ForeSee Measuring Social Media Value

8/3/2019 ForeSee Measuring Social Media Value

1/53

Managing Forward:

Measuring Social Media Valueand Influence

Larry Freed, President and CEO, ForeSee Results


2/53

Social Media Popularity

50%Facebook fansLog in daily

500MillionFacebook

users

Facebook

5.3Billion fans onpurpose-built

Facebook pages

Source: Econsultancy.com January 29, 2010, comScore 2010

3.5Billion contentpieces shared

weekly


3/53


4/53

3 Types of Social Media

1. Controlled

2. Sponsored

3. Viral


5/53

Making Sense of Social Media: The Social Media Map


6/53

What do consumers want from Facebook?


7/53

Where and why do consumers engage with social media

Source: ForeSee Results Top 40 Holiday Retail Satisfaction Index, February 2010


8/53

What are youdoing about it ?


9/53

71%Companies with a

social media plan aresetting up metrics &

tracking methods

Source: eMarketer July 24, 2010 from Digital Brand Expression report ,Social Media Without a Parachure


10/53

Fans on social sites Social mentions Tweets Blog entries

Traditional SocialMetrics

count activity andmeasureimpressions/buzz


11/53

What is missing ?


12/53

Who is coming to your social networking site?

What are the social media tendencies ofyour website visitors?


13/53

What influenced them to cometo your site?


14/53

Were they satisfied?

Was their experiencesuccessful?


15/53

What are they going to do

as a result of theexperience?

What is the value of avisitor from Social Media?


16/53

Success is defined by what the user does as a result of the experience:return, recommend, purchase, etc.

Success is defined as was the customer/visitor satisfied, did theexperience meet their needs and exceed their expectations

Success is measured through the eyes of the customer/visitor

Measuring Success


17/53

Satisfaction drives behaviors which drive value, loyalty and word-of-mouthand cost-efficiency

Satisfaction is a combination of what you get and what you expect

Consumers have freedom of choice and will go where they are satisfied

Satisfaction is a measure of value success the customers perspective

Traditional metrics dont allow you to measure success in the eyes of your

visitors

Customer Satisfaction = Key Success Metric


18/53

How Do We Measure Satisfaction

American Customer Satisfaction Index#1 Measurement of Customer Satisfaction

Leading National Economic Indicator of Consumer Spending

Founded at the University of Michigan in 1994, published quarterly

Measures almost half of the U.S. economy: 45 industries, 200+ organizations Advanced methodology: Quantifiably measures & links satisfaction to financial performance

Satisfaction: Measurement of Success


19/53

Accurate

Reliable

PreciseValid

Sensitive

Scientific Customer Satisfaction Measurement


20/53

Accurate

Reliable

PreciseValid

Sensitive

Correct



21/53

Accurate

Reliable

PreciseValid

Sensitive

Consistent



22/53

Accurate

Reliable

PreciseValid

Sensitive

Exact



23/53

Accurate

Reliable

PreciseValid

SensitiveMeasuresthe rightthings



24/53

Accurate

Reliable

PreciseValid

Sensitive

Detectschange



25/53

Accurate

Reliable

PreciseValid

Sensitive

Credible



26/53

Accurate

Reliable

PreciseValid

Sensitive AmericanCustomer

Satisfaction

Index



27/53

15 years ofempirical evidence

45 industries 200+ organizations Published andvetted byacademic research

Accurate Precise

Reliable

Cause-and-effectmethodology

provides actionableinsights

The American Customer Satisfaction Index:

Unparalleled Measurement Technology


28/53

Cause and Effect


29/53

Cause-and-Effect Methodology

Customer satisfaction is a means to achieving your end goals

ForeSee Results measures the drivers of satisfaction, overallsatisfaction and future behaviors


30/53

Identify and Prioritize Improvements

Low score,

high impactelements are topimprovementopportunities

Priority Map shows you where to focus your improvement efforts based

on their impact on future behaviors

Customer Satisfaction with Social Media


31/53

Customer Satisfaction with Social Media

ACSI E-Business Report

Source: ForeSee Results Report on ACSI E-Business Scores, July 2010

70

77

73

72

64

63

0 10 20 30 40 50 60 70 80 90

Aggregate

Wikipedia.org

YouTube.com

All Others

Facebook.com

MySpace.com

Satisfaction (100-point scale)

