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November 10, 2011

Social Media Measurements & Signals — PubCon Vegas

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Back from the PubCon lunch and regretting that pizza. ROI = meh. But enough about the results of eating greasy foods; let’s talk ROI on social; something that is always on the minds of businesses. We’ve got an awesome panel for you, so let’s get to  it.

Sarah Carling from Obsidian Edge is up first.

There are very few sectors where you will see a direct sale from a social media avenue. It’s very rare a person sees a link and decides to buy right there. She always goes back to TV campaigns, those have never been 100 percent trackable.

The key to measuring social is to look at the metrics that can define value to your website.  The following slide shows some of the things she measures:

Sarah Carling Social Media ROI PubCon Vegas

The value of social media is unclear an many cases, but it’s important to know the value of it, not just the ROI. Change looking at your data from last touch to first touch.

Adam Proehl from NordicClick Interactive is next. He is going to talk about finding influencers and measurements and tools.

Measuring signals takes time and time is money, but the tools are free usually.

Influencers — where to begin:

  • What is my objective for reaching the influencers? Example: business development; brand awareness; “feel good” for current customers
  • What type of influencers do I need to reach? Journalists, bloggers [he got a significant piece of business from a liveblog session that mentioned his name], board members, old school networkers who aren’t online
Measurements to look for:
  • Finding influencers: Followerwonk
  • Klout aka “Don’t you know who I think I am”; if you just take the number, it’s pretty much useless.
  • Whose blogs influence? Technorati, BlogPulse, Google Blogs, Alltop
  • Podcasts (search for and look for the red circles in the SERPs to see how much it gets downloaded); video as well.
How to reach an influencer:
  • Tool: Foller.me
  • Tool: Mentionmap
  • Tool: Muckrack.org
  • Tool: Twittergrader
  • Tool: Twitterlyzer
  • Tool: Social Mention
  • Tool: Hashtags.org
  • LinkedIn is another place that often gets overlooked.
These are all starting points; no one tool that’s perfect.

Adam Proehl PubCon Vegas

Tips:
  • The rules of engagement when you socialize; are you a listener or a talker? Be a listener.
  • Build relationships and trust. It takes time.
  • You won’t score on the first date.
  • Don’t forget old school networking. Sometimes you first goal is coffee.
  • Set goals.
Last is Taylor Pratt from Raven. Go to slideshare.net/raventools for his presentation. He has some stats to start:

Taylor Pratt Presentation PubCon Vegas

What is the ROI of social? We should be asking, What is the ROI of a specific activity within the social network. If you use it for many things, like customer service, content distribution, etc.
Measure:
  • Brand recognition: Study word trends on Tweet Cloud
  • Value add
  • Engagement
  • Reach: Total people participating divided by total audience exposure – conversation reach
Customer oriented goals:
  • Customer Support
  • Product Development
  • Brand Advocates
  • Brand Sentiment
More tips:
  • Monitor both your brand, your competitor’s brand and keywords mentions.
  • Create a scorecard for your brand advocates.
  • Reach out to advocates and find out how you can help them; what can you give them to make their life easier?
If you can remember one thing: Just ask questions of your community. Why are they engaging with you?
[Boy, he is a fast talker! Check out the slides for stuff you missed.]
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