cost effective social media measurement
Post on 19-Nov-2014
1.638 Views
Preview:
DESCRIPTION
TRANSCRIPT
(c) Sharp Search Technologies
Cost Effective Social Media Measurement
Sharp Search TechnologiesGeoff Sharp
1
2
Audience and Assumptions
• You are an SMB or a department of a larger business
• You have a growing investment in social media and web
• The ROI of Social Media Marketing (SMM) is imprecise butyou believe in the value of measuring social media usage
(c) Sharp Search Technologies
Is this you?
(c) Sharp Search Technologies
Relevant Research on SMB Use of Social Media
“The 2012 Inc. 500 Social Media Update” (Based on a survey of the Inc500 companies)http://www.umassd.edu/cmr/studiesandresearch/2012inc500socialmediaupdate/
What comparable companies are doing in Social Media
It is useful to know what other companies are doing
U Mass conducts an annual survey of the use of social media by the Inc 500
(c) Sharp Search Technologies 4
SMB Use of Social Media
• 91% use social media marketing (SMM)
• 71% will increase investment in 2013 by 20-50%+
• 65% use existing staff, 10% use consultants, 7% new hires
• But only 25% have a written SM policy
(UMass Study 2012)
(c) Sharp Search Technologies
What’s Being Measured by SMB in SMM
(UMass Study 2012)
Metric % Measuring
Fans / Followers 26%
Web Traffic 25%
Leads 16%
Customer Service Cost Savings 10%
Sales Value 7%
Not a whole lot of measurement
(c) Sharp Search Technologies 6
SMB’s Biggest Challenges in Social Media
• Finding Budget and Resources
• Most have no dedicated social media teams
• Time spent creating content and updates
• Measuring effectiveness
Resource constraint and lack of measurement
(UMass Study 2012)
(c) Sharp Search Technologies 7
Biggest Benefits to SMB of Social Media
• Brand Awareness
• Networking
• Reputation
• Competitive Intelligence
Clearly SMM important for growing the business
(UMass Study 2012)
(c) Sharp Search Technologies 8
Why Measure and Track Social Media Usage ?
• Know what is growing and how rapidly
• Keep track of expenses and editorial effort
• Be up to date and aware of reputation and competition
know where you stand and where you are going!
(c) Sharp Search Technologies 9
Current Problems in Measuring Social Media
• Large number of overlapping tools and social platforms
• Advanced tools are very expensive and require expertise
• Rapid changes in tools and platforms
• Multiple sources of data
You really can’t manage this without some expertise!
(c) Sharp Search Technologies 10
Categories of Measuring Tools
Free and Complex
• Google Analytics
Expensive and Complex
• Adobe Social• Radian6, Sysomos
Free and Simple
• Linkedin Insights • FB Insights• Social Mention
Expensive and Simple
• Measuring nothing
(c) Sharp Search Technologies 11
Measuring Tools – Free & Complex
Free and Complex
• Google Analytics
Expensive and Complex
• Adobe Social• Radian6, Sysomos
Free and Simple
• Linkedin Insights • FB Insights• Social Mention
Expensive and Simple
• Measuring nothing
Google Analytics is Free but Requires the use of dedicated staff and expertise and is also getting more compex
(c) Sharp Search Technologies 12
Measuring Tools – Expensive & Complex
Free and Complex
• Google Analytics
Expensive and Complex
• Adobe Social• Radian6, Sysomos
Free and Simple
• Linkedin Insights • FB Insights• Social Mention
Expensive and Simple
• Measuring nothingAdvanced tools are expensive and require expertise. They usually don’t offer value to SMB
(c) Sharp Search Technologies 13
Measuring Tools - Free & Simple
Free and Complex
• Google Analytics
Expensive and Complex
• Adobe Social• Radian6, Sysomos
Free and Simple
• Linkedin Insights • FB Insights• Social Mention
Expensive and Simple
• Measuring nothingLots of free and simple tools but it requires some expertise and effort to combine and use effectively
(c) Sharp Search Technologies 14
Measuring Tools – Doing Nothing is Expensive
Free and Complex
• Google Analytics
Expensive and Complex
• Adobe Social• Radian6, Sysomos
Free and Simple
• Linkedin Insights • FB Insights• Social Mention
Expensive and Simple
• Measuring nothingDoing nothing can result in significant lost opportunity and inefficient use of resources
(c) Sharp Search Technologies 15
Estimated Costs per Month
Free and Complex
• 3/4 STAFF = $6,000
Expensive and Complex
• ½ STAFF = $4,000• Tools = $7500• Total = $11,500
Free and Simple
• ¼ STAFF = $2,000• 10% op* cost = $5,000• Total = $7,000
Expensive and Simple
• 20% op* cost = $10,000(assumes $50K SMM budget)
* = opportunity cost
(c) Sharp Search Technologies 16
Expensive Alternatives for Measuring Social Media
• Pay big bucks for an expensive tool with support
• Dedicating existing staff
• Hire expensive agencies
It’s easy to waste a lot of dollars needlessly!
(c) Sharp Search Technologies 17
A Cost Effective Approach for Measuring Social Media
• Focus on relevant SMM & web measures
• Have a consistent quarterly SMM review
• Track SMM web usage monthly with a concise management report
A smart approach is to focus and leverage!
(c) Sharp Search Technologies 18
For Example : The Sharp Track Report
• Focused on relevant social media & web measures
• Quarterly SM assessment & strategy report
• Monthly report tracking social media and web usage
As an example of a cost effective approach!
