chapter 14 : social media marketing
TRANSCRIPT
Chapter 14: Social Media Marketing
By: Ann Apostol, Casey Chin, Dave Pajak, Ally Szotak & Tsu- Min Lin
After Completing this Chapter, students will be able to:● Define Social Media Monitoring ● Describe a brief history of social media monitoring ● Explain tracking social media● Define social media measurement ● Identify how to measure social media● Describe how to measure quantitative key performance indicators ● Explain how to measure qualitative key performance indicators ● Describe how to use the Net Promoter Score ● Define return on investment (ROI)● Explain how to evaluate social media monitoring tracking and measurements ● Describe how to select social media monitoring tools ● Identify key predictions about the future of social media monitoring.
A brief history of Social Media Monitoring (ANN)● Social Media Monitoring is defined as the process of tracking, measuring,
and evaluating an organization’s social media marketing initiatives.
● Early adopters of social media monitoring were public relations and advertising agencies. They used this monitoring as a means to detect negative comments posted to the social web about their clients.
● By detecting issues early on the taking swift action to mediate them, agencies sought to keep consumer outrage on social media from reaching mass media outlets.
A brief history of Social Media Monitoring (ANN)● As social web rapidly grew, the importance of monitoring also increased.
● As power monitoring tools appeared, it became not only feasible but desirable for companies to move social media monitoring in-house.
● As implications and advantages of social media monitoring became known within organizations, its use spread to multiple department.
● Ex. computer support department started monitoring complaints and questions about product and services.
A brief history of Social Media Monitoring (ANN)● Public Relations found social media monitoring useful as an early warning
system of impending PR Calamities. ● Companies discovered that they could gather valuable information about how they
were perceived by consumers, how their competitors were viewed, and even how the industry as a whole was looked upon by the denizens of the social web.
● Social Media Monitoring evolved into active interaction. ● Marketing departments started using social media monitoring to track, measure,
evaluate, and tune their social media marketing activities in order to maximize their chances of success.
Tracking (ANN)Social Media Tracking is the process of finding and following content on the social web.
There are five steps to effectively find relevant content on the social web.
1. Choose Focus Areas 2. Select Target-rich Platforms 3. Identify the Appropriate Keywords and Phrases4. Restrict or Widen the Search 5. Adjust Searches
Measuring (DAVE)● Measurement professionals were unable to even agree on
definitions, let alone how to measure key elements of social media marketing .
● Less than one out of seven companies measured their return on investment for social media marketing during the first two years of implementation.
● Measurement is needed because it enables marketers to assess progress toward achieving marketing goals, determine how strategies are performing, and make n
What is social Media Measurement?
Social Media Measurement is the determination of the volume of the content and the sentiment toward a brand or topic on the social web.
How to Measure Social MediaStep 1: defining an organization’s qualitative and quantitative social media goals.
Step 2: choose KPIs that will accurately measure progress toward those goals
Step 3: set a baseline or benchmarks, which will act as standards against which all social media KPIs are measured
Step 4: The final step is to compare an organization’s social media KPIs to its benchmarks over a period of time.
