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SML - Analytics

For us a definition of Social Media Analytics is the application of search, indexing, semantic analysis and business intelligence technologies to the task of identifying, tracking, listening to and participating in the distributed conversations about a particular brand, product or issue, with emphasis on quantifying the trend in each conversation's sentiment and influence.

 SML will try to help organizations in the undersanding of how measure how things are going throught their Social Media Sites applying the best tool for each site. The best way to help is to propose a Analytics Plan easy to implement...

Social Media Analytics Plan

We propose a few steps plan to implement a formal Social Media Analysis Plan

1. Identify Goals

What are your objectives in social media ?

  • Make friends?
  • Influence people?
  • Increase sales/revenue?
  • Change public opinion of a product/company?
  • Cut customer service cost?
  • Conduct research at a lower cost?
  • Get better search results, i.e rank for targeted keyword terms?

2. Agree on Social Analytics Measurement KPIs

Let’s get started. Before you do anything else, you need to have a clear understanding of what your goal will be and how you will measure the success of your social media strategy. In other words, we need to define KPIs.

There are a couple of guidelines you should follow when definining KPIs:

  • Choose metrics that actually translate into business context (e.g. sales, new leads, customer satisfaction, customer interaction, etc.)
  • Define more than just attention metrics
    (You want to look at more important metrics than just your fan/follower count)
  • Define KPIs that are actionable
    (How does knowing what your retweet reach is help you adjust your Twitter strategy?)
  • Create specific KPIs for each social network and specific elements of your website

The most important guideline above is to define actionable KPIs. Obviously these types of KPIs are going to be unique to your business, but here are a few examples of what I would consider good actionable KPIs:

  • Number of people in a specific location who follow your company on Twitter
  • Reduction in sales cycles
  • Reduction in support costs
  • Increase in product reviews
  • Buzz and engagement
  • Audience Building
  • Advocates and Ambassadors
  • Customer Satisfaction
  • FeedBack
  • Product improvement suggestions from [specific social network]

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 3. Identify Tools to Use for Measurement (Examples)

  • Google Alerts
  • Radian6
  • Alterian
  • Sysomos
  • Scout labs
  • ReSearch.ly
  • Feedburner Stats
  • Twitter followers
  • Facebook Fans
  • Page views
  • Comments
  • Retweets
  • Shares
  • Pagerank
  • bit.ly
  • ow.ly
  • goog.gl
  • Google Webmaster tools
  • Google insights
  • Google trends

4. Track Results

Where did the sale/lead come from?

  • Tweet
  • Facebook status
  • Blog post directly
  • Blog post shared or bookmarked
  • Blog post by your customer evangelists/fans
  • Leads generated through offline events
  • Referral traffic from your blog to website

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5. Final Report

 

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