How to get social metrics and KPI's that mean something.
Social MediaMonitoring can be a valuable tool for marketers, but before we start calling up a list of vendors, let’s delve a little into what social media monitoring is and the caveats that come with it.
Social Media Monitoring researches millions of conversations across the web, typically on social media platforms, and performs systematic analyses of these conversations. From the analyses we can get a glimpse into what people are talking about, what their interests are, or how a brand or a particular campaign is doing.
But how LazBro? Is it magic? Please tell me more.
Not so much magic, but close. It’s done through a series of algorithms, all of which might differ from vendor to vendor, but generally they are just a different means to attain the same or similar goal. This goal is to provide rich data that comes in 4 components: Counts, trends, sentiment, and influence.
Counts are exactly what they sound like, how many times a key word revolving around a brand or certain subject is mentioned across the web. This will give you an idea of how many people are talking about your brand, certain events, etc.
And that’s where trending comes in. Trending basically stems from the counts and tracks what is “big” right now and what is getting little mention. These trends are useful in that they help us link the count with a campaign or they can also show us where there are opportunities for new markets.
Now sentiment, this is where it gets tricky. Let’s say your brand’s count is particularly high after a certain campaign. Time to celebrate right? Not just yet. Social Media Monitoring also measures sentiment, which isn’t simply how many times a key word or phrase is used, but how it’s used and the valence that comes with it. It’s great to have a high count, but this means nothing if key words associated with your brand are being used in a negative manner. Is it better to be talked about negatively than not at all? Not in this case. Time to re-cork that champagne bottle.
Using sentiment as a metric can prove to be very difficult. This can be done either manually or automated. As you can imagine, reading conversation after conversation from all around the web and having to determine whether what was said was positive, negative or neutral can prove to be time consuming and expensive. But on the other hand, automated coding might let some information slip through the cracks or even code incorrectly at times. The good news is that these algorithms are being twisted and tweaked all the time and soon enough we will get a solid measure of sentiment.
Finally, there’s influence. We want to monitor who is saying what and depending on what that “what” is, we would target them directly for marketing, leads or to be an advocate of your brand or product.
So… still don’t have a good understanding of what Social Media Monitoring is? Or you do understand, but you would just like to humor us? Perfect! Let us hit you with an example.
This year’s holiday shopping spree inundated social media platform with mentions of Cyber Monday sales. On Monday alone, mentions of Cyber Monday reached 300,000 with twitter accounting for 79.3% generated. With Social Media Monitoring, we are also able to look at the demographics of who is talking about Cyber Monday. To no surprise, women accounted for about 60% of the conversations. In addition, the younger generation 18-35 lead in Cyber Monday conversations around the web.
In terms of brands and products, @zaggdaily dominated twitter as the most mentioned usernames and #amazon was the most used hashtag by far with #ipad and #kindle at about 1/3 of amazons mentions.
In contrast to the sentiment for Black Friday, which had about a 50:50 split on positive and negative conversations, Cyber Monday attained 77.8% positive mentions and only 22.1% negative with the small remainder mixed. I guess not being trampled for a new flat screen TV tends to yield positive conversations.
This is only the tip of the iceberg when it comes to information that Social Media Monitoring can provide. It’s a valuable tool and is always being modified for optimization. Your business should be up to date with how Social Media Monitoring can help your marketing strategies.
If you’re interested in using this tool to your advantage, we might have someone who can help…
LazBro Inc. is a leading force when it comes to using Social Media Monitoring. We have a vast amount of experience using this tool, interpreting the rich information, and developing a marketing plan that will provide optimum results. We are fully confident in our digital capabilities and we’re more than willing to prove it.