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Vassar College ​will you walk us through that framework so that we can make sure everyone's familiar with it so that then we can start deconstructing that framework later on sure I'd be happy to so so yes so i said i mentioned jeremiah owyang and I go off to this paper we also had input from my business partner Eric Peterson as well as Charlene Li of altimeter and other researchers working with us and really what we decided was that the marketplace didn't have a good framework for measuring social media everyone was kind of doing their own thing there was a lot of different experimentation going on with how do you measure really no consistency that we recognize whatsoever they were Marcus really were stumbling blindly into social media CEO would say we need this market would go do it and there really wasn't a big picture strategy that was involved what we recognize is that this wild-west mentality wasn't going to win us any any and he wasn't going to get us ahead with regards to measuring social media so one of the things that we did is we collaborated we said let's bring the strategic expertise of altimeter group together with the strategic expertise in measurement that web analytics demystified offers and come up with the framework that we could put out to the marketplace and one of the first things we did in this endeavor was to define what we call social marketing analytics so for us it was about bringing these two things together what are we talking about here we wanted a standard or common definition I'm a crowdsource did I wrote a blog post we send it out via Twitter many people contributed to the definition and I'll just read it for you quickly social marketing analytics is the discipline that helps companies measure assess and explain the performance of social media initiatives in the context of specific business objectives and that last part is really important because everything that we do within this framework is in the context of specific objectives and really that's how we built it we built it based on a pragmatic it wasn't just go out and do this it's the social media is not this three-headed Hydra that you have to conquer it's similar to business practices that you have elsewhere in your business and we took this very pragmatic approach saying what are your business goals and from there should stem your social media objectives and then from there your measures of success and then finally your operational tactics so this is nothing revolutionary it's pretty standard business management type stuff now figure out where you want to get to and then figure out how you're going to be able to meet those meet those goals what we did do that was different and we actually went out on a limb here because we wanted this to be a you know forwardthinking piece and something that was going to rouse some people and frankly it did what we what we set out to do was actually define what the objectives is those measures the success were so for us we looked at four common objectives the first was fostering a dialog in addition to that promoting advocacy facilitating support and spurring innovation we saw these as the four key objectives that most marketers have when they're going into social media of course there are others generating awareness deriving revenue finding customer satisfaction or improving satisfaction there's lots of other objectives that you could have we started with four that we believe to be basic to social media it's a social media marketing and then from there what we did is we actually built out the key performance indicators those measures of success and actually put a stake in the ground by saying these are the calculations these are the formulas by which you can measure these objectives so some of these are common we use share a voice was one of them conversation reach but we also looked at things like advocate influence we looked at issue resolution rate an idea impact or things that we looked at and across the board really what we expected this methodology to be challenged we put it out there and said here's a starting point take this and make it your own do with it what you use it productively but use it and expand upon it and really to think about the framework you know what I encourage people to take away or what both Jeremiah and I as authors co-op into the paper encourage people to take away is that it starts with revisiting tradition you know the business practices that you have don't abandon them when you go into social media bring those with you make learning your primary goal all of the objectives that we developed we came to that came to the realization that they all involve learning learn from your customers listen learn learn about their actions on about the behaviors in addition we also agreed that defining your requirements first and then selecting a vendor was really important because a lot of times vendors will try to shoehorn you and nothing against vendors mile of vendors but they'll try to shoehorn you into their solutions so understand what you need first before going out shopping and then you need to play book you need a strategy for how this happens and then of course as I mentioned really making the framework your own the best that we could do is put something out there as a starting point and then hope that businesses will adopt it and really transform it to mean something for your business because there is no cookie cutter approach here for measuring social media it does rely on how it can apply to your specific businesses


