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Measuring Social Media Value and Influence
Larry Freed, President and CEO, ForeSee Results
Social Media Popularity
Million Facebook users
Facebook fans Log in daily
Billion fans on purpose-built Facebook pages
Billion content pieces shared weekly
Source: Econsultancy.com January 29, 2010, comScore 2010
3 Types of Social Media 1. Controlled 2. Sponsored 3. Viral
Making Sense of Social Media: The Social Media Map
What do consumers want from Facebook? .
February 2010 .Where and why do consumers engage with social media Source: ForeSee Results Top 40 Holiday Retail Satisfaction Index.
What are you doing about it ? .
Social Media Without a Parachure .71% Companies with a social media plan are setting up metrics & tracking methods Source: eMarketer July 24. 2010 from Digital Brand Expression report .
Traditional Social Metrics count activity and measure impressions/buzz • Fans on social sites • Social mentions • Tweets • Blog entries .
What is missing ? .
Who is coming to your social networking site? What are the social media tendencies of your website visitors? .
What influenced them to come to your site? .
Was their experience successful? Were they satisfied? .
What are they going to do as a result of the experience? What is the value of a visitor from Social Media? .
purchase. did the experience meet their needs and exceed their expectations” Success is defined by what the user does as a result of the experience: return. .Measuring Success Success is measured through the eyes of the customer/visitor Success is defined as “was the customer/visitor satisfied. etc. recommend.
Customer Satisfaction = Key Success Metric Satisfaction is a measure of value success the customers’ perspective Satisfaction is a combination of what you get and what you expect Consumers have freedom of choice and will go where they are satisfied Satisfaction drives behaviors which drive value. loyalty and word-of-mouth and cost-efficiency Traditional metrics don’t allow you to measure success in the eyes of your visitors .
How Do We Measure Satisfaction Satisfaction: Measurement of Success American Customer Satisfaction Index #1 Measurement of Customer Satisfaction Leading National Economic Indicator of Consumer Spending • Founded at the University of Michigan in 1994. 200+ organizations • Advanced methodology: Quantifiably measures & links satisfaction to financial performance . economy: 45 industries. published quarterly • Measures almost half of the U.S.
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Correct Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Consistent Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Exact Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Measures the right things Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Detects change Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive Reliable Credible Valid Precise .
Scientific Customer Satisfaction Measurement Accurate Sensitive American Customer Satisfaction Index Reliable Valid Precise .
The American Customer Satisfaction Index: Unparalleled Measurement Technology • 15 years of empirical evidence • 45 industries • 200+ organizations • Published and vetted by academic research • Accurate • Precise • Reliable • Cause-and-effect methodology provides actionable insights .
Cause and Effect .
overall satisfaction and future behaviors .Cause-and-Effect Methodology • Customer satisfaction is a means to achieving your end goals • ForeSee Results measures the drivers of satisfaction.
Identify and Prioritize Improvements Priority Map shows you where to focus your improvement efforts based on their impact on future behaviors Low score. high impact elements are top improvement opportunities .
com 63 Facebook.org 77 Aggregate 0 10 20 30 40 50 60 70 70 80 90 Satisfaction (100-point scale) Source: ForeSee Results Report on ACSI E-Business Scores.com 73 Wikipedia. July 2010 .com 64 All Others 72 YouTube.Customer Satisfaction with Social Media ACSI E-Business Report MySpace.
July 2010 .Satisfaction With Social Media Sites Trail Other Segments Comparison of Online ACSI Scores by Industry 85 83 80 77 74 70 73 77 75 75 70 65 60 Source: ForeSee Results Report on ACSI E-Business Scores.
Social media impact on the cross-channel customer .
You cannot manage what you do not measure What you measure will determine what you do .
Measuring Social Media Understand Your Audience Social Influencer Model – Measure Personas of Site Visitors Measuring Social Media Controlled Social Media Sponsored Social Media Viral Social Media Social Media Monitoring Tools On-site surveys Posted surveys Value of Social Media Social Media Value Calculation .
