Metrics Madness: Social & Digital Media Measurement & ROI

Metrics Madness

Excerpts from the full coursehttp://frankonlinemarketing.com/speaking-training

/ for more info

Quote source: Content Marketing Institute: Field Guide to the Four Types of Content Marketing Metrics

Tema Frank

@temafrank

+1-866-544-9262

April 17, 2014

http://frankonlinemarketing.com/speaking-training/



Frank Online Marketing – Please contact for permission to copy or use tema(at)frankonlinemarketing.com

Agenda

Not everything that can be counted counts, and not everything that counts can be counted.

attributed to Albert Einstein

1. Metrics Matter for Business Success

2. Goals Come First

3. Now Set Key Performance Indicators (KPIs)

4. Then Choose Online Marketing Tools

5. Ta-da! Show The ROI (Return on Investment)



Is Social Media ROI a Fraud?

More trackable than traditional advertising ROI

But still not easy or 100% certain

Photo credit: PhotoAtelier, on Flickr


It Ain’t Easy!

"Half the money I spend on advertising is wasted; the trouble is I don't know which half."

John Wanamaker

Must measure multiple touch points From a multitude of data sources Which activity (activities) should get the "conversion credit“?


Omnichannel Challenges

But it must be done.

More being accessed 1st or only on mobile.

http://www.emarketer.com/Article/Mobile-Search-Reshapes-Path-Purchase/1010749#CL0W5dY6Om4dPCJi.99

“Matching up mobile, tablet and desktop activity so that advertisers can establish best practices remains a work in progress.”




Metrics Matter – Why? To deal with complexity Learn about your audience

Where are they? How do they behave?

What is measured happens Helps with SEO & other

ongoing markeing improvements

Photo by Bill Brooks, Flickr


Goals Come First


Takes a Team EffortGood goals have input from:

CEOMarketingSalesCustomer ServiceOperationsFinance IT


What are your Business Goals?

Brand Awareness

Customer Understanding

Raving fans

Leads

Customer service costs

Customer service response (time & quality)

Customer satisfaction & retention

Increase sales/profits/donations


What does ROI mean to you?

What are you hoping to achieve? What are the cost savings & revenue increases digital media might achieve?

Could we achieve these goals without online media? How? What would that cost?


Who’s Your Customer?

Photo credits: Man- Flickr – Tim Rodenberg; woman – Flickr – Sam Churchill; Family - TFrank


Think about: 1. Acquisition

From where? Earned, Owned, & Paid considered? Priorities for each element? Spending?

2. Behavior Steps in ideal buyer’s journey – micro-goals, influencers Process to buy Can we simplify?

3. OutcomesWhat outcomes = value delivered to the business bottom-line?

A download? A phone call to your call center? A qualified online lead?

Signing up for email promotions? People buying your product / services ? A

95% task completion rate? A 10 point lift in brand perception?Source: http://www.kaushik.net/avinash/digital-marketing-and-measurement-model/


Set Key Performance Indicators

What KPIs will measure progress towards the goals you have set?

Is it realistic to think you can collect the data? Who needs to be involved? Get their

input before buying tools!


Categories of MetricsConsumption Sharing & EngagementLead GenerationSalesProfitability

Social Media

Offline

Our site


Consumption metricsWhat are visitors consuming? (pages, videos, podcasts, documents, downloads, page views)

What are they reading about us from other sources?

What are they searching?

How do these

relate to sales?


Sharing & Engagement Metrics

Likes, shares, tweets, +1s, pinsSentiment analysis (still no great tools

for this)Forwarding from e-mailInbound links (can get free from ScreamingFrog,

Google Webmaster Tools, http://www.opensiteexplorer.org/ and other SEO tools)

http://www.slideshare.net/fullscreen/CMI/a-field-guide-to-the-four-types-of-content-marketing-metrics/2


More Social Media Metrics

Social Media Conversion rate # of audience comments/post

Amplification rate # retweets/post or shares/post

Applause rate likes, faves, +1s

Share of voice what % of mentions are yours

http://www.convinceandconvert.com/social-media-measurement/6-critically-undervalued-social-media-success-metrics/ GroupM study


Lead Generation MetricsForm completionsDownloadsEmail subscriptions, opens & clicksBlog subscriptions & commentsConversion rates of people who did the above vs those who didn’t increasing over time?

Bounce rateshttp://www.slideshare.net/fullscreen/CMI/a-field-guide-to-the-four-types-of-content-marketing-metrics/2


Sales MetricsConversion rates Impact on offline salesCustomer retention Order frequencyAverage order size/price


Profitability MetricsCost/leadRevenue/leadCustomer service costs (declining?)# of sales per sales repReturns rateOnline ad campaign profitability


You Thought That Was Tough…

Now for the How


Process

Now you have decided what to measure, so how will you do it? Determine IT and systems needsCreate implementation planTrain & implement Maintain, measure & refine


CostsTime (especially for social media!)ToolsLearning curve/trainingSocial media advertising (increasingly important)


ToolsTools for: Data Gathering & Posting

Data Analysis

Testing & Refinement Lots of overlap

Photo by Tony Hall, Flickr


The BasicsWhat do you really need? What budget range?TimingExtensibilityIT participation needed?Likelihood of vendor survival


Multi-Channel Challenges55% of online retail activity occurring through mobile devices (comScore)

How track behavior across multiple channels? Many mobile devices and apps don’t even support cookies

Facebook: 48% of Daily Active Users and 49% of Ad Revenue Come from Mobile (http://socialmediatoday.com/socialbarrel/1883521/facebook-says-48-percent-daily-active-

users-and-49-percent-ad-revenue-come-mobi)


Think Multi-platformGoogle now has cross-device analytics

Must have the User-ID feature implemented

Only catches users who are signed in to GoogleThat may be representative enough of your target market

http://online-behavior.com/analytics/cross-device

https://support.google.com/analytics/answer/3123662?hl=en


Types of attributionLast clickFirst clickEvenStore (physical world) vs digital world – who gets credit? How to share it?


