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Presentation by Union Metrics CEO and Founder, Hayes Davis at Internet Summit 2011. Nov 15-16, 2011 in Raleigh, NC.
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Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Taming the StreamIntegrating and Standardizing Social Analytics
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
About me
Hayes DavisCEO of TweetReachLover of bacon, analytics@hayesdavis
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
What’s on the agenda?
• About measurement
• Generally accepted metrics
• Evolving metrics
• Black box metrics
• Putting it all together
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
About Measurement
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Accuracy vs Precision
• AccuracyMeasurements reflect the True State of the World at the time the measurement was taken
• PrecisionThe same measurements under the same circumstances are consistent
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Accuracy in social media
• In most computer systems larger than a single machine, There is no Truth
• CAP Theorem says: Choose two of Consistency, Availability and Partition Tolerance
• For social networks, consistency gets the axe
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Data collection still matters
• Data collection usually done via APIs
• Some APIs give better data than others:
• Twitter Search excludes certain users and is limited to 1500 tweets over 7 days
• Twitter’s Streaming API provides full coverage in real time if connected 24x7
• Know how your vendor collects data for each channel
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
How to be precise
• Collect data the same way every time
• The channels often change the rules, be aware of these changes
• If you’re relying on vendors for measures, understand any algorithm changes the make
• Measure the same thing repeatedly and watch it trend over time. If there are wild swings, investigate all parts of the “data chain”
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
On to the metrics...
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
A simple framework
AccountCentric
TopicCentric
Owned MediaYour ContentYour Network
Earned MediaAll Content
Whole Network
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Generally Agreed Metrics
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Accepted counting metrics
• “Graph” metrics like Fans/Followers/Friends
• Interactions such as Likes/Retweets/Replies/Comments
• Mention volume
• Clickshttp://muppet.wikia.com/wiki/Count_von_Count
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Some accepted KPIs
• Share of Voice(Your Mentions) / (Industry Mentions)
• Velocity(Volume in a Time Period) / (Length of Time Period)
• Unique Contributors|Participants|
• Conversion Rate(Completed Actions) / (Audience Size)
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Evolving Metrics
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
“You keep using that word. I do not think it means what you think it means.”
- Inigo Montoya
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Same name, different meaning
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Some evolving metrics
• Reach: Size of the potential audience. Sometimes applied to accounts, sometimes to overall conversation. May contain heuristics.
• Amplification: How much is the reach of a message or user being increased by sharing?
• Impact: What effect is a user having on a conversation?
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Black Box Metrics
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Data in, answer out
?
Step 1. Get data
Step 2. ???
Step3. Profit
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Black boxes are valuable...
• Specialized providers
• “Big picture” algorithms
• Immense data collection
• Simplified communication
• Increased efficiency
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
... If everyone believes
$1.00 is worth a soda because we believe it’s worth a soda.
If people lose faith in a black box, it becomes worthless.
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Putting it all together
• Aim for precision with as much accuracy as possible
• Use commonly agreed definitions where possible
• For evolving metrics, pick a definition and stick with it
• Use black box metrics sparingly
• Research the algorithm
• Supplement your analysis, don’t replace
Internet Summit 11Taming the Stream | #tamethestream | @hayesdavis
Questions?
Hayes DavisCEO of TweetReach@[email protected]