Tag Archives: measurement

Social Media Strategies Summit – Las Vegas – February 7-9, 2012

Posted on January 27, 2012 | Leave a comment

I will be presenting at the 2012 Las Vegas Social Media Strategies Summit at the Mirage Hotel.

Session Overview:

Social Media – How to Monitor, Measure and Report for the SMB

So you’re adding social media to your game plan for your organization, moving it from an afterthought to front-and-center. You’ve even got a staff member ready to roll up their sleeves and manage your social media strategy for the organization (and that person might be you!) But now what? In this session, we’ll explore three key aspects of getting started with social media: monitoring, measuring, and reporting.

Your session leader will walk you through how to succeed in each of these key areas by taking a hands on and practical approach to identifying the tools, resources and processes that will position your SMB for social media success.  Some of the topics covered will include:

  • Identifying your objectives for using social media
  • Defining the metrics and KPIs for success
  • Why monitoring social media is important
  • Free and paid tools to get you started with monitoring
  • Policies and procedures for social media management
  • Using Google Analytics and Facebook Insights for analysis
  • Creating simple dashboard spreadsheets in Excel for reporting KPIs/ROI

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Measuring Social Media – How to Get Started

Posted on September 22, 2011 | Leave a comment

Ron Jones at ClickZ wrote a fantastic article which breaks down how to get started measuring social media, by categorizing different outcomes and their corresponding measurements.

For small businesses, I’m not sure all of these are applicable, as it may take more time to measure than benefit gained from knowing the results. So don’t get hung up on daily, or even weekly monitoring. In fact, doing quarterly assessments is a great way to bench mark your long term growth in social media. Hubspot and some other companies have complimentary tools and checklists for evaluating how well you are covering social media, and Ron’s article will help you translate those results into some meaningful metrics.

Additionally, I suggest keeping a log of your most memorable successes and failures and producing a quarterly social media report which highlights your quarter from a narrative perspective (supplemented by metrics of course). It should outline what you accomplished and why it was important. You’ll also want to map out your upcoming quarter’s plans.

Here’s Ron’s article: http://www.clickz.com/clickz/column/2102934/measure-social-media

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The Value of a Like on Facebook

Posted on August 18, 2011 | 1 Comment

How much is a “Like” worth to your business? Do you count the number of likes you have and eagerly report those totals to your management team to proclaim your social media success? Well, as I have stated previously, you first need to understand your goal with social media, and in this case, what you hope to get out of your Facebook page. If you are going for brand awareness, likes might be a good place to start. If you are trying to introduce your brand into a market place that is aware of your industry/product/service, but not your brand, you can use advertising on Facebook to target your potential customers. If you get a like, you’ve succeeded in making this potential customer aware of your brand (or you have succeeded in getting an existing customer to like your brand). Either way, I would proclaim you successful in the first step. Now, you must engage these fans on your page by providing compelling content, contests, discounts or other materials that make them respond.

Once a fan responds to something on your page (including their initial like) it shows up in the news feed of all their friends.

So, if you get 100 likes, and the average Facebook user has about 150 friends, you’ve essentially received as many as 100 times 150 impressions, or 15,000 brand impressions. How much would you pay for 15,000 brand impressions? Maybe a CPM of $1, for instance? that would mean an ROI of about $15 extra dollars for those earned impressions. Certainly not a windfall, but that’s just what you would pay for the impressions, not what they are worth. So, what is the value of 15,000 brand impressions? Maybe you know that for every 2500 impressions you typically make a transaction. So now, you have the earned media value, plus six additional transactions (15,000 divided by 2500).

Obviously, I’ve made a huge amount of assumptions here. And that’s my point! You need to plug in your own data and metrics to understand the value of earned media and engagement on Facebook. Go beyond the raw count of “likes” you have and look at what value that brings your business in branding and other activities to establish the true ROI of a like. Only then can you understand if it is worth advertising on Facebook.

Here’s a great five-minute video overview of a ComScore report on this very issue.

ComScore Report on the Value of Like

 

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