I’m presenting a webinar on social media analytics in November as part of OMIs (Online Marketing Institute’s) virtual event. I thought I’d give you a little taste of what’s coming in that presentation. If you want to register to hear the entire webinar to attend sessions by other social media thought leaders, you can register here.
I recorded a short segment of my webinar on the importance of social media analytics for guiding decisions, optimizing your market performance.
Take a look at this short video:
Highlights from the video:
First, let’s take a look at social media analytics by the numbers:
- 2.2X — that’s how much higher performance achieved by firms using social media analytics to make better decisions.
- 80% — that’s the percentage of social media data that’s unstructured (text rather than numbers). The problem with unstructured data is the challenge analyzing it. But, the opportunities from unstructured data are incredible. Playing off what customers say in their Tweets or newsfeed, can help create new products, tweak existing products, or even tickle the fancy of fans. I spoke today with an account exec from scrappy little ad agency Fallon, in Minneapolis. They created a spoof of clue shared in social media after a couple of customers for a client joked about eating the gelato in the dining room without a spoon. They also have a tool helping customers decide which flavor to buy by pulling a slot-type handle. Cool opportunities generated by customer comments.
- 3V’s — not only is most data unstructured, it’s characterized by 3 V’s — velocity, volume, and veracity. Currently, there are 1.6 zettabytes of data, which translates to about 47 YEARS of HD TV programming. That huge volume, grows by 20% every year. And, much of that data is conflicting so you’re never sure what is true and what is false.
- Finally, business experts estimate they need about 60% MORE analytic skills than they currently have. That’s because, increasingly, marketers must analyze huge volumes of data “on the fly” as it comes at them at lightning speed.
So much for social media analytics by the numbers.
Strategy guides which metrics to use
Because there’s so much data coming at you so fast, you need a sound plan directing which metrics to collect and how to analyze those metrics. That’s where strategy comes in. And, you can’t even think about collecting data until you’ve set goals and objectives for your campaign. Then, you can determine the KPI’s — key performance indicators — you need to collect to monitor and tweak your tactics to optimize your market performance.
Macroconversion versus microconversion
Firms often set goals based on macroconversions — sales and lead generation. But, microconversions are also critical because they lead to sales and leads. Improving customer satisfaction, improving service quality, increasing your brand image — all contribute to making sales and generating leads. So, you need to set goals and monitor these factors. And, of course, other factors lead to microconversions — things like traffic generated, # pageviews, social media engagement all contribute to microconversions.
So, what do you think?
Have I whetted your appetite for more about social media analytics? Take a look at the agenda and decide if it’s worth learning more.
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