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Social Media Monitoring and Measurement

April 5, 2010 5 comments

Last week we had a guest speaker for our statistics class. Katie Morse, a community manager from Radian6 came to class to talk about social media measurement. Since we are going to discuss about this subject next class, I wanted to share with you some of her thoughts. 

One of the main focuses of Radian6 is to monitor, analyze and track customers’ conversations.

First, she stressed the importance of comparing which types of social media are the best traffic sources for your product/service. It does not matter how many followers you have on Twitter or how many fans you have on Facebook what matters is how engaged those customers are with your brand.

Second, she gave some metrics: 

Awareness metrics:

  • Potential reach (followers)
  • Mentions/ time period
  • Inbound links
  • Share of conversation
  • Subscribers to content
  • Referral ratio and recommendation ratio
  • Brand recognition (benchmarking before and after implementing social media)
  • Brand-specific searches
  • Sentiment trends
  • Content resonance

Content metrics:

  • Views
  • Comments/Feedback
  • Clicks/Downloads
  • Length of visits
  • Registration/Subscriptions
  • Shares
  • Inbound links
  • Conversations

Engagement metrics:

  • Comments
  • Thread size
  • Time with content
  • Content downloads
  • Subscriptions
  • Content sharing
  • Suggestions/ Feedback
  • Recommendations

Sales metrics

  • Lead volume
  • Cost per lead
  • Lead value
  • Conversion rate
  • Referrals
  • Retention rate
  • Average transaction (account) value
  • Sales value per fan/follower

I believe that as marketers we have to acknowledge the fact that the Web 2.0 gives us a full range of tools we can use to spread the message. Just like e-mail can help you achieve your company’s goals Facebook can do that too. It is important to develop the right metrics to evaluate your marketing campaigns and to better allocate marketing budgets.

Radian6 is a service which provides companies with a platform to listen, measure and engage with its customers across the entire social web.

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Retailers Find Facebook Advantage

April 1, 2010 Leave a comment

Digiday daily recently published an article about how retailers can achieve distinctive advantages by being on Facebook

This article talked about a report developed by a market research company called Morspace. It said that retailers who were actively involved in marketing their products and/or services on Facebook might get a competitive advantage over their competition in terms of product recommendations. Nowadays consumers are more likely to offer and receive product recommendations online than before. There has being a change in the purchasing-decision process from asking family and friends for word-of-mouth to discuss options via social-networking sites like Facebook.  Also, if a company knows that its target audience is on Facebook it could be an effective tool to directly communicate with this segment.  And by knowing what customers want retailers can offer them product information and discounts according to their needs to increase sales and create viral product buzz among Facebook consumers.

The study also showed that some of the reasons consumers join a Facebook fan page are: “To let my friends know what products I support,” (41 percent) and “To receive coupons and discount offers,” (37 percent). More than 36 percent of consumers consider Facebook to be a useful tool for researching products. Nearly 68 percent of consumers say that a “positive referral from a Facebook friend makes them more likely to buy a specific product or visit a certain retailer.”

I would suggest that before jumping into Facebook or other digital channels companies evaluate where there customers are. If its target market’s characteristics and behavior meet Facebook features then it is definitely a media channel to take into account. Facebook could be an important tool to know what your customers are doing and interpret what they are saying-mining online discussions and asking online feedback.

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