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Best tips on marketing analytics to measure the ROI of your social media campaign (part two)

The-Web-Tycoon — Sat, 05 Dec 2009 19:48:38 +0000

Last week we seen how to monitor measurable things with marketing analytics and determine the ROI, and we also approached the concept of return on investment as a way to make your boss happy. But not every time in social media we have results that can be counted with numbers.

Sentimental Marketing analytics

Not for count the exact number of mentions, you will know if they are positive or not, so sentimental marketing analytics are so useful, but you can also use them to determine a baseline before implementing or changing a social media strategy and calculating your ROI.

With the tweetfel I discovered that about 50% of twitter users, do not like it.

There are many tools that will make sentimental marketing analytics easier:

Viral Heat , is relatively affordable and eases sentimental marketing analytics by offering social media monitoring features, including a breakdown for Twitter mentions,

Sometimes, companies spread coupons in the facebook, and so they know if a customer comes from a social media campaign, but also by identifying trends and determining with marketing analytics that this was because of your work, you will keep your job as social media manager safer.

Twendz, Can be used in twitter but is a very basic tool.

Crimson Hexagon, is an Enterprise-level social media tracking tool. Sentimental marketing analytics with it will be impressive because uses an algorithm for a so called VoxTrot Opinion Monitor, that will help you determine what consumer sentiment is toward your brand based on social media mention

Tweet Feel, is a search engine that lets you monitor twitterers more efficiently and be more productive with you sentimental marketing analytics..

The powerful social media product suites

These powerful tools are very useful in all kind of marketing analytics, the social media suites are designed for big companies and make the determination of social media ROI very easy, they are simply the best.

Vitrue SRM, is dedicated to managing and getting the most information out of your social media accounts. the acronym means Social Relationship Manager. Vitrue does analytics for links posted on Twitter or Facebook and can also plug into third-party services like Omniture and Google Analytics.

Salesforce.com — Salesforce.com’s Service Cloud 2 line of products is really designed to integrate Twitter and Facebook results and pages directly into a company’s CRM. This tool isn’t exactly about marketing analytics to measure ROI, but will help to improve customer service and get a handle of problems quickly, saving companies from potentially costly mistakes, thin that can be taken into account when computing ROI.

ContextOptional, offers both a Social Reporting Dashboard for monitoring engagement and activity and a Social Moderation Console for Facebook.

One last steep to make your boss Happy

As resources aren’t infinite, your boss may prever to invest in other things rather than social media if your marketing analytics do not show a result. Many times, people comes to the shop after seeing something in the facebook, and it’s very easy to understand that the social media campaign has been idle if there aren’t direct purchases in a blog or a profile.

For that reason, the first step in marketing analytics to measure ROI is to determine the baseline, once you know it, you will be able to understand if the situation of the company has improved after implementing a social media campaign.

For instance, if after posting something in facebook or the beginning of the social media campaign, the sales in the shops of the company were doubled, then you can guess than your work has done well and you just need to demonstrate with your marketing analytics that the true cause of this growth, is the social media.

Best tips on marketing analytics to measure the ROI of your social media campaign (part One)

The-Web-Tycoon — Sat, 28 Nov 2009 02:07:47 +0000

Marketing analytics reached the web 2.0 as companies and executives are beginning to use social media campaigns, there is a growing necessity to measure the ROI using marketing analytics. Without doing this, social media marketing wouldn’t work for everyone,because companies and brands need to know what are exactly doing with the money, and for this reason, the Return on Investment, or ROI, must be measured. The Marketing analytics to determine the profits of a social media campaign, aren’t easy because data is though to track, but I’m writing these two serial articles to explain how to track the pieces and measure the ROI you are getting on social media.

First of all, we need to know what is the ROI before beginning with marketing analytics around it, the formula is very simple:take the profits ( not the revenue), divide it by the expenditure, and multiply it by 100. The result is a percentage, a ROI less than zero, i.e -20%, means that we are losing money, and a positive one means the opposite. So companies love big ROIs because they want the highest profit possible.

