Social Media Monitoring Oct 09

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A compilation of how to measure Social Media activities can be measured.

Text of Social Media Monitoring Oct 09

  • 1. Social Media Monitoring- Key to understanding your customers without investing in expensive Market Research! 2006 Confidential | intelligent marketing & technology solutionsHardy Alexander,General ManagerRegalix India October 14 th , 2009

2. Presenter:Hardy Alexander

  • General Manager, Regalix India
  • Over 17 yrs experience in Sales & Marketing across various industries such as Manufacturing, Logistics & Supply Chain and Digital Marketing
  • Vast experience of Business Development across global markets, especially with start up projects
  • Currently responsible for managing the Bangalore branch office as a profit center
  • Qualification: Masters Degree in Marketing and an Engineering Major in Metallurgy

2006 Confidential | intelligent marketing & technology solutions 3. 2006 Confidential | intelligent marketing & technology solutions

  • Definition
  • Social Media Monitoring Why is it important?
  • Social Media Measurement Process
  • Management Buy-in Next Steps?
  • Case Study Banking Sector
  • About Regalix

Social Media Monitoring 4. Getting a Better Understanding:Definition

  • Media Monitoringis the activity of monitoring the output of the print, online and broadcast media.
  • The monitoring of online consumer sources such as blogs, forums and social networks is more specifically known asBuzz MonitoringorSocial Media Monitoring .
  • Buzz monitoringis the keeping track of consumer responses to commercial services and products, to establish the marketing buzz surrounding a new or existing offer.
  • It is also comparatively inexpensive compared to other market research tools.

2006 Confidential | intelligent marketing & technology solutionsSource: Wikipedia 5. 2006 Confidential | intelligent marketing & technology solutions

  • Definition
  • Social Media Monitoring Why is it important?
  • Social Media Measurement Process
  • Management Buy-in Next Steps?
  • Case Study Banking Sector
  • About Regalix

Social Media Monitoring 6. Social Media Landscape:Explosive GrowthImage Source: fredcavazza.net 2006 Confidential | intelligent marketing & technology solutions 7. US Marketers Plan for Online Marketing Budget in 2009 2006 Confidential | intelligent marketing & technology solutionsImage Source: Permission TV, Dec 2008 8. Social Media Monitoring:Why is this Important?

  • Consumer Opinion can:
    • Create a new series of metrics that tracks your brands performance.
      • For Example, so what if your banner campaign flopped? You might be the most discussed brand on Twitter or YouTube.
    • Unprompted opinions tend to be more sincere.
      • New truths will emerge from this raw data and hopefully new opportunities as well.
    • Instant feedback on marketing campaigns
      • Does before and after testing get any faster?
    • Monitor peoples thoughts on your competitors.
  • Watch what your investors might be discovering about your brand so you can fix problems before they become an issue.

2006 Confidential | intelligent marketing & technology solutions 9. Are Companies Adequately Measuring Social Media Initiatives? 2006 Confidential | intelligent marketing & technology solutionsSource: MarketingProfs.com, 2009 10. Social Media:Tough to Measure?

  • It may be simpler than you think.
  • Attention: The amount of traffic to your content for a given period of time.
  • Participation: The extent to which users engage with your content in a channel.
  • Authority: The inbound links to your content.
  • Influence: The size of the user base subscribed to your content.

2006 Confidential | intelligent marketing & technology solutions 11. Social Media Monitoring:How to Approach?

  • Here are a few ways to consider measuring Social Media ROI for your business

2006 Confidential | intelligent marketing & technology solutions 12. 2006 Confidential | intelligent marketing & technology solutions

  • Definition
  • Social Media Monitoring Why is it important?
  • Social Media Measurement Process
  • Management Buy-in Next Steps?
  • Case Study Banking Sector
  • About Regalix

Social Media Monitoring 13. Sample:Social Media Measurement Process 2006 Confidential | intelligent marketing & technology solutionsDefine what is trying to be accomplished and how well know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment 14. Sample:Social Media Metrics Framework 2006 Confidential | intelligent marketing & technology solutions

  • Types of Activities:
  • Map measurement objectives to project or business goals
  • Identify specific key performance indicators (KPI) that align with objectives
  • Establish performance benchmarks or targets to gauge success

Goals Objectives Metrics Deepen relationship with customers

  • Achieve a critical mass of audience through social media
  • # of advocates (Fans, Followers, Authors)
  • # of comments posted
  • Encourage ongoing interaction with the brand
  • Comments / Advocates
  • Advocate influence profile

Learn from the community

  • Uncover common themes among interactions
  • Rank of topics discussed
  • Decipher positive vs. negative sentiment

Drive Purchase intent

  • Persuade engagement with website content and utility
  • Leads to ecommerce partners
  • Retail locater results activity
  • Product brochure download

15. Sample:Social Media Measurement Process 2006 Confidential | intelligent marketing & technology solutionsDefine what is trying to be accomplished and how well know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment 16. Sample:Social Media Analysis Construct 2006 Confidential | intelligent marketing & technology solutionsPillars of Social Media Measurement Reach Discussions Outcomes Quantity Scale and Activity of the fan baseQuality Where on the social Web discussions about brand occursTopics What are authors on the social Web talking about in terms of a brand or its product attributes Sentiment Adding value to the audience and cultivating relationships through conversation can influence perceptions Site Traffic Site Engagement acts as a proxy for purchase intentions Purchase Intent Leads or purchases form the most relevant aspect to the brand 17. Sample:Social Media Measurement Process 2006 Confidential | intelligent marketing & technology solutionsDefine what is trying to be accomplished and how well know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment 18. Sample:Social Media Insight Tools and Data Sources 2006 Confidential | intelligent marketing & technology solutionsCentralize all publicly accessible discussions across the social Web Provides insight into a brands Web site visitor behavior Provides access to key social insight activities not readily available in the mainstream ELP Semi-automate the process of deciphering the meaning of social comments Image Source: Journal of Interactive Advertising 19. Sample:Social Media Measurement Process 2006 Confidential | intelligent marketing & technology solutionsDefine what is trying to be accomplished and how well know if we have succeeded Online social strategy and insight and optimization approaches to achieve goals Enumerate social tactics and measurement establishment methods for program Implement and launch program ensuring proper execution and accurate performance data collection Synthesize social media performance drivers and identify actionable opportunities for program adjustment 20. Social Media Measurement Process:Deployment

  • Conduct Quality Assurance (QA) of data collection methods
  • Validate performance reports are complete and accurate with expectations
  • Build data infrastructure needed by aggregating multiple data sources