Measuring Social Media Value and Influence How engaged are my visitors with Social Media What do they think of the social media experience on my social networking sites What do they think of my participation in social media networking sites What value does Social Media bring to my business .
Social Influencer Model – Measure Personas of Site Visitors CS Persona Customized persona survey is deployed on website in rotation with existing satisfaction measure Understand your customers’ social media behaviors & preferences. including those who are satisfied or dissatisfied Info Seeking Passive Info Sharing .
Social Influencer Model – Measure Personas of Site Visitors Computers & Electronics Retailers High Food & Drug Retailers What’s the Sharing/Seeking Info profile of your site visitors? ForeSee Results Top 100 E-Retail Satisfaction Index .
Measure Controlled Social Media: On-site Surveys CS Site Manager: Satisfaction survey on website. blog. forum . microsite.
Measure Sponsored Social Media: Posted Survey CS Social Media Post a shortened URL on your fan/follower page .
Measure Sponsored Social Media: Posted Survey Link to Satisfaction Survey Based on the methodology of the American Customer Satisfaction Index Uncover Valuable Information About followers’ satisfaction with your company’s social media platform and how social media is driving followers’ future behaviors .
Analyzing The Effectiveness Across Social Media Efforts .
Social Media Value Calculation .
offline sales) Across channels . become member.) Engagement (fan sign up. word-of-mouth) Revenue generation (e-commerce.Link Social Media to Business Goals • • • • • Awareness (attract new customers) Conversion (sign up for email. etc.
intended future behaviors and actual purchase behavior .Social Media Value Calculation Quantify social media influences for site visitors and link to intended and actual purchase behaviors Social media model included in a satisfaction survey on your website. encompassing predictive modeling of future behaviors Understand direct and influence impact Answer key questions about social media initiatives: What value does social media bring to my business? Does social media drive site visits? Does social media drive sales/conversions? Link social media to satisfaction.
Social Media Value Calculation Works across multiple industries Retail Example: Social Media Influence Proprietary calculation: ForeSee Results Social Media Influence Model & Direct linkage from social media Satisfaction Future Behaviors Revenue $ (Determined by actual spend or purchase intent) Content Example: Social Media Influence Proprietary calculation: ForeSee Results Social Media Influence Model & Direct linkage from social media Satisfaction Future Behaviors Revenue $ (Determined by average lifetime value of new site visitors) .
Social Media Value Calculation: One step further .
Summary of Social Media Measurement Opportunities How engaged are my visitors with Social Media • Social Influencer Model: CS Persona What do they think of the social media experience on my social networking sites • On-site surveys of Controlled Social Media: CS Site Manager What do they think of my participation in social media networking sites • Posted surveys of Sponsored Social Media: CS Social Media What is being talked about in social media networking sites • Social Media Monitoring Tools What value does Social Media bring to my business • Social Media Value Calculation .
A bit of background on ForeSee Results ForeSee Results is the market leader. . predictive methodology to measuring customer needs and expectations online and their impact on customer behavior Help companies measure effectiveness of online initiatives from customer’s perspective Prioritize investment based on ROI Benchmark performance over time and against competitors and bestin. We apply a proven.class companies. continuously expanding in customer experience analytics. thought leader. and innovation leader in online customer satisfaction measurement.
Leaders and the Best: Some of the Companies We Measure .
loyalty. retention.Top Takeaways You can’t manage what you can’t measure What you measure will determine what you do Measure what matters most – your customers Satisfaction drives conversion. and word-of-mouth Turn data into information – Turn information into intelligence .
Top Takeaways The consumer is a cross-channel consumer Measure the success of your social media efforts across Controlled. Sponsored and Viral social networks Link social media to cross-channel intent and actual behavior for ROI Measurement is hard… but worthwhile Satisfy your customers and be fiscally responsible to survive and thrive in the years ahead .
com www.Freed@ForeSeeResults.ForeSeeResults.Questions? Larry Freed President and CEO ForeSee Results (734) 205-2555 Larry.com Twitter: larryfreed Blog: www.FreedYourMind.com .
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