Posts Tagged ‘Metrics’

Online metrics are helping us measure every step in the flow of information, commerce and reputation.  We may not be able to measure everything in the future, but there’s no doubt that’s the target we’re aiming for.  But let me ask you something:  do you REALLY want to live in metrics utopia?  Because if the answer’s “yes,” then that means each day you’ll see a career-spanning tabulation of:

  • Dollars contributed to the bottom line. Feel free to divide by your salary to measure the multiple.
  • Dollars subtracted from the bottom line.  Mistakes get made — including lost opportunities —  and they’d go into the calculation.
  • Contributions to share price.  It’ll feel great to calculate how many people you helped retire and kids go to college.  Hope your number’s in the black.
  • Company and executive reputations built and lost, saved and insured against future threats.
  • People saved by getting life-saving information out.
  • Lives lost by not getting the information out sooner.
  • Inventions, patents and innovations built upon ideas you helped spread.  Add resulting economic impact, if you please.
  • Your ranking of value versus everyone else in your field.
  • What your ranking would have been had to made different decisions in the past. (Monte Carlo style.)

Your thoughts are warmly invited.

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Scribd, the document sharing site announced today that it’s boosting its analytics.  Just going off the screen shots here, we’ll be able to see traffic sources (eg Twitter and certain keywords via search engines), the amount of time people spent reading the docs, where they’ve embedded them and the geographic source of readers.  The format looks a lot like Google Analytics, which I think we’re all thankful for.  Some dashboard formats work just fine, thank you.

I’ve typically counseled clients to steer thought leadership traffic to a WordPress blog because the analytics there are second to none.  That’s still mostly true (it doesn’t get any better than Easy Tynt for learning what people really value in your white papers), but Scribd is a more natural environment for reading and sharing docs and these new metrics make it all the better.

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After a 100-year drought of good metrics, thanks to social media PR is now enjoying an embarrassment of riches.  So beyond what Google Analytics and Radian6-type services are offering, here are 20 metrics you can add to your 2011 PR plan.  More ideas welcome in the comments!

Cross-department

1. All sales leads - Gives a sense of how big a marketing funnel social media is opening

2. High quality leads - Not every lead will convert, but it’s important to track the viable opportunities social media is generating and then ratios to #1 above and #3 below.

3. Resulting sales - Then track every subsequent sale thereafter

4. Recruits hired - Presumably there’s a cost-to-hire figure that your company has already worked out that you can compare for cost effectiveness

5. Investors referred to IR - Especially if IR isn’t social yet, this number provides evidence of the need

Reputation

6. Complaints nullified – Where even if someone said something bad years ago, but it’s showing up high in your search results, you’ve stepped in to answer so everyone else knows the issue has been resolved.

7. Misperceptions corrected – Even people with good intentions get things wrong sometimes and you don’t want customers, investors or potential employees to have wrong information.  Even if it’s not negative, wrong stuff is taking up the room that right stuff could.

8. Questions answered – Wouldn’t it be nice to say, “Boss, 432 people asked us questions about our company last year. If we hadn’t been there to answer them, they either wouldn’t have the information, or would have gotten it from one else and it may have been  wrong. Either way, they would have felt we weren’t there to help.”

9. Rumors squashed – These spread perniciously on the web. But via search, you can find all heads of the hydra and chop them off.

10. Star rankings of the company’s online materials - Yes, all of them. Anything that’s not working for you is distracting from the stuff that is.

11. Negative pages found via search - There should be an incentive to seek out damaging information so that it can be resolved. This metric is that incentive.

12. Bloggers that hate you and their combined audience - You should know for crisis planning.  (And why do they hate you? You’re a nice person at a nice company.  Surely there’s some common ground you can find to reduce the animosity, or build some level of respect to keep lines of communication open.)

13. Bloggers that love you and their combined audience – Nuff said.

14. Inlinks to intellectual capital - That’s at least as important as the citations to-date.

15. Google profile click throughs of white papers and traditional media articles

For social media trained employees:

16. Linkedin link growth

17. Klout score growth (If you don’t know this metric yet, click the link.  That company is doing AMAZING things.)

18. Blog readership growth (but remember, better to have 50 perfectly targeted readers than 5 million poorly targeted)

19. Job satisfaction (I’m pretty sure this would go up, but I don’t know for sure. It’s worth measuring to find out.)

20. In-person meetings with bloggers/tweeters

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One of the most valuable aspects of social media is the ability to apply the scientific method to marketing techniques. It’s best to aim for pure tests, with control and experimental groups testing one variable at a time.  It can be hard to pull off since life doesn’t happen in a vacuum, but you can get really close to that goal.

