Altimeter Report: The Social Media ROI Cookbook

Hot on the heels of last week’s Altimeter Open Research Report on Converged Media, today, analyst Susan Etlinger, Researcher Andrew Jones, (I served as editor) have published a report answering the absolute top asked question in the social space: “How do companies measure ROI of social?” In this definitive report, Altimeter found that there are half a dozen methods being deployed, each with flaws and strengths. It’s key that the business knows which method to deploy, when, and then line up the right process, teams, software, and partners to help. Despite a thorough look into leading case samples and speaking with dozens of members of the ecosystem, we found there is no single solution that is fool proof. In this … Continue readingAltimeter Report: The Social Media ROI Cookbook

Number of Fans and Followers is NOT a Business Metric –What You Do With Them Is

Companies are frequently misguided by relying on fan and follower count as the primary measurement for their social media investments, instead they must focus on the outcomes of these fans and followers. We wouldn’t buy a car without looking under the hood, or buy a house without getting it inspected, or hiring an employee without doing a background check, so we should also ensure we’re providing the right metrics for our social efforts. Because fans and followers are so easily viewable by all employees of our owned social accounts as well as our competitors, it’s easy to use that as a default index. In fact, strategists should not serve up fan and follower data to executives, as they often self-diagnose … Continue readingNumber of Fans and Followers is NOT a Business Metric –What You Do With Them Is

Open Research: A Framework for Social Analytics

Over the last few months, Susan Etlinger, a former marketing strategist, and most importantly has used brand monitoring tools, has lead Altimeter’s latest research report on analytics.  After interviewing nearly 40 experts and working with Charlene Li and a bit of help from myself, she’s found six distinct use cases (see compass below) on how companies are measuring using these new toolsets. We know that measurement is the the top goal inside of companies, and while I’ve published this data before, it’s important to recast it to show the important of measurement in an emerging technology set. Why are social analytics so important? This is a new medium, and proof over re allocation of investment is key. Being a new … Continue readingOpen Research: A Framework for Social Analytics

To Understand Your Market, Harness The 7 Elements of Customer and Social Data

Who has more information about US’s Gen Y? Facebook or the United States Government? Each time I ask this question on stage, most hands vote that Facebook has more information, although someone usually suggests the United States Governmant can obtain it if they need to. In fact, the amount of consumer data emerging in the social web only continues to hockey stick (see this graphic from Twitter) The following is a summary of a research project we did to understand how to harness new data types in their online experiences. The 7 Elements of Social Data We segmented data that has been tried and true for years on the top tier: demographics and product. Then, we segmented data that digital … Continue readingTo Understand Your Market, Harness The 7 Elements of Customer and Social Data

Framework: The Social Media ROI Pyramid

Often, our industry can appear complicated, and yearns for simplicity.  One such technique to glean simplicity is to develop frameworks which the corporate social strategist can then apply to achieve their business goals. I’ve been working on this “ROI Pyramid” framework for a few months now, and am ready to share in greater detail than on my keynote at LeWeb (slides and video) where I introduced this to the public for the first time. [The novice provide executives with engagement data –causing themselves to be stuck in the churn of obtaining more followers and fans –without a clear business goal] 140 social strategists around the globe at enterprise class size companies indicated their top internal objectives for 2011 is to … Continue readingFramework: The Social Media ROI Pyramid

Altimeter Report: Social Commerce, How Brands Are Generating Revenue in Social Media, by @lcecere

I’m frequently asked “What’s the top challenge the corporate social strategist is struggling” and over and over, ROI comes up very high. To tackle this challenge head on, Altimeter has conducted a research project to find out how companies are connecting social technologies to the overall buying process as well as analyzing how they increase revenues for brands. In conjunction with our recent conference on Social Commerce, we’ve now published the findings from interviewing top social commerce vendors and brands that are connecting commerce with social media. Our lead researcher analyst on this project is Lora Cecere who stems from Gartner and AMR and stems from Supply Chain Management, her and I will be doing a no-cost webinar to discuss … Continue readingAltimeter Report: Social Commerce, How Brands Are Generating Revenue in Social Media, by @lcecere

Enhancing Net Promoter Score (NPS) with Total Social Customer Value (TSCV)

Net Promoter Score has served the industry very well as the standard in satisfaction intention, and can now be enhanced by adding explicit customer satisfaction data, influence and customer reviews already on the web. NPS, a Industry Standard Before the Social Web There’s no better way to measure customer satisfaction and intention to refer than the Net Promoter Score.  In fact, this simple mechanism asks consumers  on a 0 to 10 rating scale: “How likely is it that you would recommend our company to a friend or colleague?” Based on their responses, customers can be categorized into one of three groups: Promoters (9-10 rating), Passives (7-8 rating), and Detractors (0-6 rating) NPS ,while effective at capturing the intention of advocacy, … Continue readingEnhancing Net Promoter Score (NPS) with Total Social Customer Value (TSCV)

Slides and Recording: Social Marketing Analytics Research Findings

After launching the research report ‘Social Marketing Analytics‘ (also embedded below), my co analyst (also from Forrester) John Lovett and I recorded this webinar yesterday that had over 800 registrants and 300+ attendees during the hour long presentation. In the spirit of ‘Open Research’ we encourage you to use, share, and adopt our research framework to improve your work, abiding by our creative commons licensing of attribution and non-commercial usage. Social Marketing Analytics: A New Framework for Measuring Results in Social Media, by John Lovett and Jeremiah Owyang from Altimeter Group on Vimeo. Above: Webinar recording going over the framework, and our additional insights from the research Social Marketing Analytics View more presentations from Jeremiah Owyang. Above: The accompanying slides, … Continue readingSlides and Recording: Social Marketing Analytics Research Findings

Altimeter Report: Social Marketing Analytics (Altimeter Group & Web Analytics Demystified)

A Collaborative Effort Between Two Firms:  Web Analytics Demystified and Altimeter Group It’s just been over a month since we published the Social CRM Research paper (over 36k views on slideshare) and we’re continuing our cadence here at Altimeter Group of publishing widely available reports under the spirit of Open Research.  This time, it’s different, we’ve aligned with who I feel are the smartest team of web analytics minds in the space, John Lovett (ex-Forrester analyst) and Eric Peterson (ex-Jupiter analyst) both of the Web Analytics Demystified firm.  Stemming from Altimeter founder Charlene Li’s (ex-Forrester Analyst) framework, we co-developed this framework, and put our collective minds to work on measuring the rapidly changing social media marketing space.   This self-funded … Continue readingAltimeter Report: Social Marketing Analytics (Altimeter Group & Web Analytics Demystified)

The Importance of Social Media Audits

In addition to constant listening and alerting to their market, brands should conduct an initial, then annual social media audit to be successful in their endeavors. Just as brands conduct audits of inventory, employees, and budgets on an often annual basis, they should also survey the landscape to find out what customers, influencers, partners and employees are participating on the social web. Audits are key for identifying priorities, benchmarking previous efforts, and planning for future efforts; the same applies for social media. I’ve been reviewing social media strategy documents from a variety of large brands, and I’ve noticed the following three common traits: Understand the Three Types of Social Media Audits Initial Kickoff Audit. Brands should audit their social sphere … Continue readingThe Importance of Social Media Audits