Global Web Index We’re delighted to announce the launch of our mini tool that provides anyone with the free of charge chance to view and play with the GlobalWebIndex data, and more importantly to start developing unique insights on social media. With the LITE version you can get a snapshot of what motivates your audience, what they do online, and how they feel about brands in social media. This data has been extracted from the GlobalWebIndex Wave 2 dataset (January 2010)and it is NOT dummy for demonstration purposes only. Currently, the GlobalWebIndex clients have access to Wave 3 (July 2010), hence, we can publicise some subscription only data. Of course, Global Web Index LITE is only a very small percentage of the full set of the Global Web Index data. Feel free to use the data, embed it and share the tool online and don’t be shy to tell us what you think: globalwebindex@trendstream.net To stay in touch @globalwebindex or to register interest in a demonstration How it works
Evaluating the Effectiveness of Modern Strategies Social media Web sites like Facebook and Twitter began as networking hubs for friends and family members. Seeing the successes of these online applications, enterprises and small businesses have joined the bandwagon, by building relationships with their customers online and marketing their brands to a new demographic. In this new form of marketing, companies have been challenged to develop a standard for measuring their return on investment. Social media is an umbrella term that defines the various activities that integrate technology, social interaction and content creation. Within the realm of social media are the growingly popular social networks. Literature Review Many marketing professionals have analyzed the business approach to social media. Simon Dumenco evaluates the results of social media marketing in his article, “Be honest: What’s your real Twitter and Facebook ROI?” These articles, as well as many others, seek to explain the phenomenon that is social media marketing.
Framework: The Social Media ROI Pyramid Often, our industry can appear complicated, and yearns for simplicity. One such technique to glean simplicity is to develop frameworks which the corporate social strategist can then apply to achieve their business goals. I’ve been working on this “ROI Pyramid” framework for a few months now, and am ready to share in greater detail than on my keynote at LeWeb (slides and video) where I introduced this to the public for the first time. [The novice provide executives with engagement data --causing themselves to be stuck in the churn of obtaining more followers and fans --without a clear business goal] 140 social strategists around the globe at enterprise class size companies indicated their top internal objectives for 2011 is to “Create ROI Measurements” Experimental mediums require proof they work. [The seasoned professional provides executives with business metrics first. Excess variety of data options, and disparate platforms. Matrix: Understand the Social Media ROI Pyramid
Dramatic Difference in Approach to Social Media Metrics Marketers appear to be inching closer to answering the question of social media ROI—or at least making a serious effort—as the stakes get higher. eMarketer estimates four out of five US businesses with at least 100 employees will be marketing on social media this year, and US ad spending on social networks is expected to reach over $3 billion. And according to research from Bazaarvoice and The CMO Club, marketers are planning to change the way they measure the effectiveness of those dollars. Site traffic, which was the top metric for social marketing success in 2010, will still be on top this year. Asked about social media activities with the highest ROI based on older metrics with less of a focus on the bottom line, CMOs were most likely to say they did not know the return from any channel other than their company’s online community. Keep your business ahead of the digital curve. Check out today’s other article, “Big Opportunities Behind Online Health Research.”
Factiva Social Media Roundtable helps to answer “What should we measure” Summary Last night, Factiva hosted a group of Social Media Practitioners, Bloggers, Corporate Program Managers, PR consultants, room in Palo Alto to try to make sense of Social Media Measurement. Most agreed measurement is important, After last night, we’re a little bit closer, the details of the findings are below. Background Information I’m a former customer of Factiva, I suggested they progress their offerings to better measure CGM/Social/New Media, this event is a response to that discussion.Those that attended already are thought and practice leaders the audience was not the uninitiated.Metrics of last era to don’t apply to Social Media, I believe that a new way of measuring will come about.Social Media is complex, complicated, and filled with nuances, as it mirrors or extends ‘real’ life, we will never be able to fully measure and categorize, it doesn’t mean we shouldn’t try.It’s important to note the following:1) Social Media is about people. Observations Additional Resources
10 Measures of Social Media ROI for Your Brand It’s essential that companies clarify success metrics before launching their social media marketing and advertising initiatives. Social media success requires brands to reconsider their definitions of ROI. That does not mean, however, that the tried and true measures should be summarily tossed in the trash to make room for new benchmarks. Nor does it mean brands should attenuate their expectations because “social media is so new and changing so rapidly” or “the metrics you need are difficult to obtain.” You can’t excel if you aim low. I have seen a number of brands default their success assessment and — oh, horror! Malarkey. That a parameter is available does not mean it is always relevant any more than if a parameter is difficult to measure it is not worth pursuing. Here are ten measures of social media marketing ROI. #1 Convert customers to brand advocates — This is the Holy Grail of social media marketing and is the most difficult for brands to attain. #8 Raise awareness of products
HOW TO: Evaluate Your Social Media Plan Meaghan Edelstein has gained national media attention through her blog, I Kicked Cancer's Ass, which she started to document her battle with end stage cancer. She is an attorney, the founder of the non-profit organization Spirit Jump, and the Social Media Director for Smashyn.com. Many companies, startups and well established businesses are frustrated because their social media presence isn’t larger or yet benefiting their bottom line. One of the big issues is that most companies start using social media thinking it's the holy grail. It takes time, effort, and resources before this new media will have an impact on you brand. Here are a few tips businesses should consider. 1. There are many social media platforms to consider when designing an online campaign. When launching a Facebook presence, consider the various platforms within this medium; Pages, Groups and now Communities. Blogging can be a powerful tool for any brand. 2. 3. 4. 5. More Business Resources from Mashable:
What's the R.O.I.? A Framework for Social Analytics Brian Solis inShare616 “Not everything that can be counted counts, and not everything that counts can be counted.” - Albert Einstein Say hello to my little friends, R.O. & I. Yes. While the question of “what’s the R.O.I. of social media” is difficult to answer, it is necessary as it forces us to dig deeper. This conversation is important as you are expected to answer it not just today, but and also over time. Before we tackle the question, let me share a quote with you. “If you come to me with a request for budget and resources for social media, to make it a priority for our business, you will lose every time…If you tie social media to our business priorities and objectives and demonstrate how engagement will enable progress, you will win every time. Your job is to connect the dots between the value of new media, the expectations of your customers, and the business roadmap the company is operating against. So, when it comes to R.O.I. in social media, perhaps we’re asking the wrong question. 1. 2. 3.