social media marketing lecture 1 social media marketing strategy dr. constantinos k. coursaris -...

Social Media Marketing

Lecture 1

Social Media Marketing Strategy

Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

The bottom line:

You Can’t Manage,

What You Can’t Measure

“I don’t like numbers(math / quantitative analysis / ….),

so I can’t track.”

RealiTY

• The challenge is not measurability

• It is 3-fold:

• Know which measures are available

• Know which measures are meaningful in your context

• Keep the monitoring plan simple

SOCIAL MEDIA - What’s it ALL worth?

SOCIAL MEDIA - What’s it worth?

Source: February 2011 (name removed to protect corporate identity)

Let’s test thAT ‘theory’ …

• … with Michigan State University’s official accounts:

Let’s test the ‘theory’ …

• Michigan State University’s official accounts contain:

• Facebook Fans: 170,675 * $5/fan = $0.85 M

• Twitter Followers: 7,664 * $2/ea. = $0.015M

• Total: SM responsible for $0.865 M

• MSU’s annual tuition revenue = $716.5 M

• SM fiscal contribution = 1 / 1000 not worth it, right? ;-)

Tip #1:Don’t get hung up w/ such social media valuations

Tip #2:Passive affiliation < $ (worth less) Active engagement

Tip #3:It’s all about context

SOCIAL MEDIA - What’s more important than $?

• Ascending level of engagement & potential impact on objectives:

• Like / Follow

• Comment / Mention

• Respond to Questions / Reply

• Share / Retweet

• Attend Event

Tip #4:

Engagement is more important, because it often precedes sales

ENGAGEMENT SALES & RECOMMENDATIONs

Fans Spend 2x

Source: June 2010

Engagement – what’s IT ABOUT?!

• ISN’T just about getting attention

• IS brand & category specific

• IS driving customer loyalty

• IS tied with the propensity to recommend earned media value

• IS the outcome of a MarCom that boosts brand equity

Choices regarding a brand’s media mix engagement behavioral outcomes (hopefully in line with objectives)

• Brand Equity: The audience’s ‘total perception’ of how close a brnad comes to fulfilling a need/desire/expectation to the ideal

• Brand equity drives loyalty (i.e. actual future purchase behavior, not simply stated intent)

Tip #6:

Engagement Equity Loyalty

The 70 : 30 rule

•70% of the brand consideration adoption loyalty process due to emotional factors

• Remaining 30% due to rational, minimum entry req’ts

Tip #7:

Give them what they want!

Let’s see if that ‘theory’ is ‘on target’…

TARGET’s … TARGET? Women 25-54TARGET’s LOYALTY DRIVErS (BeneFITS)?• Has an online store

• Has a store credit card

• Main-in rebate options

• Clearance & rollbacks

• Frequent sales & promotions

• Accepts all credit cards

• Is conveniently located

• Gives you real value for your $

Source: Brand Keys

What’s their social media presence about?

Let’s test that theory … closer to home

ENGAGEMENT METRICS

TARGET

•5,780,002 Fans 100% Total market: 312,500,000

•76,936 talking about this (7day) 1.31% Effective reach: 1.85%

•Mobile catalog: 1,188 (901 likes + 159 comments + 128 shares)

•Store card: 1,496 (1,255 likes + 148 comments + 93 shares)

•Starbucks promo:2,760 (1,163 likes + 1,578 comments + 19 shares)

•Savings BOGO: 3,265 (2,389 likes + 325 comments + 551 shares)

•Community builder: 6,359 (1,290 likes + 5,026 comments + 43 shares)

•Gift Card giveaway: 16,188 (14,860 likes + 1,061 comments + 267 shares)

ENGAGEMENT METRICS

MICHIGAN STATE UNIVERSITY

•170,683 Fans 100% Total market: 500,000+

•2,242 talking about this (7 days) 1.31% Effective reach: 34.1%-

•Mobile catalog: 51 (45 likes + 4 comments + 2 shares)