ROI = (X – Y) / Y, where X is your final value and Y is your starting value.

Roi is usually measured in dollars and cents, but if you are using Marketing analytics to measure another kind of value, you can use this formula too. But you will also need to know what is your exact baseline. In other words, If the value wanted by the company is the number of conversations about a certain product, first you need to begin with marketing analytics to know, what is people saying before beginning the campaign, otherwise you will not have the Y of the formula.

Of course, you need to define clear goals, know in advance which values you will measure.

Marketing analytics with Metric Tools

When your goals are measurable with numbers, like web traffic, number of comments, Twitter followers or Facebook fans, your marketing analytics shouldn’t only rely in bigger amounts. If you have more visitors you must know if they are interested in buy things from you, or they are just reading something or being redirected from somewhere.

Measuring web traffic isn’t just a matter of numbers in marketing analytics, the movements of your visitors while are visiting your page are important too, so there is a list of good tools, some are for websites, and others are for social media profiles:

Google Analytics, as Google can fetch a lot of information with it, gives this tool for free, providing a really powerful baseline for a variety of different factors. You can track incoming links and then the activities of the users they send, which can be helpful.

Omniture With this tool you can track Facebook and Twitter metrics to have data for your marketing analytics..

TweetMeme Analytics , I use this plugin, that puts the TweetMeme’s retweet button than I have in the top right of my posts, provides data about the website fetched from twitter, but this tool isn’t only useful for marketing analytics, because people can Tweet my posts very easily by clicking on the button.

PostRank Analytics ,is a suite of tools that measures social engagement on other platforms and services.

HootSuite, is a great Twitter manager but also offers a lot of data for your marketing analytics. The nice thing about the click data you get from an app like HootSuite (or bit.ly) is by looking deeper you can more easily see if those clicks translate into transactions or impressions on your other sites.

Be sure to read the second part of this article I will publish next week, I will continue with marketing analytics centered in sentiment values, in other words, measure the feelings of people.

Marketing Analytics to Measure Social Media ROI

The-Web-Tycoon — Sat, 14 Nov 2009 19:50:33 +0000

The return on investment (ROI) of social media, can be determined with marketing analytics. Measure the Social media ROI isn’t easy, but It’s a very important thing to ensure the approval of new budgets of new programs to the management teams. In other words, if there weren’t marketing analytics to determine statistics about the effectiveness of social media, companies wouldn’t be sure to invest money there.

These statistics are often more related with Public relations than with marketing, but as social media are a form of marketing, we can say marketing analytics as the way to extract useful data to determine the effectiveness of the campaign.

There Isn’t any standard on marketing analytics to measure social media ROI, there are many different criteria to determine whether a social media campaign is effective or not. Sometimes, people sends a tweet and increases $250.000 in sales, and the executives of the company are very happy with the results, but sometimes the campaign is just improving the image of the company.

Qualitative Marketing Analytics to measure Social media ROI

First, let’s determine what we want to measure, it can be customer relationships, corporate reputation and whatever is more likely to need a qualitative analysis.

Then, we make questions to decide the main points to study in the marketing analytics, for example:

-Are we forming part of conversations.

-Are we better considered than our competitors.

Then, determine the capability to improve whatever you want to measure

There are companies that offer services to assist with this kind of marketing analytics.

Quantitative Marketing Analytics

Some things can be measured with numbers, and marketing analytics there are more quantitative and based on many free tools we can find around the Internet.

Google Analytics Together with feedburner is a essential tool to know the traffic on your blog, the new trends you are attracting and the engagement of your readers.

AideRSS With this program, you can enter a RSS URL and you will know the popularity of each post according the submissions in social bookmarking sites.

Xinu is a website where you type in a URL and receive a load of useful statistics.

You can also count the followers of your profiles, however you must be careful there because sometimes, a flock of followers can be result of Spam and distort the results of your marketing analytics and your data for the ROI..