I spent much of today building out a wiki for an event next week sponsored by the Minnesota Interactive Marketing Association. I want to share the section on Social Media Measurement here:
The information is based on a webinar that Jeremiah Owyang gave last January.
Web Analytics provide traditional attributes of page views, unique site visitors, etc. This alone isn’t adequate anymore because customers are talking to each other (& much of it is not on your site).
Attributes that need measurement:
- Attention = time on website (sometimes it’s not yours)
- Interaction = Click, Comment, or Embed
- Coversation Index: ratio between blog posts and comments+trackbacks
- Velocity * = Distance/Time (Rate of how fast your message is traveling in a given time) Jeremiah defines Velocity with examples
- Sentiment * = tone, opinion
- Qualitative * = What did they say?
- Impacts * = What did they do? (influencers)
* Brand Monitoring Solutions – these are helpful with the last four above
Tracking the tone, perception and nuances within online conversations is getting easier. There are a number of solutions available that monitor discussion of your brand online. They offer options to track & create reports on frequency, influence & sentiment.
There are new places to monitor/measure:
- Social bookmarking sites: Delicious, Magnolia, StumbleUpon, Kaboodle, blinklist, etc
- Aggregators: Digg, Techmeme
- Micromedia: Twitter, Pownce
- Facebook groups, pages, Google & Yahoo groups
- Forums (if password required spyders can’t crawl them)
- Competitor’s sites
Methodology for finding new communities (listening is imperative)
- Find the community & participate
- What tools are they using?
- What are they talking about?
- Who are the influencers?
Examples of things you can measure:
- Using above methodology to find customers & prospective markets
- Listen, understand the conversation, then participate
- Measure the number of conversations
- Monitor the percentage increase of conversations over time
- Measure the reduced buying cycle & reduce support costs my encouraging self-support
- Increased sales due to increased customer satisfaction in product due to involving them in product development cycle
- Increased efficiency in developing products due to customer feedback at various stages
- Minimize brand damage by responding quickly to customer’s concerns online
The Community Manager’s role to listen, participate & track progress
Provide a report on a montly basis
- Ongoing definition of objectives
- Web analytics
- Interaction – Trends in members, topics, discovery of new communities
- Qualitative Quotes – helpful for feedback & marketing
- Recommendations – Based on interactions with the customers
- Benchmark based on previous report
- All of Jeremiah’s posts tagged Social Media Measurement – worth browsing
- KDPaine’s PR Measurement Blog
- And here’s the wiki I built out on Web 2.0 for the Enterprise with 10 focus areas for the upcoming Minnesota Interactive Marketing Association event. Lots of questions for your org to ask.