Katie Paine thinks Social Media isn’t entirely measurable because people are unpredictable (and she’s right); Katie also presented several case studies showing Social Media ROI but it struck me that what we should be calling this is “Reverse ROI” because most of what I hear from Social Media Case studies is how money is saved, how processes are optimized that already existed. I think what makes more sense is to say that we can generate income from Social Media outreach but we don’t yet have all the neccessary data or processes in place to do so.
And when we can get ROI from Social Media, it’s usually an e Commerce site or business. The rest of the case studies talk more about money saved, so they really translate into what is generally understood as Return on Investment; ROI does not suit Social Media as a metric, basically.
Trey and Loic from Synthesio had a very nice way of taking the “4 elements” and turning into the 4 Brand Types, and mentioned how monitoring had to be different for a “Boring Brand” that is functional vs. an “Exciting Brand” like Lady Gaga. If your a “Vital Brand” then you need to be especially responsive to your customers. I can see where we can make this a built in segmentation in monitoring tools such as Radian6. It may be the ideal way to collect the data we need is to merge qualitative information such as surveys into monitoring by embedding individuals in target communities to collect slang terms and other types of information that could be used for a listening platform, but can’t be gotten the normal ways by just searching on keywords you’d think the communities are using, but totally bypass the important words and insights they actually use, a problem we often see in this type of listening.
That reminds me – don’t have time to write a full post on it yet but Radian6 is rolling out some improvements shortly, possibly by Monday that will give users (including me) the following features, most that I’ve been asking for.
- Baseline vs current (last month vs. this month)
- nearness operators (we so need this)
- hashtags and other special characters are recognized (very needed).
Can’t wait to see what my dashboards look like Monday (if they do roll the changes out this weekend).
Cory Hartlen from Radian6 talked about the key metrics they monitor for with their clients (there are several) and mentioned the presentation of these metrics is up on their Slideshare account – Cory also showed me the neat features that I just mentioned that are coming up.
Giles Palmer, CEO of Brandwatch also went through several case studies showing ROI of Social Media and that’s when the idea of Reverse ROI (should be the subject of my second book, you know!!!) came to me.
Chase McMichael talked about being able to track the content that is most shared, top affinities and Social Relevance – he gave me a widget I will put up on this blog shortly to show what that all means and mentioned a community manager needs to feed their community good content and do we always know how to find that out? Well, Chase’s company has found out a way to do that and to know what that content is.
There was also a very interesting presentation by People Browser and a lot say about the Bootcamp yesterday, but that will need to be in another post – but not to leave you empty handed, here’s a few videos I made Thursday and Friday. Jay Krall – Cision on CisionPoint – doing a Webinar with Jay on the 16th.
Giles Palmer on Query Writing and BrandWatch – Interviewing Giles for my book in Brighton on November 21st.
I urge anyone who can register to come here, to attend. Even the price of this conference is low compared to what’s being presented and the speakers attending (I’m not counting myself, but go ahead and add me if you want) such as Loic Le Meur, Trey Pennington, Giles Palmer, Katie Paine, etc, etc.
And remember, these talks are mainly about Monitoring Social Media, they’re more focused on what to do with the data. Yes, we will have a basic and advanced section to both conferences – we’ve seen some attendees what something they can do easily while others want answers to very difficult issues and problems around Social Media Monitoring and Return on Investment – both types of answers you’ll find here and I hope you all come (and use my code – “msponder” to get your discount now).
Go ahead, register, this will be one of the best conferences you’ve ever attended, I promise.
Posted by Marshall Sponder on April 17, 2010 | Link It
The other day Google released an update to WebMasterTools that really changes the game of search when it released Search Click-through data – you can only see it for your own site but one picture speaks well over a 1000 words. Below, I pulled the search clickthrough for Webmetricsguru.com over the last month. According to Jatin
Google upgraded the data they share inside their webmaster tools, which includes (on a per keyword level)
Expanding queries that look more interesting – like “Juliette Powell” I get to see the pages that were landed on – I can also sort by country, having several options.
Truth of the matter – the overall CTR of my blog content is 0.5% which means there’s a lot impressions where no one is clicking though to my post. I don’t know how other sites are – as the data isn’t shared, though it would be nice if Google provided some “anonymous” benchmarks, like they do using data sharing in Google Analytics.
Yesterday, Jatin released another post saying CTR data in Webmastertools marked the end of the usefulness of ranking reports, and I agree with him. Here’s a little bit more of his insights about the new search capabilities of Google Webmastertools and it comes down to optimizing content to make it more probable that it will come up in more favorable search position – and now we can judge that over time – so we don’t really need a ranking report (as long as we have access to Webmastertools for a site being optimized):
“….With the advent of personalized search most people in the industry have understood that rankings won’t be the same for everybody but there was never a way of tracking the impact of this – until now.”
“…. While in the past an agency or in-house SEO might have reported on a a 3rd place ranking for a big keyword we can now see that the ranking is actually something like this:
2nd page 7%
From this data it seems that the goal of an SEO campaign isn’t to deliver a particular ranking, it’s to give a site a higher probability of ranking in a certain position. If we can change the probability that a site will rank first from 10% to 30% then we might be seeing the same actual ranking ourselves but we have still increased the overall traffic for that keyword.”
“…. As an industry we need to accept that results are going to bounce around every minute of every day and focus on improving the percentage of time we are in the top 3, rather than just looking at the ranking at a given time on a given day. If we can provide a report showing a client then had top 3 rankings 60% of the time in April then that’s a lot more valuable than just saying they rank 2nd when we last ran a ranking report.”
“…. So there you have it–seems to me Google could absolutely blow away any of the existing monitoring services tomorrow if it wanted to (and that’s the big gotcha here, it likely has no desire to).”
The question is – does Google want to enter the social media monitoring space – I think yes, but the timing needs to be right – could be later this year or early next year – it’s all a matter of time as far as I’m concerned and the rest is pretty much written on stone.
Marshall Sponder is an independent Web Analytics and SEO/SEM specialist working in the field of market research, social media, networking and PR. He provides digital data convergence generating ROI and develops data metrics, KPI’s and dashboards that drive businesses by setting, evaluating benchmarks and teaches Analytics at UCI Extension and Social Media for The Arts at Rutgers University.