•Store card: 62 (52 likes + 10 comments + 0 shares)

•Community 2 - photo: 115 (92 likes + 23 comments + 0 shares)

•Community 1–Wharton: 119 (36 likes + 83 comments + 0 shares)

•Community builder: 214 (179 likes + 35 comments + 0 shares)

•Carrier Classic: 282 (183 likes + 28 comments + 71 shares)

Engagement of Fortune 100 brandsLIKES TALKING

ENGAGED

• #1 Walmart10,181,995 582,236 5.7%

• #38 Microsoft 955,765 24,080 2.5%

• #11 HP 793,710 15,995 2.0%

• #8 GM 299,896 4,724 1.6%

• #70 Coca-Cola 35,732,685 362,802 1.0%

• #2 Exxon Mobil 664 69 1.0%

• #12 AT&T 1,742,856 10,457 0.6%

• #91 AMEX 2,283,287 13,515 0.6%

Tip #8: 1% engagement is a good benchmark

Let’s test that ‘theory’ … with something cool!

Fans: 10,061,354Talking: 88,378Engaged: 0.88%

Engagement of Fortune 100 brandsLIKES TALKING ENGAGED

$R / FAN $P / FAN

• #1 Walmart 10,181,995 582,236 5.7% $41,430 $1,610

• #38 Microsoft 955,765 24,080 2.5% $65,375 $19,628

• #11 HP 793,710 15,995 2.0% $158,790 $11,038

• #8 GM 299,896 4,724 1.6% $452,130 $20,580

• #70 Coca-Cola 35,732,685 362,802 1.0% $983 $330

• #2 Exxon Mobil 664 69 1.0% $534M $46M

• #12 AT&T 1,742,856 10,457 0.6% $71,508 $11,397

• #91 AMEX 2,283,287 13,515 0.6% $13,245 $1,777

Tip #9: Value of social media leads is contextual (your category)

Engagement trends & BENCHMARKS

• 0-5% of fans is talking about the brand; mostly 1%

• # of Post Likes > # of Comments > # of Shares

• Content categories are associated with different engagement types & levels

Tip #8: 1% engagement is a good benchmark

Tip #9: Value of social media leads is contextual (your category)

Tip #10: Content analyze comments for sentiment & +insight

Sentiment analysis

Just a handful of tools to get started:

•SocialMention.com

•Hashtags.com

•TwapperKeeper.com

•Summarizr (via TwapperKeeper)

•Facebook Page Insights

SocialMention.com

TwitterSentiment.appspot.com

Hashtags.org

TwapperKeeper.com

Summarizr (via TwapperKeeper)

Social media landscape

• Community• Facebook

• Immediate / easy communication – public or private• Twitter

• Documentation• Blogs / Wikis

• Imagery• Flickr, Picasa

• Rich media (video) experience• YouTube

• Networking• LinkedIn

Social media CASE STUDY:HER MAJESTY queen rania al abdullah

• Multiple social media used

• Consistent messaging

• Regular updates

• Value-adding content

• Personal brand & online reputation management

Queen rania by the numbers

Facebook

•802,883 Likes 14,607 Talking 1.8% Engaged

Twitter

•1,739,018 Followers (129 Following) 16,358 Listed 9.4% Engaged

YouTube

•Channel Views 1,644,07 Upload (total video) Views 6,238,866

Multiple: 19.9%

•Channel Views 1,644,07 Subscribers 32,652

Engagement: 5.2%

ACTIVITY #1• Identify 3 direct competitors & 3 indirect competitors

• Visit their respective Facebook Page, Twitter, & YouYube presence & record:

• Brand (FB): Likes – Talking – Calc. %EngagedBy Post: Stories – Calc. %Engaged

• Brand (TWI): Followers ------ Following – Calc. TFF Ratio –Listed – Calc. % Engaged

• Brand (YouTube) : Channel Views – Upload Views – Calc. Multiple % -Subscribers – Calc. %

Engaged

• Now, do the same for your brand! How do you compare?

