BlogHer Business Live Blog: How to Measure Social Media ROI
March 21, 2007
How To Measure Social Media ROI
The qualitative and quantitative measures of success. Aligning your definition of success with your strategy. Don’t forget: how you can learn from your commenters and the blogosphere in general. Featuring Daniela Barbosa, Katie Paine and Lena West.
Daniela:solution architect and social media, hoe to use personal blog to enganbe customers
Katie: CEO of Katie Paine, PR measurement, how measure ROI
Lena: CEO zinomedia (?) technology. help business to figure out media 2.0 landscape, not a personal blogger, what your R is in ROI (your currency) what are your tools are to measure that
Get a sense from audience…what are you looking for out of this session, what is the “R” for you? Return of social investment …page views? sales lead? monetary renumiration? other ideas? referrals? unique visitors? subscriptions? Do you realize none of these things have a dollar sign in front of them
typically if you go to a CEO the ROI has to start with a dollar sign, what we are talking about is not things that can start with a dollar sigm..have to be clear as to what that currency is. some returns are not focused on money…things that can not be monetized or measured.
Lena: some of the things are going to be money driven. but in order to become successful i will have to look at intangibles and figure out how to figure out other ways to measure my return of the investemnt
daniella: customers know who I am. tell folks in PR and marketing not to measure metrics on meetings and the buzz, used social media to organize events.
myths to dispel
1. size doesn’t matter, you don’t need 2,000,000 unique vistors
2. don’t need to measure the ROI of you trousers, meaning you put them on everyday no need to measure. No need to measure your ROI of your blog if you aren’t NOT going to do it
3. talk about it as data driven decision making, not ROI
Lena: can’t quantify until you look at the cause and effect, how did i meet this person, what combination of social media did i use to get that win and then do it again, be strategic about how you analzyze what you have done in the past in order to go forward
KAtie: the only way that this will show is over time. try to figure out what is driving what. YOu need to start tracking and collecting your data to put it into the marketing language
Lena: basic measurement and basic digital yardsticks. When you deicde what your R is. Ex I want more speech engagements. try to make a correlation between speaking engagements and something else, for example blog posts. Create something that you can look at and take away what is working. To the extent that you can do that you can measure your social media.
daniella: what i have seen is that a huge increase in my blog outside of the US, my collegues are taking my posts and sending them to their costumers. Now I understand my audience, now i realize i have a larger audience and how to engage with them. Give them multiple ways to communicate.
audience question how to communicate that it doesn’t happen overnight?
Katie: analogy of CFO how soon before a new CFO could turn a company around. How long after you move into a communtiy are you a part of it? These things take time. It isn’t going to happen immediately. It is a conversation. Marketing does not understand that you can not shove messages down people’s throats. REverse the idea of consumersa nd users who are making individual decision makers.
divide time equally to writing their own blogs and responding to the blogs of others.
Lena: if you won’t comment, trackback. make sure you understand the basic anatomy of social media.
Katie: how do you track… it isn’t a simple process for a large company
daniella: there are services that will track your comments that you leave
comments are intersting thing. can i leave comment without sounding too salesy? Of course, be authentic. people are afraid to leave comments
Lean: use blogging as a way to express a new idea, product, etc. look at comments as a business tool to discover interest
Katie: fascintaing to me the lowest percentge of comments os from PR people
Lena: another case study. thinking of ROI in different terms. hellomynameis.com (name tag guy) has been able to track his speaking gigs to specific blog posts. Do investigative work and have a process to know what is going on and how the ehard about you.
Katie: don’t ignore international implications. the blog is getting a huge amount of international trafic. intersting the people whoa re following overseas are the smartest and richest and thought leaders of those communities
Daniella: how many considering placing ads on blogs?
K: the question is where should i spend my money next year for advertisers. one of problems is how many people are going to come to a certain blog?
audience: not so much about eyeballs, but which eyeballs. know the market.
L: shift from quantity to quality of readers.. Am I reaching my people? you need to determine that.
learning what was done right and wrong previously in the medium
K: know what web analytics you can collect. PR doesn’t know what to ask for. And have the next piece of information– you want to track it you need a sales tracking system.
L: power of giving to get. MArketing funnel, either they will buy something or they will refer someone. don’t be afraid to offer something free to draw the clients in then push to buy.
L: investment part of ROI. you can not expect to succeed in social media without time or money. clients need to learn how to be a part of the conversations
measurement tools: depending upon the volume. clients not understanding blogs and consumer generated reviews. the client wants to measure everything that is not traditional, not just blogs.
K: automated systems are not as good as human beings for looking at the data
D: factiva has an automated product, work with customers to understand their audience. consumer company needs a wider net. a smaller company might want a custom dashboard for departments. allows people to do measurement along with mainstream media. the tool allows them to do this.
K: data and interaction with traditional media and social media. can take information from socia media to put back into the traditional media.
D: the changes in socail media are quick, difficult to change in the middle and how do you change dynamically and easily because mamoth companies do not change easily.
L: don’t think social media will go away. importamt to look at your organization to see if you are applying old tradtional ways in new social media. can not plane for five eyars, be as dynamic as possible may require reengineering of the business. we tell clients that every new efficiency there will be an effect on your business determine what that effect will be and whenter it is positive or negative and how will handle that.
What is the messgae? make sure you have something interesting to say. Don’t have anything to say of interest in your area of expertise no one is going to listen. Think about what is my message and is it worthy of social message.The you can talk about ROI.
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