cost effective social media measurement

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Cost Effective Social Media Measurement Sharp Search Technologies Geoff Sharp (c) Sharp Search Technologies 1

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Cost effective social media measurement for SMB

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Page 1: Cost Effective Social Media Measurement

(c) Sharp Search Technologies

Cost Effective Social Media Measurement

Sharp Search TechnologiesGeoff Sharp

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Page 2: Cost Effective Social Media Measurement

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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?

Page 3: Cost Effective Social Media Measurement

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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

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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)

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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

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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)

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Biggest Benefits to SMB of Social Media

• Brand Awareness

• Networking

• Reputation

• Competitive Intelligence

Clearly SMM important for growing the business

(UMass Study 2012)

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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!

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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!

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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

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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

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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

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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

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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

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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

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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!

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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!

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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!

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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

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Sharp Track Assessment Report

Relevant Comprehensive Quarterly Assessment

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Sharp Track Assessment Report

Pragmatic Use of 14 Relevant Metrics

The Sharp Report Score measures your web andsocial media presence using 14 metrics

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Sharp Track Assessment Report

Benchmark Score for Reality Check

Your Score is compared to a benchmark scoregiving you a target

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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

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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

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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

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Example - The Sharp Track Report

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The Sharp Track Report

Comprehensive view of long term trends in web and blog traffic and effectiveness

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The Sharp Track Report

Long term trends in Linkedin and Facebook presence and effectiveness

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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

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The Sharp Track Report

Main Twitter and YouTube activity

Page 31: Cost Effective Social Media Measurement

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The Sharp Track Report

Trends in your social media presence and sentiment

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The Sharp Track Report

What direct competition is doing in social media

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Sharp Track Report

One integrated report from multiple sources and tools

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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

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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

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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

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BloudBurst Management Use of Reporting

CloudBurst management can review:

• Web and blog traffic and views

• Social platform usage

• Sentiment

• Competitive activity

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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

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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

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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

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Contact

Geoff Sharp

[email protected] 650 922-5644

www.sharpst.com Sharp Search Technologies