Measuring Social | Internet Summit 2011

by Holly Bazemore on November 21, 2011

in Social Media

The 11:20pm session for Measuring Social became standing room only within minutes.

Using Social Data to Determine Your Most Profitable Customers & Connections //Jeff Ragovin

Our first speaker for this session was Jeff Ragovin.  The first question he asked was do people use emotions on statuses?  Of course they do!  He pointed out how many people in the room had a sharing function on their website.  The problem is that people have sharing but have no idea how much revenue comes from it or customer interaction. He said that we look at these three areas:  paid media, owned media and earned media. From this he identified a problem that we are operating in too many different silos. He said that we need to eliminate the silos and learn from the data.

Who is you most valuable customer?

So Much Data, So Little Information: How to Measure Social Media’s Importance to an Online Media Company// Matt Crenshaw

Matt Crenshaw began his discussion stating that we were going to focus on Facebook specifically. Some of the specific goals for their company was to increase fan interaction with Facebook (engagement) and move Facebook fans to .com sites (conversion). Below are examples of what they ask themselves:

  • Am I posting too much or too little?
  • When are users most likely to engage with our posts?
  • When is my competition posting on Facebook? What is working for them?
  • What type of posts perform best?

At this point Matt shared lots of data with the audience, including information from a test that they did on a fan page. They concluded that it most important to engage with fans when they are most willing to engage themselves. He stated that “studies” do not apply to every brand, and smaller audiences can be targeted with specific posts.

“You don’t know what you don’t know.”

He said a deeper data-driven view of their tests showed that they had been smart, but they could have been much smarter. No two Facebook communities are the same, and all the data patterns looked completely different on the other five pages that they tested. By staying true to their two primary goals, they were able to design a test that allowed 40-50% growth for both engagement and conversion = huge win.

Do What You Never Thought Possible with Social Media Metrics // John Lovett

Our next speaker, John Lovett, gave advice on how to pave our road map. He said that you should only take advice from those that have been on a road trip…..

10 tips for paving your road map:

  1. Agree on a destination
  2. Set proper expectations
  3. Know your audience
  4. Plan for desired outcomes
  5. Document your journey
  6. Skip the vanity matrix
  7. Save surprises for birthdays
  8. Make recommendations
  9. Assess your program
  10. Celebrate your success

John did mention that by emailing him at john@webanalyticsmystified.com, he would send anyone who desired a self-assessment quiz.

Managing, Measuring, and Monetizing Social Media: Organizing Your Team’s Efforts and Uncovering the Value of Social Media // Adam Covati

Social is BIG. It is a big thing to do, but you have to manage your expectations – internally and externally. First you have to manage your content and maintain queue. Then, he pointed out that scheduling generates traffic, not as much traffic, but it generates profit. Argyle Social found in a study that B2B Twitter was better on the weekdays. B2C Facebook was much better on the weekends. This was basic knowledge, but it was still good to have the data to support. It is important to measure. Measuring can help you find improvements, and can help you “marry” data. Measuring helps answer many important questions, as well as tracing any additional information.

 

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