I recently held a Meetup, and given a bit of luck, was able to conduct a near-perfectly pure test of the power of relying only on search for thought leadership/group marketing. Here’s the timeline:

May 11 - A friend tells me he’s going to use Meetups as his primary tool for prospecting.  The last time I gave Meetups serious consideration was the Howard Dean campaign, but evidently it’s still going strong so I decide to check it out.

May 12 – When it comes to thought leadership via social media, I advise clients to pick a super niche topic, create a group and then contact the stakeholders and invite them to join.  This time, I wanted to see what would happen with zero external marketing.  No emails, no ads, no posts.  Nothing but relying on people searching Meetup.com.

May 13 - I also tell clients every effort must be authentic and have a degree of passion to it.  No one’s going to join a group unless they really care about its topic and you can’t fake it.  In my case, I care a LOT about people from disparate departments (PR, sales, customer service, HR) getting together and talk about how they’re using social media.  I think there are a lot of lessons that can be gleaned from these different points of view, and the sooner they’re shared, the better everyone’s life becomes.  But if you’re in a silo, it can be hard to ask a question since it might mean ceding some political ground.

With that direction in mind, I ran a search for “B2B” and “social media” on Meetup.com and found zero groups with both keywords.  Nice.  Zero competition means a pure search situation. No variables like prettier logos or established memberships to fight against for attention and loyalty.  People finding this group would choose to join based solely on  the strength of the topic and feelings of legitimacy generated by the name and logo.  I came up the name, “B2B Social Media Roundtable,” bought an icon from iStockphoto.com for about $8 and created this logo using PowerPoint.

May 14 - Created the Meetup, wrote the mission statement, and decided to host the event at the famed Roger Smith “Internet hotel.”  Group description:

“Using social media at a B2B company? Wish you could peek over the silo wall to see what other departments are doing? The Roundtable is the place for Public Relations, Marketing, Sales, Investor Relations, Human Resources and Customer Service professionals to freely exchange ideas, techniques and lessons learned.”

June 8-29: Keeping an eye on my Meetup stats, I tweeted three times to see what would happen. Yes, this violated the “no marketing” rule, but with the spike in traffic dying down (see chart below), I figured it’s worth a try.  The tweets were repeated on my LinkedIn page.  Here’s the text and click throughs.

June 8th: Hey #B2Bdance. Want more? Come to the first ever Meetup of B2B Social Media Roundtable. 6/29 in NYC. http://ow.ly/1VYmX (four click throughs)

June 23: Next Tuesday is inaugural meeting of B2B Social Media Roundtable @rshotel. RSVP here: http://ow.ly/22gNW #B2B #SM #Meetup #socialmedia #PR (18 click throughs)

June 29: TONIGHT: 1st MeetUp of B2B Social Media Roundtable! 6:30 in Lily’s Bar @RShotel. RSVP here: http://ow.ly/24HFq #B2B #socialmedia #sm #PR (one click through)

The end result?  38 people joined the group, 13 people RSVP’d for the event, and five (besides me) showed up.  Total out of pocket: $40 (labels for name tags were $32).  But that just tells the metrics side of the story.  Other ROI I’d include are:

  • Met five people passionate about B2B social media and care about the same niche topic of getting departments to share learnings
  • Met a prospect
  • One attendee said they joined in part because the logo made it seem “official”
  • One of the attendees taught me the nitty gritty of how Facebook’s social graph works.  Something I was trying to wrap my head around for a couple months
  • Met an industry leader in social media research
  • I got to share some of the things I learned and am doing
  • Learned how a conference organizer is investing in social media and trying new techniques
  • Had a great time — which has led to the nucleus of a real community forming; one that’s interested in meeting again.
  • Learned how to use Meetup and its incredible event tools (profile photos easily printed onto name badges, table tent signs, post cards and a blog widget. You HAVE to try it to believe it.  In the old days, this would have taken a mareking coordinator a full day to produce.)
  • A few lessons learned on how to use Twitter and Meetup together

Here are the traffic stats from Meetup.com.  Anyone else see interesting correlations?

Questions? Thoughts to share?  I hope that sharing these metrics and lessons encourage you to experiment with a new social media tool and to share the metrics.

And feel free to join the next meeting of the B2B Social Media Roundtable on July 26th!

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