driving social media analytics
TRANSCRIPT
DRIVING SOCIAL MEDIA ANALYTICSAUGUST 17, 2015
PERRY D . DRAKEASS ISTANT PROFESSOR OF D IG ITAL AND SOC IAL MEDIA MARKET INGUNIVERS ITY OF M ISSOURI – ST. LOU IS
Social Media Analytics Defined
The first step in a social media analytics initiative is to determine which business goals you wish to address and the data needed to do that.
Typical objectives include increasing revenues, reducing customer service costs, getting feedback on products and services and improving public opinion of a particular product or business division.
Once the business goals have been identified, key performance indicators (KPIs) for objectively evaluating the data should be defined.
There are a number of types of software tools for analyzing unstructured data found in tweets and Facebook posts through listening and sentiment analysis. There are also many tools that use data to help produce the right content at the right time to elicit the most engagement.
Agenda1. The Right Tools
2. Content is Key
3. Listening
4. Tracking
5. The Right Metrics
1. The Right ToolsBufferFollowerwonkKloutTweet ReachTwazzupFan Page Karma
Followerwonk
Followerwonk shows you detailed breakdowns of your followers and activity. Click on the Analytics tab, enter a Twitter handle and view information on followers and
following. See stats like when your followers are online, when you typically post, and how your followers fall into categories like social authority, activity, total tweets, and
follower count.
TweetReach With TweetReach, you can monitor Tweets about all your topics – hashtags, brands, accounts, events – in real time, with comprehensive analytics on Twitter reach, performance and engagement.
Fanpage Karma Analyze every single detail of your posts. Discover the best topics. See which time is the best to get to your fans. You can even type in competitors best times for posting best types of posts and best topics best and least engaging posts best posting frequency
2. Content is KeyTo achieve social media success today you must have great content.
A Personalized Experience
According to Adobe and Econsultancy, 52% of digital marketers consider the ability to personalize digital content fundamental to their online strategy.
are targeting personalized content
in real time
37%Only
Amazon Personalized
Perry’s personal recommendations using
his own PC and preferred browser
Recommendation on another PC not
used by Perry
The convergence of off and online data.
“I predict 2014 will become the year of social data integration and data alignment - a “Grand Aligned
Convergence" of sorts - something we've never seen till now.”
Personalized Content This is where content personalization comes into play.
It lets you target different content to different types of visitors based on data that defines their behavior and other factors.
Gnip is bringing all social platform data together.
Bringing together data from Twitter, Foursquare, Instagram, YouTube, etc.
Datasift is another source for conversational data.
Bluekai…bringing it all together.
Many incorporate with their social listening data for more robust opportunities
Oracle bought Bluekai in February
of 2014 for $400 Million
Companies Offering Content Personalization are Abundant Disque
Personyze
Monoloop
Monetate
Apptus
Gravity (content personalization for publishers)
Avail (ecommerce personalization)
Apsalar (mobile behavioral targeting)
Vero (targeted emails based on user behavior)
Runa (personalized offers)
OneSpot (personalized content ads)
PersuasionAPI
And many will contract with the
data companies on the prior slides such
as Monetate.
To Help You Decide.
http://content.monetate.com/h/i/27697627-9-must-ask-questions-when-evaluating-personalization-platforms
3. ListenIn order to listen properly you have to ensure your ear is against the correct door and the connection is clean.
Get the Right Data One inherent challenge in this is filtering out the useful parts from the rest of the noise. Different technologies will provide a variety of solutions to help you find the stuff that matters (and ideally not much else), but ensuring that you know how to take advantage of these tools is a must.
If you have a tricky brand name like Tide, it’s crucial that you tailor your search to gather the right data as there can be so much extra info that is of little to no use.
Listening tools include: Netbase, Brandwatch, Radian6, CrimsonTide, Sysomos, etc.
Dig in Just like with traditional data, you must spend the time to prep the data to ensure you glean as much from the data is possible.
Roll up your sleeves and get intimate with the data.
The most interesting findings will likely not sit at the top of the data pile.
4. Tracking When appropriate, establish tracking of your social media. But of course not all social media posts are to drive a conversion. For example, a B2B marketer will mostly use Facebook to create the “face” of the company showing behind the scenes. And not drive a sale.
Bit.ly Tracking
Track the engagement of your posts with links
Google Analytics Tracking
Track the clicks right into Google Analytics
5. Examining the Right MetricsAs said at the start of this presentation, the first step
in a social media analytics initiative is to determine which business goals you wish to address. And once identified, KPI’s for objectively evaluating those goals and the data
needed can then be defined...but not before.
Building AwarenessIf building awareness is the goal…
1. Look at web traffic patterns and branded search queries
2. Examine social media shares and mentions
3. Count your backlinks
4. Look at those referral URL’s
Driving ConversionsIf driving conversions is the goal…
1. How long do they stay
2. How much content do they consume
3. And, what is it that they are consuming so you can give them more
RetentionIf retaining customers is your goal…
1. Examine new versus returning customers
2. Is time on site going up?
3. What are your overall satisfaction scores
It’s Not All About Likes The brand awareness created by social media such as “likes” and “Retweets” is valuable but it is
not enough.
According to Altimeter, only 34% of businesses feel that their social strategy is connected to business outcomes. To demonstrate social media’s value, you need to measure social media ROI as it relates to your broader business goals. Key examples of social media metrics to track include:
Reach Site traffic Leads generated Sign-ups and conversions Revenue generated
It’s important for your social media data to be relevant to the stakeholders and not just social media practitioners. Tying social media to the “big picture” by linking it to organizational and departmental goals will help you achieve that goal.
Remember, a Facebook like is worth nothing until you nurture that relationship!
But… As Gary Vaynerchuk points out, trying to measure social ROI is sort of like trying to measure the effectiveness of a billboard.
Are billboards effective advertising tools? Undoubtedly, yes.
Is it possible to track how billboard advertising boosts sales? It's not impossible, but it would be difficult to obtain accurate data.
A company could have a unique phone number or URL on a billboard, or even a special offer, but it would be hard to figure the true number of "generated actions" that came from it.
Hubspot’s own Anum Hussian (author of Twitter for Dummies)
https://www.youtube.com/watch?t=105&v=6aehIYSgYwU
Anum who presented at my conference in April will walk you
through her favorite metrics: fans and
engagement.
2 LITTLE TIPS
Measure Returning Consumers We all want returning consumers. And, that is no
different regarding our Facebook Fans.
Consumers Defined
The Calculation…1. Sum up the daily consumers for the week
2. Subtract from this the weekly number of consumers (which is a deduped number)
3. This gives you the number of returning consumers for the week
4. Plot this historically.Day
Daily Total Consumers
Weekly Total Consumers
Sum of daily totals for the week Engaged
1 252 333 264 215 426 667 34 212 247 358 189 33. .. .. .. .
No Correlation Between Retweets and Clicks...
HubSpot Social Media Scientist Dan Zarrella analyzed 2.7 million link-containing tweets and found something interesting...
He discovered that there is no correlation between retweets and clicks.
In fact, he found many people will retweet a tweet with a link without even clicking on that link and vice versa.
So capture tweet link clicks using tools such as bit.ly as another key metric of interest in your content.
Say What!!
Perry D. Drake
Assistant Teaching Professor, College of Business Administration, University of Missouri – St. Louis
& Academic Director of Business, School of Professional and Continuing Studies, University of Missouri – St. Louis
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