Data Gathering & Posting Tools

Photo by Alan, Flickr


Data Gathering ToolsGoogle AnalyticsGoogle Webmaster Tools (especially for

keywords, now that no longer in basic Analytics)

Competitive Research ToolsSocial Sign-inLots of Social Listening Tools


What’s the Competition Doing?

Find out what they are doing on:Their own siteSocial media of all types (including

YouTube)Advertising


Competitor research tools

Free at basic level:Quantcast.com Alexa.comCompete.com Google Trends (See also “social listening tools”)

http://quantcast.com/

http://alexa.com/

http://compete.com/

http://www.google.ca/trends/


Social Listening ToolsHootSuite – great for posting too

Tweetreach – reach, impressions, activities

Social Mention - Strength, Passion, Sentiment and Reach (for comp analysis too)

Addictomatic – includes Bing & more

Bottlenose.com – fun to watch

Klout – influence score & more…

http://hootsuite.com/

http://tweetreach.com/

http://www.socialmention.com/

http://addictomatic.com/

http://bottlenose.com/

http://klout.com/


More free toolsFacebook Insights

[don’t just “boost post”; you want your investment going to likely prospects]

Twitter AnalyticsYouTube PinterestEtc. … Almost all platforms have analytics


Handy Posting ToolsBitly – link shortenerBuffer – for multi-platform postinghttp://hashtagify.me/ – to find out which to use

https://bitly.com/

https://bufferapp.com/

http://hashtagify.me/

http://hashtagify.me/


Analysis Tools

Creative Commons photo of Sigmund Freud


Enough to drive you crazy!!

Review of 50 tools at http://socialmediatoday.com/pamdyer/1458746/50-top-tools-social-media-monitoring-analytics-and-management-2013

HubSpot – also a CRM tool

Domo.com - expensive

SproutSocial – free trial; after that, $59/user/mo up to $1500)

Radian 6 – for big co’s (prices start at $12K/yr)

Mention.net, Sysomos, Viralheat - For measuring social conversations

True Social Metrics (just for social media; has free trial; will also analyze competitors)

http://socialmediatoday.com/pamdyer/1458746/50-top-tools-social-media-monitoring-analytics-and-management-2013

http://socialmediatoday.com/pamdyer/1458746/50-top-tools-social-media-monitoring-analytics-and-management-2013


More ToolsSimply Measured (has several free reports to

test out)

UberVu (no free trial)

SocialBakers (also has free data on top brands & pages, by country) has a free trial of competitive intelligence and social media measurement – looks pretty easy to use (basic is $120/month)

Quintly – nice layout; has free trial; good for competitive analysis too


Tools Will Change

Remember to match what they can do with what you need to:

Measure the KPIs you selected, in order to:

Accomplish the goals you set


Ask the Vendor

1. Difference between your tool and free tools?

2. How do you capture the data?

3. What is the Total Cost of Ownership?

4. What is in your free support? What is in paid?

5. Segmentation capabilities?

6. Export formats?

7. Data integration with other tools?

8. Two new features/tools/acquisitions on the horizon?

9. Why did your last two clients you lost cancel? Can we talk to them?

Source: Web Analytics 2.0 by Avinash Kaushik


Google Analytics

Google Analytics Academy has great free videos; watch & learn

1. Install Universal Analytics

2. Set Conversion Goals

3. Set Filters Exclude yourselves

https://analyticsacademy.withgoogle.com/explorer


Setting Goals in GA4 types of goals:

Destination Thank You or confirmation pageFunnel goals – where losing them?

Duration Pages/Screens per visit Event (e.g. viewed video)

Goal $ values helpful for ROI https://analyticsacademy.withgoogle.com/course01/unit?unit=4&lesson=4


Testing & Refinement

Photo by Sean MacEntee on Flickr


Correlation vs Causality

What else might explain the changes?

How do you separate out the effects?

Image from http://www.thevisualeverything.com/2011/12/problem-online-graphs-charts-correlation-causation/


A/B Testing & MoreTest many things! (But not all at once)Test often! Test hypothesesVisual Website Optimizer (free)

Google Content Experiments (free)

http://visualwebsiteoptimizer.com/free-ab-split-testing-tools/

https://support.google.com/analytics/answer/1745147


Return on InvestmentROI = Investment – Revenues

InvestmentInvestment includes:

Staff costsOverhead that can be attributed to that

medium or effortOutsourcing costs, e.g. design, hosting,

subscriptions, software, tools


Essential ToolsGoogle AnalyticsHootsuite or equivalentBuffer or equivalentBit.ly or equivalentA/B Testing tool


Future? Better in-store tracking & linking with online

channelsReal-time data, sync’d across channels Give shoppers incentive to let you access

their data (cell phone or face triggered) as soon as they enter your store (or are even near it)

E.g http://www.shopperception.com/ for in-store shopper tracking (video)

http://www.shopperception.com/

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