social media ch. 11 (metrics)

steps in social media marketing metrics

1. define smart objectives and metrics 2. decide on metrics 3. choose data sources for tracking 4. report social media performance

Return on Investment (ROI)

A measure of profitability and efficiency.

DATA approach

Define: Define the results that the program is designed to promote. Assess: Assess the costs of the program and the potential value of the results. Track: Track the actual results and link those results to the program. Adjust: Adjust the program based on results to optimize future outcomes.

advocacy KPIs

UGC as reviews ratings recommendations positive WOM participation in brand social community

relative pull

a comparison of how well different creative executions generate a response

baseline

a metric that allows a marketer to compare its performance on some dimension to other things

A/B testing

a strategy in which two versions of a message, Version A and Version B, are tested against each other

purchase KPIs

acquisition metrics (conversion rates, average sales)

inspire evangelism

activate customer influencers KPIs: earned impressions, reach, social UGC

social media marketing metrics matrix

activity metrics interaction metrics return metrics

social media return on investment (SMROI)

answers the question "how much income did our investments in social media marketing generate?"

preference KPIs

applause metrics (likes, favorites) engagement metrics (sharing) lead generation metrics (volume and quantity)

return on social media impact model

attempts to track coverage across media and in different markets against sales over time

buyer's journey

awareness consideration decision adoption advocacy

coincident tracking

begins during the activity or campaign

why metrics?

campaigns are not complete unless objectives are set and effectiveness has been assessed by your KPIs. The challenge is to identify the right KPIs to use. There's a difference between knowing what the stats mean and knowing which stats are meaningful

metrics

data and statistics that give you the insights into your social media marketing performance

return on impressions model

demonstrates how many media impressions were generated by the social media tactics employed

generate demand

drive engagement of target audience with brand content KPIs: number of engagements, types of engagements

delight customers

drive engagement with brand product/services KPIs: (positive) earned mentions, customer care

social media trend

engagement metrics are most meaningful for content performance

loyalty KPIs

engagement over time continued purchase activity

create awareness

expose target audience to brand content KPIs: impressions, reach, cost-per-impression

dimensions of engagement

involvement interaction intimacy influence

metrics

measurements within a defined context

key performance indicators (KPIs)

metrics that are tied to SMART organizational objectives

social media

metrics: assess and adjust social media strategy and tactics KPIs: impressions, consumption, applause, amplification, response

marketing

metrics: assess contribution to marketing objectives/ inform strategy KPIs: reach, share of voice, market insights, return on investment, cost to convert

business

metrics: evaluate contribution of social media to meeting business objectives KPIs: revenue generated from social media activity, cost-efficiencies achieved

drive conversion

move target audience to brand offers KPIs: link clicks, cost-per-click

awareness

objective: create awareness

adoption

objective: delight customers

decision

objective: drive conversion

consideration

objective: generate demand

advocacy

objective: inspire evangelism

activity metrics

organization's social media marketing efforts

return metrics

outcomes achieve from social media activities and engagement

awareness KPIs

reach views/impressions WOM mentions CPM

sentiment

refers to how people think or feel about an object, such as a brand, or a political candidate

Return on target influence model

relies upon survey data to assess the effectiveness of social media marketing

measurements

require context to provide useful feedback

interaction metrics

target market engagement with social media marketing

site stickiness

the ability of a site to draw repeat visits and to keep people on a site

interaction

the actions people take while present at the social touch point metrics: likes, shares, completion rates, average time spent per interaction, comments, downloads

intimacy

the affection or aversion a person holds for the brand metrics: sentiment, complaints posted in social channels, compliments posted, contribution quality, emotion expressed, brand perception, brand attitudes

frequency

the average number of times someone is exposed to a message

influence

the likelihood that a person will advocate for the brand metrics: quantity, frequency, and score of reviews and ratings, number of recommendations in social word-of-mouth communication and impressions reached due to influencer network size

reach

the number of people exposed to a message

clickthroughs

the number of people exposed to an online ad or link who actually click on it

viewthroughs

the number of people who are exposed and do not click through, but who later visit the brand's website

sales conversions

the number of people who click through who go on to purchase a product

involvement

the presence of a person at each social touch point metrics: page or profile visits, content views

consideration KPIs

time spent with content number of interactions video view completion rate use of recommended apps and reviews

Return on earned media model

uses a metric called advertising equivalency value to equate publicity in news media outlets to its paid advertising equivalent