Dr. Constantinos K. Coursaris

Planning for & using Social Media

If you build it …

… they MAY comeWhat Social Media Can’t Do

• If you build it (Facebook Group & Page, Twitter account, YouTube channel, Flickr album…), they won’t come – immediately.

• So, how do you get them to:

• Come

• Stay

• Participate

COME – RaISe AWARENESS

• Cross-reference all social media with traditional media

• Insert links to Facebook, etc. in e-mails, on website

• Ask network to spread the word

• Group request via Wall & Updates

• Individual mentions with similar requests

• Entice individuals to come (offer unique content/value)

Participation Factors

• Information

• Currency

• Frequency

• Value-added

• Engagement

• Mentions

• Replies

• Interaction

• Polls

Participate

• Share stories of relevance

• Engage members

• Appreciate their participation

• Ask questions

• Show human elements

• Use images & videos

Social Media Strategy

What You need to do

• Objective: Get them to Come

• Goal: Raise awareness (e.g. increase Likes by 10% in 1 month)

• Objective: Get them to Stay

• Goal: Add value (e.g. produce 2 new FB Wall posts/wk)

• Objective: Get them to Participate

• Goal: Engage (e.g. 1 Question/wk; 1 Poll/mth; 1 mention/wk; 1 RT/day)

Develop a Content Strategy

• Why do people return to a website?

• Content (is king)

• Quality content Read Saved Tagged Shared

Mobile + Social Media Richness

• “Mobile phones will increasingly become the glue that holds the social graph together, offering creative tools and immediacy, presence, location, and context when interacting with the real world” (Husson et al., 2009)

• “Richer, more personal communication is typically more effective than leaner, less rich media" (Newberry, 2001)

Media Richness

Facebook & Info’n Richness

• 'Wall’: a vehicle for unaddressed, public messages

• Text and/or Video

• Low information richness

• ‘Mentions’: addressed, public

• ‘Messages’: addressed & private, between 2+ users

• Greater information richness

• ‘Chat’: synchronous yet text-based

Twitter & Info’n Richness

• Tweets: Public, unaddressed ‘leaner’

• Private, addressed Direct Messages ‘richer’

• Linking photos & links to websites accessible on mobiles even ‘richer’

• Twitter message length is 140 characters

• ‘Leaner’ than SMS (160 characters)

Content Placement Strategy

Develop your Content Strategy

• FB Updates

• FB Messages

• FB Chat

• TWI Public tweets

• TWI Public Mentions

• TWI Direct Messages

• Upload YouT Videos

• Upload Flickr Photos

• SMS Broadcast

• SMS Key Recipients

FREQUENCYMEDIUM / VEHICLE

Develop Content Strategy

• Content

• Define Categories of Value-Adding Content

• Messaging

• Produce content appropriate for each medium

• Recommendations in the How-To Session

• Placement

• Select the days/times/frequency/reach patterns of placing content

aCTIVITY 2:Benchmark against the competitionFor your competing brands, review their accounts and identify:

•What is their content placement (messaging frequency) like on:

• Facebook

• Twitter

• YouTube

• Can you sustain a similar messaging plan?

•In any given week, which categories generate the most engagement?

• Can you produce similar, as well as differentiated content?

Engage & Facilitate Conversation

• Biggest SM mistakes:

• Create & abandon

• Broadcast only

• SM = 2-way conversations active participants

Engaged customers Greater LTV

• Customer acquisition & retention strategy

• Web users expect a company/organization/government to be on SM & to be able to engage Still, most organizations do not engage audience

Engage & Facilitate Conversation

Measure Results

Measure Results• Again: If you can’t measure it, you can’t manage it

• Measure based on Objectives• Objectives should have measurable goals

• Evaluate data & conclude

• Return on Engagement• How many clicked a blog post link?

