BY BONITA ABAKAH

& SUE JUNG

Social Media Ch.10

Role of Metrics in Social Media Marketing Programs

Marketers use metrics to measure in ways to compare results that relates to specific marketing objectives. It allows us to determine which strategies have been successful if at all and which have failed. Without this, it would be hard to assess the effectiveness when it comes to campaigns

Metrics

Advertisers can measure Reach - the number of people exposed to the messageFrequency - the average number of times someone is

exposedSite stickiness - the ability of a site to draw repeat visits

and to keep people on a siteRelative pull - a comparison of how well different creative

executions generate a response of creative advertisingClickthroughs - the number of people exposed to an

online ad or link who actually click on itSales conversions - the number of people who click

through who go on to purchase the productViewthroughs - the number of people who are exposed

and do not click through, but who later visit the brand’s website

Engagement

Counting the quantity of interactions consumers have with a brand doesn’t tell us much about the quality of these touchpoints. We need to know the degree of engagement people feel during and after the interaction, and how these exposures influenced their feelings about the brand.

Engagement Food Chain

The Data Approach

It’s a four (4) step process which allows to clearly specify what the program should accomplish for the organization and confirm if the plan succeeds. If it doesn’t work out as hoped, then it just means that new plan must be cooked up by having to modify what has already been set out on the plan sheet.

Ultimately, social media will have to answer to the same masters as other kinds of traditional media—the bean counters that need to see value for their money. The investment in social media marketing will require justification. Strategists will want to understand what’s working and what isn’t in order to decide if a campaign needs fixing or if it’s worth continuing at all

The Data Approach

The measurement plan is organized according to a four-step process known as the DATA approach.

Define: Define the results that the program is designed to promote.

Assess: Assess the costs of the program and the potential value of the results.

Track: Track the actual results and link those results to the program.

Adjust: Adjust the program based on results to optimize future outcomes

Characteristics the Most Commonly Used Social Media Metrics Share

One of the ways that it’s measured is through use of social media –

Such as fan pages on Facebook. It is all measured through the interaction activities and the metrics that are counted for through all numbers of followers and fans, comments, likes, recommendations and reviews, and amount of shared content.

Another type of interaction through social media is called “Return metrics”, which focuses on outcomes, such as financials, which directly or indirectly supports the

success of the brand. Investment measures, cost reduction measures, and other

performance metrics are also all included for the return.

How to Calculate Social Media ROI

ROI is a measure of profitability, and it captures how effective a company is in having to use capital in order to generate profits.

In order to determine ROI, a financial value is assigned to a resource that used for executing a strategy, measuring financial outcomes, and calculating the ratio between inputs and outcomes.

When even having to try and figure out how much income hase been generated from investments in activities, it’s all tried to be measured in what’s known as Social Media Return On Investment (SMROI).

Assessing the Costs and Benefits of a Social Media Marketing Program

Social media marketing programs have potential to provide both direct and indirect benefits to organizations.

In some applications, the returns will be direct and fairly easy to measure due to a campaign that will cause consumers to buy the product.

Those that are indirect may only be evident in long term, and those include buzz-building and awareness campaigns that motivate people to talk to one another about a brand or to seek out more information about it.

Tracking Social Media Results

Forward tracking requires the analyst to develop tracking mechanism prior to launching activity and/or campaign. It is the most accurate approach because it enables the account team to develop a mechanism to track exactly the data desired.

Coincident tracking starts while the activity or campaign is going on, and this method relies on data that’s gathered at the pint of interaction if not the point of sale.

Tracking Social Media Results

There’s also the Reverse tracking, which is conducted after the activity or campaign has come to a full stop.

This method is also used for residual data and may include primary data collection, such as surveys to assess the effects of the campaign.

Evaluation and Measurement Process: Ways to Start Measuring

Content consumption: Who is interacting with and consuming the brand-generated and consumer-generated content?

Content augmentation: Who is adding to or changing your content by continuing the conversation with response posts?

Content sharing: At what rate are those exposed to the brand messages sharing the content with others using Share tools?

…continued

Content loyalty: How many consumers have subscribed to branded content with RSS feeds or by registering for site access?

Content conversations: Who is discussing the brand?

Content engagement: Is the number of

friends to brand profiles growing?

Case Study

IKEA Facebook Showroom - http://youtu.be/0TYy_3786bo