how to measure the success of your social media efforts
TRANSCRIPT
SOCIAL MEDIA SIG
”HOW TO MEASURE THE SUCCESS
OF YOUR SOCIAL MEDIA EFFORTS”
APRIL 23, 2015
Guy Alvarez
Chief Engagement Officer
Good2bSocial
@guylaw1313
Greg Polk
Associate Director- Digital Media
Proskauer
@gpolk
AGENDA
Introduction
How do you measure social media success?
What are KPI’s?
How do you measure ROI?
5 categories of social media measurement
The importance of social share of voice
What tools can I use to measure?
How Proskauer measures their social media success
Q&A
HOW DO YOU MEASURE
SOCIAL MEDIA SUCCESS?
HOW DOES CISCO MEASURE
THEIR SOCIAL MEDIA
EFFORTS?
WHAT ARE KPI’S?
HOW DO YOU MEASURE
RETURN ON INVESTMENT?
SOCIAL MEDIA ROI FOR
LAW FIRMS
TIME
MONEY
RETURN• AWARENESS
• REFERRALS
• LEADS
• CLIENT SATISFACTION
• REPEAT BUSINESS
• NEW BUSINESS
• THOUGHT LEADERSHIP
• PRESS
5 CATEGORIES OF SOCIAL
MEDIA MEASUREMENT
SOCIAL SHARE OF VOICE
What is Social Share of Voice?
• Share of Voice helps you understand how your firm is performing in comparison to your competitors. The metric details what percentage of mentions within your industry or space are about your brand and what percentage is about the competition.
How do you measure Social Share of Voice?
• To measure your Share of Voice, you first need to tally all of the mentions for your brand for a specific time table. Then, compile the mentions of each competitor in your industry for that same time period. To calculate Share of Voice, divide your mentions by the total number of mentions for the competition.
Why does Social Share of Voice Matter?
• It lets you evaluate awareness and market share. Share of Voice will show just how much (or how little) of an impact you’re making in an industry.
• Calculate Share of Voice for more than just brand mentions—compare metrics around specific keywords or practice areas.
• Competitive research. Calculate Share of Voice for a top competitor to evaluate its market share. Investigate the reasons for why it may be higher than yours and use them as inspiration when formulating ways to increase your share.
• Measure effectiveness of campaigns and other efforts. Benchmark your Share of Voice before beginning a campaign so you can measure any increase. Continue to measure to see if the campaign has any long term effects on awareness.
SOCIAL SHARE OF VOICE
0 10 20 30 40
White & Case
Sidley
Hogan Lovells
Jones Day
Norton Rose
Kirkland
Skadden
Latham
Baker McKenzie
DLA
AmLaw 10
Reach
Strength
SOCIAL MEDIA
MEASUREMENT TOOLS
MY FAVORITE TOOLS:
GOOGLE ANALYTICS
MY FAVORITE TOOLS:
HOOTSUITE
MY FAVORITE TOOLS:
SIMPLY MEASURED
MY FAVORITE TOOLS:
CURATA CMP
HOW PROSKAUER DOES IT
THANK YOU!
Guy Alvarez
http://good2bsocial.com
@guylaw1313
Greg Polk
http://proskauer.com
@gpolk