September 30, 2015

Which Social Metrics Matter?

Which Metrics Matter?

Introduction

Reinhardt Schuhmann, Product Manager, Tracx

Mike Snead | Senior Director of Enablement | MXM

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And in social, the data landscape has evolved quickly

Change is Constant

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Marketing goals and objectives have been determined, the customer journey has been defined, much of the content strategy is established… now we must develop a learning and measurement plan.

Purpose

Step 1 Step 2 Step 3 Step 4 Step 5 Step 6

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Today we will discuss this process and how social data can enable organizations, brands, marketing teams, and content creators to optimize against business objectives and evolve at the speed of Social

Purpose

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Which Social Metrics Matter? When developing a social measurement plan, the approach, methodology, and metrics that matter depend on:

Industry vertical

Specific business objectives

Reasons for participating in social

Social channels and the channel strategy

Preface

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Establishing Measurement Plans One Size Does Not Fit All

Start by mapping out the different phases of a consumer journey that can be influenced by social media, for your specific brand.

Mapping Metrics to Campaign Specific Objectives, Platform Roles and Consumer Journey

Customer

Journey/Ecosystem

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The best measurement plans are built by aligning metrics to a clearly defined content strategy that breaks down goals and channel roles.

Mapping Metrics to Campaign Specific Objectives, Platform Roles and Consumer Journey

PINTEREST BLOGS FACEBOOK INSTAGRAM TWITTER

Recipe  Discovery  Hub  

Source  Behind    Deals/Coupons  

Where  I  Build  My  Culinary  Community  

My  Crea>ve    Lens  

Real-­‐Time  Sharing  of  Meal  Planning  and  My  Love  of  

Cooking  

 My  end-­‐to-­‐end  recipe  management  system.  

Blogs  begin  the  decision  making  process  for  considera9on  of  

product  purchases.  

Where  I  share  my  own  version  of  recipes  and  seek  deals/recipes  

friends  are  pos9ng.  

Where  I  share  images  of  the  meal  I  made  in  the  moment  and  search  for  inspira9on  from  my  

peers.  

Where  I  post  updates  on  my  meal  progress  and  express  my  

excitement  for  upcoming  gatherings.  

plan

inspire

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Channel Roles and Content Pillars

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Metrics to Watch: The Core Building Blocks to Most Measurement Plans

The right mix of quantitative and qualitative analysis of social conversations and content efficacy is the key to a successful

measurement plan.

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Very few metrics can/should stand alone in a measurement plan, because a mix of inputs are required for obtaining context.

Primary Metrics: most closely align to business objectives

Secondary Metrics: provide necessary context to the primary metrics

Primary and Secondary Metrics are The Foundation of Social Measurement

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Campaign Goal = Awareness

Example of Primary and Secondary Metrics

Primary Metrics: Volume of mentions, volume of engagement, and reach

Secondary Metrics: Sentiment and Dispersion

Context is everything!

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Outputs from social data can help inform things like:

Enterprise Departments’ Use of Social: Involve Stakeholders from Across the Organization

All departments should be involved as stakeholders in the establishment of social media measurement plans

Product  Development    

Customer  Service  

Future  Marke9ng  Ini9a9ves  

PR  and  Communica9ons  

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Brand Health helps provide a quick view of brand performance and risks in market.

Primary Metrics: Mentions, Engagement, and Sentiment can provide a high-level understanding of brand health Secondary Metrics: Share of voice against competitors contextualizes the brand’s standing within a competitive landscape AND helps normalize the data over time        

Brand Health: Establishing a Social Barometer for your Brand

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It is easy to get mired in the minutia, so understand what really matters and push aside metrics that do not.

Metrics to Avoid: Do Not Include Metrics that Don’t Contribute to Actionable Outputs

Common metrics to avoid: •  Anything not align to a specific objective

•  Stand alone vanity metrics •  Poorly defined metrics

•  “Influence” as a metric, unless qualified by person’s influence on specific objectives

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A lot of ground work goes into establishing a measurement plan, but it is never ok to set it and forget it.

Making Adjustments: Know When to Shift Gears

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The biggest missed opportunity, and a common pitfall in measurement plans, is isolating social data from other datasets.

Create a Holistic View: Do Not Let Social Data Live in a Silo

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Archive your data in a database!

Within a database environment, companies can overlay other business datasets, like

CRM or sales data, to develop attribution models and predictive algorithms.        

What to do With Collected Data?

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Sophistication of Measurement Improves with Time and Volume of Data

What has happened?

Why has it happened?

What will happen?

Business Value

Higher

Lower Higher Complexity of Analysis Parity

Competitive Advantage

DATA INFORMATION ANALYSIS INSIGHT ACTION Behavior Attitudes Both

Total View Database

Reactive

Descriptive

Predictive

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Sophistication of Measurement Improves with Time and Volume of Data

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What you do with your data is up to you. We view data as the alpha and the omega to everything we do, and an integral part of the strategic process.

           

Data is The Key to Evolving Campaigns and Surpassing Objectives

Evolve.    

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TAKEAWAYS

•  Identify a core set of metrics to use as the starting point for your measurement plans: Mentions, Engagement and Sentiment can often serve as a universal barometer for brand health

•  The digital landscape continually grows and changes: Share of Voice

helps track against competition and normalize social data over time

•  Don’t be afraid to revisit and adjust your measurement plans: Tracking performance on social media can be a moving target because behaviors change, platforms change, and access to data changes

•  Think about how data from disparate channels and partners can be stored

in a singular environment for holistic analysis •  Seek API export capabilities in management and reporting tools to host

information in a singular database

Takeaways

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Thank you Visit www.tracx.com or email info@tracx.com