact will that have on sales? Which computers and smart-phones are going to carry the consumer electronics industry through the fall buying season? What’s going to happen to retail growth at Best Buy? Is Target going to enhance its brand or its P&L by selling Missoni at 60% off in its flash sales? How envious are northern Europeans of the quality of the Finnish school system? How much did the London and UK youth riots of last summer gather strength from unemployment? What are the nuanced readings of the Arab world around the bombing of the Israeli consulate in Egypt? What are rising global commodity food prices doing to stressed communities in Indonesia? Who has the best chance of winning the Republican Presidential primary? Or the General election next November?
- It makes sense in a world of up-to-the-minute headlines, endless TV and endless talk that the most demanding people are looking for their own global early warning system on what tomorrow’s news will be. We see this quest as the C-suite quest and in order to answer the higher order questions that it poses, Crimson Hexagon does three things: first, we analyze proprietary data—including customer and employee surveys, equity performance abstracts, TV and radio transcripts, any treasure trove of unstructured text that can be mined for relevance. Second, we analyze the social web; and, in that analysis, Twitter is becoming increasingly important as the place where more people reveal more opinions on a wider range of topics than anywhere else.Finally, we look for correlation between market data—such as stock market results, weather reports, global commodity prices; election results; retail sales results, Nielsen ratings, theatrical box office, online content usage and more—and proprietary and social data. We use unstructured text as the foundation of our work and then we compare it with the fresh, often live data from relevant numeric ratings systems that tell their own story. With both data sources under the same lens, we observe and report on how that story changes and grows.
- We look at 250 million tweets every day and 1.75 billion tweets per week. The mountain of tweets grows at a massive rate.Theycome out of brand-and-issue-related conversations and often contain critical messages that can help make your customers your followers, your evangelists and your investors.Crimson Hexagon makes sense out of terrabytes of social web data in every language. We do it by working closely with government and business leaders to organize our research around the 5-10 most important questions of the day—your day, any day. And we build a wide knowledge base on what’s drivingopinion far beyond positive or negative sentiment alone.
- We begin with a value proposition that global leaders can count on.Intelligent: Our algorithm is unparalleled in its ability to read the context and nuance of social media conversations.Precise: Our algorithm is accurate to within +/-3%. Other NLP systems in the marketplace cannot keep up.Unbiased: Our analysis has no influence on the outcome, because we are watching the social conversation unobserved. Immediate: Our platform efficiently destroys and then reformulates huge tranches of data at a rate well-paced with the exploding online conversation.Global: Our language-agnostic analysis allows us to serve international clients on any scale.
- Here’s a look at nearly 210,000 consumer opinions from Twitter related to Netflix and its recently announced change in its pricing plans. It’s not surprising that 65% tweeting about Netflix reacted negatively to the change. What is surprising is that 14% of customers expressed the following opinion: “Goodbye Netflix, Hello Redbox”. If you were Redbox, what would you do with this information? How about Hulu? Could this change your plans if you’re Hulu?
- Self-Service Software (SaaS Platform)Cloud-hosted software linked to social media content databaseUsage-based subscriptions & enterprise-level licensing Market-leading range: 50+ billion postsTraining included and consulting services availableFull-Service SolutionsShort-term projectsLong-term trackingIndustry trend and intelligence reportingWide Range of ApplicationsAnalysis of social media or proprietary dataSimple to set-upResults available via UI, export, or API
- Self-Service Software (SaaS Platform)Cloud-hosted software linked to social media content databaseUsage-based subscriptions & enterprise-level licensing Market-leading range: 50+ billion postsTraining included and consulting services availableFull-Service SolutionsShort-term projectsLong-term trackingIndustry trend and intelligence reportingWide Range of ApplicationsAnalysis of social media or proprietary dataSimple to set-upResults available via UI, export, or API
- Here’s a small cross section of the Crimson Hexagon client base. We have a very strong media business, online and onTV, and a growing consumer products, manufacturing and consumer services base. We do great work for the retail banking industry and for financial services companies. We are also a favorite with governments and institutions in the education and public affairs sector. Some of our largest and most vibrant clients and partners are not on this list, preferring to dive into our work with a minimum of press coverage.
- Crimson Hexagon answers questions from government, non-profit and commercial leaders. We use a patent-pending software platform that we’re continuing to expand. It was built in 2007 at Harvard University’s Institute for Quantitative Social Science to call elections. Crimson Hexagon’s software understands the common elements of how people use language, any language, to express themselves with meaning in context; and, through our software, we’re able to raise meaningful answers to research questions that come from the top officers and C-Suite leaders in today’s profit and non-profit worlds. We’re the strategic advisors to the curious customers across the US and around the world.This week, Crimson Hexagon is answering questions like these: Which TV ad campaign provides the clearest value proposition for buying home, auto and property insurance? Which car makes and models have had significant marketing momentum before they hit the showroom and what impact will that have on sales? Which computers and smart-phones are going to carry the consumer electronics industry through the fall buying season? What’s going to happen to retail growth at Best Buy? Is Target going to enhance its brand or its P&L by selling Missoni at 60% off in its flash sales? How envious are northern Europeans of the quality of the Finnish school system? How much did the London and UK youth riots of last summer gather strength from unemployment? What are the nuanced readings of the Arab world around the bombing of the Israeli consulate in Egypt? What are rising global commodity food prices doing to stressed communities in Indonesia? Who has the best chance of winning the Republican Presidential primary? Or the General election next November?