See the first part of my coverage of Social Media Roundtable – Part 1.
In this part of the RoundTable we’re talking about how to social media campaigns to sales of products and ROI. I remembered the example of the Social Media Campaign about the Social Media Roller-Coaster
It’s hard to qualify the value of Social Media campaigns for large budget spends – and yet Social Media is not always done for ROI, sometimes it’s also done to influence opinion.
However, Social Media is a soft sell, not a hard sell, and people are resistant of having sales people contact them.
We also went around the room at talking about using Social Media to advance business goals.
What are the corporate measures that are targetable for Social Media? Are your goals measurable? (one of the speakers keeps bringing up “set calibration” before starting) and it’s not always tied to sales.
On the other hand, if you can use Social Media to identify and help enthusiasts can make good business sense and encourage sales.
What would be on a Dashboard for Marketers?
Net Promoter Score?
Opt In Data Capture
So much of this discussion at the RoundTable is a quest for the perfect “DashBoard” which going to be a little different for everyone.
Social Influence Marketing vs. Social Media Community Builder – trying to find what’s different (ie: acquisition) or do many have the same basic things (ie: like a Speedometer).
Engagement for Social Media has typically been viewed in terms of Comments Per Post.
– Georgia Tech study – comparison of 5 top IVY Schools for number of comments per post and share of voice (the average over a 3 or 4 month period was 18 comments per post). They studied YouTube separately but haven’t got the information yet. There’s a separate study on Institutional blogs at educational intuitions showed on two out of five blog posts were on message.
– On page and Off Page factors
– MULTIPLIER EFFECT – perhaps Social Media Metric could be the “multiplier effect”, sort of a “bonus” that happens as a result of Social Media Activities such as:
– Audience data (give me 18 – 24 year old in Canada)
– “Sneaky component” – new offerings that come out all the time that effect the weighting of your algorithm (open source component).
– Business Indicator (number of business calls, number of new resumes posted, etc)
– Real World Events (calender) tying into indicators a Marketer would care about (posts coming from an area where a Marketer has operations).
– Content Relevance and Sentiment
On a daily basis we should be able to see if a business campaign moves forward
Twitter messages to a group vs. a group that doesn’t get them, for example.
Spoke about the Second Life studies I did while at IBM and then we ended this part of the RoundTable.