• How many RTs?

• How many comments/likes/shares of blog posts?

• How many followers do those who RT you have?

• Track Growth of SoV – Compare posts/tweets/img’s

Set Goals & Benchmarks

• Team Consensus

• Measurable & Time specified

• Contingency Planning

• Sample SM Business Goals

• Raise awareness (e.g. by 10% in 1 month)

• Add value (e.g. produce 2 new FB Wall posts/wk)

• Engage (e.g. 1 Question/wk; 1 Poll/mth; 1 mention/wk; 1 RT/day)

But which metrics do we use?• What others are saying

• 19 Thought Leaders

• 175 CMOs

• Personal perspective

• How-To

Facebook metrics

• Engagement (x14)

• Interactions (8); Comments (3); Likes (1); Interaction to Action (1); Share (1)

• Friends/Fans

• Sales

• # of Likes from off-Facebook sites

• R.O. Fan Investment

• N/A (x2)

Facebook Metrics - Insights

• Impressions

• Insights Interactions Post Views

• % Feedback = (Comments + Likes)/Impressions

• Subscribes vs. Unsubscribes

• Likes vs. Unlikes

• Insights Users New Likes vs. Unlikes

Page insights

Key takeaway:

What content led to the rise in Likes (or unlikes)?

Twitter metrics

• Reach

• Interaction

• Mentions

• # of CTs into Conversions (not just CTs)

• Customer Service / @Replies to Customers

• Sales

• New rel'ps converted into business rel'ps

• R.O. Customer Service Investment

TWITTER METRICS DASHBOARD STARTING POINT

Twitter metrics leveraged

Create actionable plan for your set objectives:

1.Use Twitter more consistently than before; how much?

• How frequently did I tweet during the past 4 weeks?

• What can I set my frequency to over the next 4 weeks?

2.Produce content that is more focused; what kind?

• What content did I tweet about last week?

• What content should I focus on next week?

Linked in metrics

• Connections (x3)

• Group members (x2)

• Incoming business leads (x3)

• Views (x2)

• Don't track/Can't measure (x2)

• N/A (x2)

• Recommendations• Sales• Success of Helping Others Execute• Interactions (Answers)• Invites to Connect• ROTimeInvestment• Viable job applicants

LiNKED IN METRICS DASHBOARD STARTING POINT

Blogging metrics

• Comments (x6)

• RTs

• RSS/Email Subscribers (x3)

• Traffic (x2)

• Repeat visitors

• # of Pages viewed/visited

• Links from Influencers

• SEO Placement

• Sales• MKTG funnel value• Quantifiable rel'ps to bottom line• R.O. Brand Investment

E-mail marketing metrics

•CTs (x7)•Open rate (x2)•# of Subscribers (x2)•Action•Requests for more info•Sales•R.O. Acquisition•N/A (x3)

100+ social media metrics

Social media metrics – cmo survey

Engage’t

Is Engagement more important than $?

Engagement Sales

KSF: Track ENGAGEMENT TO PREDICT Impact

Conclusion

• Markets are conversations

• Speak, Listen, Learn & Respond/Act

• Most people visit a website to learn more SM objective (often): drive traffic to website

• How do you integrate your digital marketing communications?

Linking SM & Web

FINAL THOUGHT

Engage with your customerswhere they are … AND will be!

Social Media HIGHER Customer LTV

CONNECT WITH ME!

• LinkedIn: Coursaris

• Twitter: @DrCoursaris

• Facebook: Dr.C.Coursaris

• Email: Coursari@msu.edu

• Skype: CCoursaris

• Web: Coursaris.com

• Dr. Constantinos K. Coursaris

• 424 Communication Arts and Sciences

• Michigan State University

• East Lansing, Michigan, U.S.A.

• 48823

social media marketing lecture 1 social media marketing strategy dr. constantinos k. coursaris -...

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