(c) Sharp Search Technologies 19
The Sharp Track Quarterly Assessment Report
• Based on 14 relevant metrics with a benchmark
• Relevant overview of social media and web presence
• Relevant assessment of social engagement and sentiment
• Survey of the competitive environment
(c) Sharp Search Technologies 20
Sharp Track Assessment Report
Relevant Comprehensive Quarterly Assessment
(c) Sharp Search Technologies 21
Sharp Track Assessment Report
Pragmatic Use of 14 Relevant Metrics
The Sharp Report Score measures your web andsocial media presence using 14 metrics
(c) Sharp Search Technologies 22
Sharp Track Assessment Report
Benchmark Score for Reality Check
Your Score is compared to a benchmark scoregiving you a target
(c) Sharp Search Technologies 23
Sharp Track Assessment Report
Simple Visual Presentation
W1 Hubspot Web Grade
W2 Traffic
W3 SEO
W4 Linkbacks
W5 Web Page Visual
W6 Blog
W7 Mobile
S1 LinkedIn
S2 Facebook
S3 Twitter
S4 Youtube
S5 Social Measure
S6 Organization
S7 Social Links
SHARP REPORT Score
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0
BENCHMARK LAUNCHSQUAD
Your Score is compared to a benchmark scoregiving you a target
(c) Sharp Search Technologies 24
Sharp Track Assessment Report
Sample Recommendations • Create a site-map to improve SEO
• Re-design home page – obvious problems are:– Page too large and long– Too many very large images– Change to mobile friendly design– Improve navigation to relevant content
• Consider adding a blog for building community
• Be active on LinkedIn and Facebook with more CTA and sharing
• Encourage company-wide social media participation and contribution
• Strategize and organize your social marketing
Recommendations are provided for improving your social media strategy
(c) Sharp Search Technologies 25
Why a Monthly Tracking Report
• It’s important to track usage on a regular monthly basis in a manner that is easy and straight-forward for management review
• A report should be designed to provide meaningful trending information in under 10 minutes.
• The report should support management decisions or further deep-dive
(c) Sharp Search Technologies 26
Example - The Sharp Track Report
(c) Sharp Search Technologies 27
The Sharp Track Report
Comprehensive view of long term trends in web and blog traffic and effectiveness
(c) Sharp Search Technologies 28
The Sharp Track Report
Long term trends in Linkedin and Facebook presence and effectiveness
(c) Sharp Search Technologies 29
The Sharp Track Report
1 2 3 4 5 6 7 8 9 10 11 120
2000
4000
6000
8000
10000
12000
WEB & BLOG TRAFFIC
Web Unique VisitorsWeb Page ViewsBlog VisitorsBlog Views
Graphic view to spot and compare trends
(c) Sharp Search Technologies 30
The Sharp Track Report
Main Twitter and YouTube activity
(c) Sharp Search Technologies 31
The Sharp Track Report
Trends in your social media presence and sentiment
(c) Sharp Search Technologies 32
The Sharp Track Report
What direct competition is doing in social media
(c) Sharp Search Technologies 33
Sharp Track Report
One integrated report from multiple sources and tools
(c) Sharp Search Technologies 34
CloudBurst – Hypothetical Analytics of Social Media
• CloudBurst is a SaaS company with 500 employees and an annual budget of $1 million for web and social media
• Staff dedicated to web site and community management but no analytics staff
• Management wants analytics to improve their investment
This is a typical example based on real experience
(c) Sharp Search Technologies 35
CloudBurst – Assumed Traffic and Engagement
• Web site has 2,000 monthly visitors, 3,500 page views and a bounce rate of 76%
• Blog has 400 subscribers and 500 page views
• Linkedin page has 700 subscribers, Facebook page 300 fans
(c) Sharp Search Technologies 36
CloudBurst – Action Impact from Analytics Reporting
• Trend reporting justifies investment in SEM for growth of 10% per month to 3,000 users
• Editorial efforts re-focused on topics of highest interest reducing bounce rate from 76% to 53% and staff time by 15%
• Increased engagement in Linkedin and Facebook results in 20% increase in subscribers and comments
(c) Sharp Search Technologies 37
BloudBurst Management Use of Reporting
CloudBurst management can review:
• Web and blog traffic and views
• Social platform usage
• Sentiment
• Competitive activity
(c) Sharp Search Technologies 38
Hypothetical ROI from Measurement
• $1 million budget for web and social with historic 20% ROI. 20% improvement in ROI from measurement (20% * 20% $100,000) = $20,000 net gain
• 30% of budget is editorial = $300,000. 10% cost savings in editorial from measurement = $30,000 savings
• Total savings = $50,000. Cost of measurement is $12,000 resulting in 5:1 return
(c) Sharp Search Technologies 39
Next Steps
• Decide if you need focused measurement and usage tracking
• Assign responsibility to appropriate staff
• Complete a Social Media Assessment and strategy
• Determine relevant metrics, tools and reporting
• Implement consistent monthly measuring and reporting internally or with outside assistance
(c) Sharp Search Technologies 40
A Word About Sharp Track Services
• We can provide the Sharp Track Report with minimum impact on your staff and resources
• You will start receiving monthly Sharp Track reports and the quarterly Sharp Track Assessment Report with strategic advice
• We can work with your staff to produce enhanced customized reporting to meet your needs
(c) Sharp Search Technologies 41
Contact
Geoff Sharp
2geoffsharp@gmail.com 650 922-5644
www.sharpst.com Sharp Search Technologies
top related