Satisfaction With Social Media Sites Trail Other Segments


32/53

Satisfaction With Social Media Sites Trail Other Segments

70

74

77

73

83

77

75

60

65

70

75

80

85

Comparison of Online ACSI Scores by Industry

Source: ForeSee Results Report on ACSI E-Business Scores, July 2010

Social media impact on the cross channel customer


33/53

Social media impact on the cross-channel customer


34/53

You cannot manage what you do not measure

What you measure will determine what you do

Measuring Social Media


35/53

Measuring Social Media

Understand Your Audience

ControlledSocial Media

SponsoredSocial Media

Viral SocialMedia

Value of Social Media

MeasuringSocial Media

Social Media

Monitoring ToolsOn-site surveys Posted surveys

Social Media Value Calculation

Social Influencer Model Measure Personas of Site Visitors

Measuring Social Media Value and Influence


36/53

Measuring Social Media Value and Influence

How engaged are my visitors with Social Media

What do they think of the social media experience on my

social networking sites

What do they think of my participation in social medianetworking sites

What value does Social Media bring to my business



37/53


Info

Seeking

Info Sharing

Customized persona survey is deployed on website in rotation with existing

satisfaction measureUnderstand your customers social media behaviors & preferences, including

those who are satisfied or dissatisfied

Passive

CS Persona



38/53

Computers & ElectronicsRetailers

High

ForeSee Results Top 100 E-Retail Satisfaction Index


Food & DrugRetailers

Whats the Sharing/Seeking Info profile of your site visitors?

Measure Controlled Social Media: On-site Surveys


39/53

Measure Controlled Social Media: On-site Surveys

CS Site Manager: Satisfaction survey on website, microsite, blog, forum

Measure Sponsored Social Media: Posted Survey


40/53


Post a shortened URL on your fan/follower page

CS Social Media



41/53


Link to Satisfaction SurveyBased on the methodology of theAmerican Customer Satisfaction Index

Uncover Valuable InformationAbout followers satisfaction with your

companys social media platform and

how social media is driving followers

future behaviors

Analyzing The Effectiveness Across Social Media Efforts


42/53

Analyzing The Effectiveness Across Social Media Efforts



43/53


Link Social Media to Business Goals


44/53

Link Social Media to Business Goals

Awareness (attract new customers)

Conversion (sign up for email, become member, etc.)

Engagement (fan sign up, word-of-mouth)

Revenue generation (e-commerce, offline sales)

Across channels



45/53


Quantify social media influences for site visitors and link to intended and actual

purchase behaviors

Social media model included in a satisfaction survey on your website,

encompassing predictive modeling of future behaviors

Understand direct and influence impact

Answer key questions about social media initiatives:

What value does social media bring to my business?

Does social media drive site visits?

Does social media drive sales/conversions?

Link social media to satisfaction, intended future behaviors and actualpurchase

behavior



46/53

Social Media Value CalculationWorks across multiple industries

Satisfaction

Social Media Influence

Proprietary calculation:ForeSee Results

Social Media Influence Model&

Direct linkage from social media

FutureBehaviors

Revenue$

(Determined byactual spend or

purchase intent)

Retail Example:

Satisfaction

Social Media Influence

Proprietary calculation:ForeSee Results

Social Media Influence Model&

Direct linkage from social media

FutureBehaviors

Revenue$

(Determined byaverage lifetime

value of newsite visitors)

Content Example:

Social Media Value Calculation:


47/53

Social Media Value Calculation:One step further

Summary of Social Media Measurement Opportunities


48/53

y pp

How engaged are my visitors with Social Media

Social Influencer Model: CS Persona

What do they think of the social media experience on my

social networking sites

On-site surveys of Controlled Social Media: CS Site Manager

What do they think of my participation in social medianetworking sites

Posted surveys of Sponsored Social Media: CS Social Media

What is being talked about in social media networking sites Social Media Monitoring Tools

What value does Social Media bring to my business


A bit of background on ForeSee Results


49/53

g

ForeSee Results is the market leader, thought leader, andinnovation leader in online customer satisfaction measurement,continuously expanding in customer experience analytics.

We apply a proven, predictive methodology to measuring customerneeds and expectations online and their impact on customer behavior

Help companies measure effectiveness of online initiatives fromcustomers perspective

Prioritize investment based on ROI

Benchmark performance over time and against competitors and best-in- class companies.

Leaders and the Best: Some of the Companies We Measure


50/53

p

Top Takeaways


51/53

p y

You cant manage what you cant measure

What you measure will determine what you do

Measure what matters most your customers

Satisfaction drives conversion, loyalty, retention,

and word-of-mouth

Turn data into information

Turn information into intelligence

Top Takeaways


52/53

p y

The consumer is a cross-channel consumer

Link social media to cross-channel intent and

actual behavior for ROI

Measurement is hard but worthwhile

Satisfy your customers and be fiscally responsible

to survive and thrive in the years ahead

Measure the success of your social media efforts

across Controlled, Sponsored and Viral social networks

Questions?


53/53

Larry Freed

President and CEO

ForeSee Results

(734) 205-2555

[email protected]

Twitter: larryfreed

Blog: www.FreedYourMind.com

www.ForeSeeResults.com

ForeSee Measuring Social Media Value

Documents

Transcript of ForeSee Measuring Social Media Value