Qualitative Social Media Measuring (Casey)● Qualitative social media measuring - the process of
accessing the opinions and beliefs about a brand.● Quantitative and qualitative measurements are not
mutually exclusive - combining the two types of social media metrics provides a more realistic and accurate picture of an organization’s progress in achieving its desired marketing goals
● Plays a key role in identifying consumer satisfaction and dissatisfaction with a brand
Qualitative Key Performance Indicators (Casey) ● KPIs for Measuring Dialog
○ Share of Voice○ Audience Engagement○ Conversation Reach
● KPIs for Measuring Advocacy○ Active Advocates○ Avocate Influence○ Advocacy Impact
● KPIs for Measuring Customer Support○ Resolution Rate○ Resolution Time○ Satisfaction Score
Qualitative Key Performance Indicators (Casey)● KPIs Measuring for Spurring Innovation
○ Topic Trends○ Sentiment Ratio○ Idea Impact
KPIs for Measuring Dialog (Casey)● Share of Voice indicates how a brand stacks up in
comparison with its competitors● Audience Engagement shows the level of a company’s
engagement in comparison to its viewership● Conversation Reach reveals the number of unique visitors
who participate in a specific brand/issue/topic conversation across one or more social media channels
KPIs for Measuring Advocacy (Casey)● Active Advocates measures the number of individuals
generating positive sentiment over a given time frame● Advocate Influence indicates the unique advocate’s
influence across one or more social media channels● Advocacy Impact measures the direct or indirect
contributions of advocacy on conversions
KPIs For Measuring Customer Support (Casey)● Resolution Rate is the percentage of customer service
inquiries resolved satisfactorily using social media channels
● Resolution Time indicates the amount of time required to produce a human-generated response to customer service issues posed in social media channels
● Satisfaction Score indicates the relative satisfaction of customers by dividing positive customer feedback by all customer feedback
KPIs For Measuring Spurring Innovation (Casey)● Topic Trends measure key brand/product/service topics identified by
monitoring social media conversations● Sentiment Ratio indicates the positive, neutral, and negative brand mentions
about specific products or services over a given time period● Idea Impact measures the rate of interaction, engagement, and positive
sentiment generated from a new product or service idea
The net Promoter score - Ally● One of the most popular and simplest qualitative
measurements● Measurement used the gauge the loyalty of a company’s
customer relationships● Developed by Fred Reichheld, Bain & Company, and
Satmetrix● Been used in replacement of customer satisfaction
measurements
The net Promoter score (Cont'd) - Ally● Every company’s customer = divided into 3 groups
○ Promoters (9-10 score)= loyal enthusiasts who will continue to buy and refer other customers and fuel further growth
○ Passives (7-8 score)= satisfied but unenthusiastic customers, vulnerable to competitive offerings
○ Detractors (0-6 score)= unhappy customers likely to damage the brand and hinder growth through damaging word of mouth
● Calculated by taking the percentage of customers who are promoters and subtracting the percentage who are detractors
Return on investment (Tsu)- Return on Investment - ratio arrived at by subtracting
expenses from sales and then dividing the result by the expenses
- make sure the mount of money you put into the the advertisement or pr campaign, you get the money back
- reach and frequency- Reach = Percentage of people in target market who are exposed to the
advertising schedule
- Frequency = number of times individual views commercial in particular advertising schedule
- qualitative measurements of ROI would belong at the Impact (the amount of awareness, people who are influenced by it)
evaluation (Tsu)- Evaluation - interpreting data once it has been measured
with intention to derive insights and understanding from it.
- measure whether social media strategies are achieving organization’s goal
- three mistakes that happen when it comes to Evaluating - data gathered doesn’t accurately measure the performance of social
media strategies in attaining goals.
- Organization aren’t willing give in the demand of commitment to social media because its cost a lot of money.
- its still in experimental stages, trying to connect social media to business goals.
selecting social media monitoring tools (TSU)● There were 213 paid and free social media monitoring
tools available in May 2011● The process of selecting one for an organization to use
can be aided by determining:○ which metrics to measure○ which social media platforms to cover○ which price range an organization can afford
● Tool vendors continue to improve their offerings as marketers continue to rely on them to measure performance and justify expenses on social media marketing activities
the future of social media monitoring - Ally● Data mining = process of automatically sifting through
large amounts of data to reveal patterns, trends, and relationships in order to detect useful information○ Can uncover unique and valuable patterns about brands
● Semantic Web = common framework that facilitates machine interpretations of the meaning of language○ Social media monitoring tools stand to gain much from incorporating
advances in the Semantic Web to enhance brand analytics
Quiz● What is Social Media Marketing?● What is Social Media Measurement?
● What are the 4 KPIs?● What are the three groups of customers involved in
getting a net promoter score?● What type of mining can uncover unique and valuable patterns
about brands?
Answer1) Social media Monitoring is defined as the process of tracking, measuring,
and evaluating an organization’s social media marketing initiatives.
2) Social Media Measurement is the determination of the volume of content and the sentiment toward a brand or topic on the social web.
3) Measuring Dialog, Avocacy, Spurring Innovation, and Customer Support