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Align Social Media Metrics With Your True Business Goals

Align Social Media Metrics With Your True Business Goals

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Published by Nuno Fraga Coelho

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Published by: Nuno Fraga Coelho on Nov 07, 2011
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12/05/2012

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IBMSoftware
Thought Leadership White Paper
 August 2011
 Align social media metricswith your true business goals
The art and science of measuring the social web
 
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 Align social media metrics with your true business goals 
 The IBM
®
Unica
®
NetInsight
®
Enterprise Marketing Management (EMM) web analytics product is designed fromthe ground up to meet the full range of online analysis require-ments for business today. A next-generation web analyticssolution, Unica NetInsight features a fundamentally different,and dramatically simpler, approach to collecting the data neededto understand online visitor behavior, while providing unparal-leled flexibility for reporting and analysis. That makes UnicaNetInsight ideally suited for social media analytics wheretraditional website analytics need to be extended to cover visitorinteractions on or from social media sites such as Facebook, Twitter, Blogs, or viral video.Social media are challenging and humbling because they turnthe traditional approach to marketing, such as push marketing,on its head. While discussions about how to use social mediaeffectively are often clouded by confusion and buzz words, what’sneeded is a top-down approach for defining and pursuing clearbusiness goals with social media. The social media challenge has also influenced web analysts who, more than ever, are facing questions of what can be meas-ured and how. But often, there is no clearly defined business goaland no action plan behind the questions.
Even more so than with traditional web analytics, themaxim holds true with social media that “not everything thatcan be measured is worth measuring and not everythingthat is worth measuring can be measured.”
In order to structure the selection of analytics for social net- works, microblogging, blogs, and videos in a meaningful way,define the business goals that your company is pursuing with itssocial media marketing effort. Then, requirements for measure-ment and analysis can be derived and prioritized to match thosebusiness goals.
Business GoalOverviewTypical Key Metrics
Brand advertising forawarenessDirect response advertising fordemand generation
Even though the biggest opportunity with socialmedia is thought to be in facilitating conversations, itis obvious that many marketers are still approachingsocial media in a way that is more similar to traditionaladvertising or PR. Companies taking this approachcan look at typical advertising metrics to measureand improve success.Still with traditional marketing methods in mind,marketers often post tweets or blog articles with thegoal of triggering a direct response, for example, aregistration to an event or an alert to a currentpromotion.
Reach and frequency: for example, unique usersand views of your Facebook application or TwitterfollowersEngagement: for example, the number of comments or links on a postShare of voiceQuality of the audience that you are reaching: forexample, demographic fitClick-throughs View-throughsOutcomes; such as conversions, revenues, ROI
 
3
IBMSoftware
Business GoalOverviewTypical Key Metrics
 Viral marketing for awarenessand thought leadershipFocus group for understandingmarket preferencesCustomer service for customersatisfaction and reputationmanagementSocial CRM for growing lifetime value and increasingengagement
The opportunity to increase the reach andeffectiveness of your marketing messages throughviral distribution represents both the most excitingand also the most challenging aspects of socialmedia. The networked nature of social media makesthem ideally suited for viral multiplication effects.Companies that know how to facilitate conversationsand how to build their brands through the voices of their customers stand to build the best brands.It is often said: “On traditional media you can shoutbut you cannot listen. On social media you cannotshout, but you can listen.” Marketers that take thisidea to heart find in social media a giant focus groupthat provides a window into the hearts and minds of the marketplace.Some social media channels especially, Twitter orblogs, provide the opportunity to respond orcomment directly to the individuals that posted anarticle. Social media channels create the opportunityto encourage and thank fans while reaching out tohelp customers that are in need of help or feeldisgruntled.The opportunity to make social marketing personalextends beyond manual customer services. Namely,there is an opportunity for Interactive Marketing.Social media are part of the interactions andexperiences that individuals have with your brand. Itis commonly accepted that marketers listen to theirclients so that they can be relevant in theircommunications instead of interrupting withuntargeted messages. As such, individual customers’interactions with your brand on social mediarepresent another great channel for listening toindividual customers and taking their interestsinto account.
“Virality”: for example, retweets on Twitter,application invitations on Facebook, or pick-up of your marketing messages across the blogosphereSocial graph of visitors reached by your effort: forexample, the number of their friend connectionsSentimentContext of the conversations about your brandand products Volume of chatter on various topics, marketingmessages, ad campaigns, or competitors thatrelate to the company’s businessSentiment versus your products and messagingContext of the conversations Volume and value of customer cases handledImprovement in customer satisfaction or netpromoter scoreCustomer retention and increase in lifetime valueTopical keywords that relate to an identifiedindividual’s posts on Twitter, blogs, and othersocial mediaTopical keywords that relate to the posts withhyperlinks to your website from which an individualhas clicked through to your site An RFR (Recency, Frequency, Reach) social graphmodel for scoring individuals

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