whether you're a fortune 50 company whether your nonprofit whatever type company you're working for you need to be able to adapt it to your needs so that's the basics of the framework thanks John now Seth you have a your approach incorporates a lot more of your PR and your public relations experience and a couple of years ago or just last year I think it was just this year just this year you published a paper for IPR which is the institute for public relations on using web analytics to measure the impact of online media on business so can you walk everybody through that please yeah sure so I might make sense to give a little context to the paper before I describe it so since the mid-90s some context analytics and a lot of other sort of PR measurement companies have been conducting content analysis on print and broadcast medium by content analysis I just mean reading literally having analysts for humans read coverage trying to identify specific messages sentiment towards the company products calculating share of voice and those types of metrics and starting in in about 2005-2006 a lot of our clients are asking us to to do the same kind of thing do the same content analysis on social media which at the time was mostly just blogs and forums and and I think for the most part that still wear a lot of social media measurement is so it's just basically the same old content analysis looking for sure a voice looking at sentiment and that sort of thing only instead of doing it for you know in the New York Times and a broadcast you're doing it on blogs and Twitter and Facebook for for PR this has always been a bit of a problem for the measuring their their efforts this way because when executives ask PR professionals to demonstrate the value of their efforts and they go into a meeting with the CMO and they say well we have 33 percentage or a voice or twenty-two percent of our our coverage was positive this quarter the the CMO is likely to sort of wonder what well where's the financial value in that what is that actually mean for the business and and this is where the paper and I think web analytics fit in so you know now that a lot of media is appearing online and social media is appearing online and every company has a website many of them actually contract some sort of business goal through their website even if it's not sales it can be sales leads or or something like that you can start to connect you can start to connect traditional media and social media posts directly to you know goals that are happening online either to traffic or in some cases conversions or actual revenue the the paper that I wrote for the IPR kind of goes over to broad methodologies on how to actually do this one the first is just calculating ROI like metrics and doing sort of an accounting to figure what the financial value is of social media efforts the second is involves more sort of predictive modeling looking at all the attributes and coverage that actually tend to predict conversion rates and traffic to your website both of these for both of these types of methodologies the sort of steps are pretty similar so and again I think this is probably more revolutionary for PR than it is for marketing but basically you go and Kier web analytics let the Beast sitecatalyst for Google Analytics download all the referring domains or URLs so you get a list of all the stories that you know bro visitors to your site and then you clean out all of the Miz tagged ads and and search results and so on and then you take all those and then you apply the same kind of content analysis that i would say PR measurements been doing for for over a decade to all those different posts and you figure out i'm using multivariate testing or statistics what types of messages and topics and sentiments so one actually seems to be driving visits to your website and conversions and the methodology it's not it's some sort of has roots for me in medical epidemiology where you have populations of people and you take genetic data and you take demographic data environmental data to try to predict what are the risk factors in developing disease and it's also actually really similar to what what a financial lenders and banks use to determine people's credit worthiness you know picking a bunch of spending behaviors and trying to figure out which ones are actually to predict whether or not people default on their loans so although I'm you know the variables are very different for all these different types of sort of approaches the sort of underlying statistics and and the research kind of logic is very similar you're basically just trying to figure out what are the types of sites and what are the types of posts what's the content that's being written in social media that's actually being effective at driving people and ultimately conversions for your company thanks Seth hmm so all of this is great and you have a great framework John and you have a great framework set but how do people actually put this into practice because that's one of the things that we see we we talk a lot about well this is the right way to do something but oftentimes practitioners who are dealing with day-to-day nitty-gritty of it are going ok we'll visa woods how do I actually make this happen so can you talk us through that each of you and give us some examples maybe start for sure so the the first company that that I did this for was a company called FICO and they're the come that makes some credit scoring algorithms that lending institutions and the credit rating agencies like Equifax and TransUnion use and they have one they're mostly b2b but they have one consumer facing product which is on a site called myfico.com or consumers can go and purchase their credit scores and it's actually great case study for the sort of thing because all of my fico com sales happen on my fico com so there's no offline behavior to really track and almost all the marketing is online so what we did for my co is we looked at a year of all of their earned media coverage basically anything that that was unpaid media meaning not paid search not search not advertisements that were driving traffic and sales at my


fico com and we you know did our sort of standard content analysis and we pulled a bunch of panel based data like demographic data about the sites of referring traffic and the unique monthly visitors of these sites and so on and we ran a series of regression analyses to see what types of posts and in and sites are actually effective and what we found was really interesting so among other findings one of the things we found was that posts that were very long that appeared in sites with slightly mature of female audiences produced an incredibly high conversion rates sometimes hovering around 17 to 18 percent and this was complete news to the marketing team they've been focusing a lot of their outreach on on sort of you know financial blogs and so on and had actually been sponsoring some some blog posts on real estate websites like Trulia and Zillow and in our analysis we found that although a lot of these real estate like truly in zilla we're driving a lot of traffic to my fico com they weren't producing any sales so you know we presented our results of my FICO I'm social media marketing team and they completely restructured their their outreach efforts to focus on more lifestyle magazines online magazines and social media sites things like Good Housekeeping calm and Sunset magazine and Oprah and and since they've done that the conversion rates have increased dramatically without requiring any additional spine really so that's that's one really successful example um this is also really new methodology so although we're actually doing this for other large company so we're type of work for Cisco for visa for sybase and a couple of other smaller companies and it's still pretty new so I don't have any good case studies in terms of having tangible results from that yet but should pretty simple thanks New York State College of Veterinary Medicine.

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