A Framework For Measuring Social Media Activity Republished by IAB Ireland Social Media Council Produced originally by Richard Pentin, Group Planning Director, TMW On behalf of IAB UK Social Media Council With thanks to IAB UK Social Media Council and digital and direct marketing agency Tullo Marshall Warren (TMW) http://www.iabuk.net/research/library/social-mediameasurement-framework introduction IAB Social Media Measurement Framework The IAB Ireland Social Media Council have adopted the IAB Social Media Measurement Framework as the best framework to measure, benchmark and evaluate social media campaigns. The framework, created originally by IAB UK Social Media Council in partnership with digital and direct marketing agency Tullo Marshall Warren (TMW), has been designed to help advertisers and agencies better digest the complexities of social media measurement. This framework is complemented by Irish case studies, provided by the IAB Ireland Social Media Council. overview 1. Why do we need a framework? 2. The iab measurement framework 3. Guidelines to defining KPIs 4. Putting theory into practice 1. Why do we need a framework? why do we need a framework? EFFICACY ACCOUNTABILITY INTERPRETATION INDUSTRY SPECIFIC REASONS COMPANY SPECIFIC REASONS WHY? STANDARDISATION BENCHMARKING OPTIMISATION 2. Introducing the iab framework the iab framework intent Establish intentions and objectives in order to define which KPIs are most pertinent awareness appreciation action advocacy Define core KPI metrics by social media platform (soft metrics & hard financials) benchmark Compare benchmarks with other SM activity, channels, industry averages intent intent Establish intentions and objectives in order to define which KPIs are most pertinent Without clearly defined objectives we have absolutely no criteria on which to evaluate success intent To build brand awareness? Your intent should dictate which KPIs are most pertinent To generate buzz, advocacy or WOM? To generate brand engagement? To shift consumer perceptions? To influence key opinion formers? To generate leads or build prospect base? To stimulate dialogue or relationship with prospects To encourage participation for social event? To manage brand reputation? To divert a PR crisis? To engender customer loyalty? To uncover customer or product insights? To enhance customer service? intent But the trick here is to collate your KPIs into more meaningful groups in order to tell a bigger story… The 4 As awareness appreciation action advocacy Define and measure core KPI metrics by social media platform (soft metrics & hard financials) awareness appreciation Awareness of social media platform Engagement and appreciation of content on social media platform action advocacy Solicits a response or influences purchase behaviour in some way Creates WOM or stimulates advocacy APPRECIATION KPIs can be assigned to one or more of these 4 As to tell a bigger story The 4 As The importance you place on all 4 As will depend on your original intent INTENT 1 INTENT 2 WEIGHTING OF METRICS Awareness Appreciation Awareness Action Appreciation Advocacy Action Advocacy Activity designed to generate buzz and WOM might focus more on awareness, appreciation and advocacy metrics Activity designed to generate leads may be much more weighted towards action metrics benchmark benchmark Compare benchmarks with other SM activity, channels, industry averages Without comparative benchmarking most metrics are completely meaningless What is this? An atom, a ping pong ball or a beach ball? The diameter of Uranus is 51,118 km Its distance from the sun is 19 AU Now for some interesting but fairly meaningless metrics Uranus’ approximate density is 1.27 grams per cubic centimeter URANUS Atmosphere: 82.5% molecular hydrogen, 15.2% helium and 2.3% methane Uranus travels at an average speed of 15,290 miles per hour The mass of Uranus is about 8,684.9. Average temperature -350 degrees. Metrics only have real meaning when compared to something else benchmark So, how does this social media platform compare to other social media platforms used by your brand? Only compare with other platforms which share similar objectives benchmark How does this social media activity compare to other marketing channels? EVENT MARKETING ADVERTISING PUBLIC RELATIONS Only compare with other channels which share similar objectives, otherwise it’s not comparing like-for-like DIRECT MARKETING EMARKETING MARKETING COMPARATIVE CHANNEL BENCHMARKIN G SALES PROMOTION CUSTOMER BASE SOCIAL MEDIA CRM benchmark How does this social media activity compare to your competitors? Only compare your platform to competitors where they share similar objectives benchmark How does it compare to historical data? Social Media Metric Has this activity improved since last measurement period? ? Time 3. Guidelines to help define KPIs defining KPIs 3 parameters for defining KPIs by social media platform (e.g. blog, microblogging, community forum, social network, fanpage, video sharing site, branded channel widget/application etc) by 4As by soft metrics AND hard financials defining hard financials awareness appreciation action advocacy Define and measure core KPI metrics by social media platform (soft metrics & hard financials) awareness appreciation Cost per Impression (CPI) Cost per Engagement (CPE) action advocacy Cost per Lead (CPL) Cost per Referral (CPR) APPRECIATION defining KPIs The following tables are intended to outline some of the KPIs at your disposal. It is only intended to be a helpful guide rather than an definitive list Select the KPIs most pertinent to your objectives or feel free to add KPIs of your own! social media measurement i SOFT METRICS Can be any Social Media platform eg. Social network (community forum, fan page), Blog, Microblogging,App, Sharing video / photos, podcasting, Social Media Advertising. INTENT b AWARENESS APPRECIATION ACTION ADVOCACY Awareness of social media platform Brand engagement and appreciation of social media platform Solicits a response or influences purchase behaviour in some way Creates word of mouth and stimulates advocacy Search rankings # of fans / followers Website referrals Referrals from brand website # of subscribers (email, RSS) Call centre enquiries Unique visitors # of comments, interaction, @replies, # of DMs, # of plays, bookmarks Brochure requests Reach # of discussion threads Coupons downloaded Impressions inbound links, trackbacks, pinbacks Handraiser registrations Search rankings # of active users # of inbound links Poll votes Influence Ranking Page views Media coverage incl blogs Videos viewed Video installs Return visits spin-offs (video) Dwell time UGC uploads/submissions Cost per Impression (CPI) Cost per Engagement (CPE) Cost per Lead (CPL) Cost per unique visitor Cost per subscriber Incremental sales Cost per page view Cost per incremental sale Cost per follower Frequency of purchase Cost per play (video) Average purchase value Reduction in call centre costs Retention rates BENCHMARKS Comparative stats from: - similar social media platform/similar historical # of status updates campaigns - other social media platforms - non social media platforms Share This metrics (e.g. direct mail/banner advertising) # of tweets / retweets per post - competitor activity - non-sector specific/best in class Digg/ Stumbleupon/Reddit # of bookmarks # of competition entries FINANCIAL SOCIAL MEDIA PLATFORM a Cost per Referral (CPR) measurement template i b AWARENESS APPRECIATION ACTION ADVOCACY Awareness of social media platform Brand engagement and appreciation of social media platform Solicits a response or influences purchase behaviour in some way Creates word of mouth and stimulates advocacy BENCHMARKS Comparative stats from: - similar social media platform/similar historical campaigns - other social media platforms - non social media platforms (e.g. direct mail/banner advertising) - competitor activity - non-sector specific/best in class SOFT METRICS Can be any Social Media platform eg. Social network (community forum, fan page), Blog, Microblogging,App, Sharing video / photos, podcasting, Social Media Advertising. TIP: Do a separate table for each Social Media Platform so you can compare them against each other INTENT Cost per Impression (CPI) FINANCIAL SOCIAL MEDIA PLATFORM a Cost per Engagement (CPE) Cost per Lead (CPL) Cost per Referral (CPR) 4. Case studies using the framework