chapter 10 (social metrics)

SOCIAL MEDIA METRICS

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What Matters is Measured

Reach: The number of people exposed to a message. Frequency: The average number of times someone is

exposed to a message. Site Stickiness: The ability of a site to draw repeat visits

and keep people on the site. Relative pull: a comparison of how well different creative

executions generate a response of creative advertising. Clickthroughs: The number of people exposed to an

online ad or link who actually click on it. Sales Conversions: The number of people who click

through who go on to purchase a product. Viewthroughs: The number of people who are exposed

and do not click through, but who later visit the brand’s website.

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Numbers versus Metrics

Four thousand two hundred and thirty-one is a measurement. Without context, it is merely a number. When compared with your personal best, company expectations, or your competitors’ efforts, that number becomes a metric. It is now indicative of value, importance or a change in results.

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Figure 10.1 The Engagement Food Chain

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Figure 10.2 Strategic Options for Social Media Measurement

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Key Performance Indicators

Measurements within a defined contexts are metrics.

Measurements require context to provide useful feedback.

Metrics that we tie to objectives are key performance indicators.

Objectives must be well-defined before we can identify key performance indicators.

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Monthly Reporting Example

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The DATA Approach

Define: Define the results that the program is designed to promote.

Assess: Assess the costs of the program and the potential value of the results.

Track: Track the actual results and link those results to the program.

Adjust: Adjust the program based on results to optimize future outcomes.

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DEFINE

Motivating some behavior from the target audience.

Influencing brand knowledge and attitudes.

Accomplishing the first two objectives with fewer resources than might be required with other methods.

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SMART Objectives

Specific Measurable Appropriate Realistic Time-oriented

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Which One is Smart?

“We will tell everyone we can about our Facebook page and see if they like it so much they’ll buy more product.”

“We will promote our new Facebook page in print ads placed in the June issue of Rolling Stone. On July 15th we will count the number of Facebook users who ‘like’ our brand and compare sales to the same period last year.”

Social Media Marketing, 2e©© Tracy L. Tuten and Michael R. Solomon 2015

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Table 10.1 Commonly Used Social Media Metrics

WOM volume Asset popularity Media mentions Brand liking Reach Engagement Customer value

Ratings and bookmarks

SEO Traffic Share of voice Influence Sentiment

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Elements of the Marketing Metrics Matrix

Activity Metrics (input): What is placed in the indicated social media spaces.

Interaction Metrics (responses): How the target market engages with the social media platform and activities.

Performance/Return Metrics (outcome): Outcomes that directly support the success of the brand, financially or otherwise.

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Return Metrics

The return on impressions model demonstrates how many media impressions were generated by the social media tactics employed.

The return on social media impact model attempts to track coverage across media and in different markets against sales over time

The return on target influence model relies upon survey data to assess the effectiveness of social media marketing

The return on earned media model uses a metric called advertising equivalency value to equate publicity in news media outlets to its paid advertising equivalent

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ASSESS

Opportunity Cost: What else could employees or volunteers have done if they weren’t spending time contributing to the brand’s social media activity?

Speed of Response: Social media enable companies to identify crisis situations quickly and respond quickly.

Message Control: The brand’s message will be shared or manipulated in ways that the brand would rather not have happened.

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Blog Value Index (BVI)

BVIa = [adh (aay/1,000)] / [abt * ehw]

adh = average daily hits aay = average advertising yield abt = average number of hours spent

per day blogging ehw = employee hourly wage of the

bloggerSocial Media Marketing, 2e©© Tracy L. Tuten and Michael R. Solomon 2015

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TRACK

Identify tracking mechanisms. Establish baseline comparisons. Create activity timelines. Develop transaction data. Measure transaction precursors. Overlay timelines and look for patterns.

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Tracking Approaches

1. Forward Tracking: Developed prior to launching the activity or campaign.

2. Coincident Tracking: Begins during the activity or campaign.

3. Reverse Tracking: Conducted after an activity or campaign has concluded.

Social Media Marketing, 2e©© Tracy L. Tuten and Michael R. Solomon 2015

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Figure 10.4 A Baseline

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ADJUST

Apply what you’ve learned to future activities and investments.

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Start Measuring

Content consumption Content augmentation Content sharing Content loyalty Content conversations Content engagement

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