How to Measure Social Media

Transcription

1 yi 32? S<?6 How to Measure Social Media A Step-by-Step Guide to Developing and Assessing Social Media ROI NICHOLE KELLY CJUE 800 East 96th Street, Indianapolis, Indiana USA

2 Introduction.1 I Aligning Social Media with Core Business Objectives 1 Aligning Social Media Strategies to Business Goals 11 Setting Social Media Goals 12 Goal 1: Increase Brand Awareness 14 Goal 2: Generate More Leads.16 Retaining Your Existing Customers 20 How Do I Know Which Goal Is Right for My Company? 21 Goal 3: Increasing Customer Retention 21 Selecting the Right Social Media Goal 23 Hands-On Exercise: Selecting a Social Media Goal 29 Activity 1: Plot Existing Marketing Tactics 29 Activity 2: SWOT Analysis 30 2 Aligning Social Media to the Sales Funnel 33 Where Brand Awareness Fits 35 Exposure 35 Influence 36 Engagement 37 Action/Conversion 40 Customer Retention 41 Hands-On Exercise: Aligning the Funnel with Communications 47 Activity 1: Chart Existing Communications 48 Activity 2: Identify Communications Pieces That Don't Work With Contacts Who Touched the Social Media Channel 48 Activity 3: Determine Metrics to Evaluate Where People Fall Out of the Funnel 48 3 Social Media for Brand Awareness 51 Reality Check No. 1: No One Cares About Your Brand 52 Reality Check No. 2: You Have Lost Control of Your Brand, 52 Where Brand Awareness Fits into the Funnel 53 Types of Brand Awareness "54' Where Social Media Fits into Brand Awareness Campaigns 54

3 How to Measure Social Media Where Social Media Fits into Reputation Management 57 Developing a Measureable Strategy for a Brand Awareness Campaign 59 Create a Listening Station 59 Interpret the Conversation 60 Why Listening Matters 61 Refine Your Brand Awareness Goal 61 Define Niches Within Your Target Market 61 Define Social Media Channels 63 Define Success Metrics 63 Define Your Strategy 65 Define How You Will Do It 65 Flesh It Out 66 Developing a Measureable Strategy for Reputation Management 66 Develop a Listening Station 66 Outline the Types of Reputation Management You Will Focus On 67 Create Social Media Accounts Before You Need Them 68 Define Success Metrics 68 Define Your Strategy 69 Define How You Will Do It 69 Flesh It Out 70 Organize Your Plans 70 Hands-On Exercise: Prioritizing Brand Awareness Strategies 71 Strategy Evaluation Matrix 72 Measuring Social Media for Brand Awareness 75 Community Manager Executive Management Team Metrics.76 Translating Social Media for Executives 76 Social Media Is Just Another Channel 77 Don't Measure Social Media in a Silo 77 The Goal of Brand Awareness Campaigns 77 Complementary Marketing Channels 78 The Goal of Reputation Management 79 Calculating Cost per Impression 81 Calculating Cost per Engagement 82 Calculating Cost per Conversion 82

4 Table of Contents Handling Salaries in Cost Metrics 82 Hands-On Exercise: Aligning Social Media Metrics to Metrics That Matter 83 5 Social Media for Lead Generation 87 Where Lead Generation Fits into the Funnel 88 Understanding Social Media Lead Generation 88 Handling Social Media Leads 90 Soft Leads 90 Hard Leads 91 Content That Indicates Purchase Intent forhubspot 91 How to Kill the Sale 93 Developing a Measurable Strategy for Lead Generation 93 Promotional Content 93 Informative Content 94 Decision-Making Content 95 Where Does Lead Scoring Fit? 96 Slow Leads :. 96 Medium Leads 96 Fast Leads 97 Types of Lead Scoring Models 97 Optimizing the Path to Conversion 97 Defining Success Metrics 99 Define Your Strategy 100 Define How You Will Do It 102 Flesh It Out 102 Organize Your Plans 102 Hands-On Exercise: Prioritizing Lead Generation Strategies 103 Strategy Evaluation Matrix Measuring Social Media for Lead Generation 107 Identifying Lead Potential 108 Slowest Leads 109 Slow Leads 109 Medium Leads 110 Fast Leads 110 Closed Leads Tl'O Lead Scoring 110 Types of Lead Scoring Models Points-Based Lead Scoring Ill Ill

5 How to Measure Social Media Activity-Based Lead Scoring 112 Manual Lead Scoring 112 Hybrid Lead Scoring 112 It's Okay to Keep It Simple 113 Hands-On Exercise: Aligning Social Media Leads to the Sales Funnel 116 Hands-On Exercise: Aligning Marketing Lists to Lead Categories 116 List Management 117 Customer Service, Referrals, and Strategies for Increasing Revenue from Existing Customers 121 Where Customer Retention Fits into the Funnel 122 Understanding Customer Retention 123 Developing a Measureable Strategy for Customer Retention 124 Provide Customer Service 124 Turn Customers into Revenue 129 Use Referral Strategies 130 Spend More Money at Each Purchase 133 Make More Frequent Purchases 133 Define Your Goal for Customer Retention 135 Listen 135 Define Success Metrics 135 Define Your Strategy 137 Define How You Will Do It 138 Flesh It Out 138 Organize Your Plans 139 Create Planning Documents 139 Hands-On Exercise: Prioritizing Customer Retention Strategies 140 Measuring Strategies for Increasing Revenue from Existing Customers 143 Where Customer Revenue Generation Strategies Fit into the Organization 144 Finding Your Key Metrics 144 Manager Metrics 145 Executive Metrics 147 Why This Is Going to Be Difficult but Not Impossible 148 What If You Can't Separate Customers Who Touch Your Social Media Channels? 149

6 How to Measure Social Media Raven Tools, 191 Overview 192 Overall Measurement Features (3.3 Stars) 193 Reporting Features (2.5 Stars) 194 Social Snap 196 Overview 196 Overall Measurement Features (4.3 Stars) 197 Reporting Features (3.9 Stars) 199 Tracx 201 Overview 201 Overall Measurement Features (2.2 Stars) 202 Reporting Features (3.1 Stars) 203 Summary 204 Hands-On Exercise: Measurement Tool Worksheet A Great Starter Mix of Tools for Less Than $10aMonth 207 Why HootSuite Pro Is a Crucial Part of the Mix 208 Validating Google Analytics Setup 208 Integrating HootSuite with Google Analytics 211 Start Tracking 212 Sample A 214 Sample B 214 Sample C 214 Limitations 215 Getting the Data Hands-On Exercise: Create a System for Using Custom URL Parameters 217 Source Medium 219 Campaign '. 220 Bonus Tip: Track the Exact Status Update That Drove a Conversion Creating a Cross-Functional Measurement Dashboard 223 Hands-On Exercise: Build Your Dashboard Tying It All Together 231 Hands-On Exercise: Social Media ROI Assessment 233 Index 235