Develop a social media marketing plan with our blog post, "How to Measure Social Media Engagement". It’s time that we justify the time, energy and money spent on social media in the same way we justify all of our other business activities. Original blog post here: http://bit.ly/1bd302g

1. HOW TO MEASURE SOCIAL
MEDIA ENGAGEMENT

2. NO MORE EXCUSES.

3. IT’S TIME THAT WE JUSTIFY
THE TIME, ENERGY, AND
MONEY SPENT ON SOCIAL
MEDIA

4. IN THE SAME WAY WE
JUSTIFY ALL OF OUR
OTHER BUSINESS
ACTIVITIES.

5. But it isn’t easy. In one case—it’s
very difficult. In another,
IT’S ACTUALLY
VERY SIMPLE

6. WE’LL TALK ABOUT BOTH.
IN THE END, YOU’LL HAVE A
FRAMEWORK FOR MEASURING
THE IMPACT SOCIAL
ENGAGEMENT IS HAVING ON
YOUR BUSINESS.

7. FIRST…

8. MEASURE WHAT MATTERS
• Revenue
• Cost

9. DON’T BELIEVE US?

10. OPEN YOUR ACCOUNTING
SOFTWARE AND SHOW US
WHERE FACEBOOK LIKES
APPEAR ON YOUR PROFIT AND
LOSS STATEMENT.

11. SHOW US YOUR RETWEETS
ON YOUR BALANCE SHEET

12. Your accountant, the IRS and the bank
don’t care.
Businesses succeed or fail based on how
much money comes in the door and how
much goes out.

13. THIS DOESN’T MEAN THAT
RETWEETS DON’T LEAD TO
SALES.

14. IT DOESN’T MEAN THAT
DISCUSSIONS ON YOUR
FACEBOOK PAGE AREN’T A
COST EFFECTIVE WAY TO
COMMUNICATE WITH YOUR
MARKET.

15. THEY VERY WELL MAY
BE.

16. SIMPLY MEASURING THE
NUMBER OF FACEBOOK
FANS, TWITTER FOLLOWERS
OR RETWEETS YOU ARE
GETTING ISN’T IDEAL.

17. BUT IT IS POSSIBLE TO
START MEASURING SOCIAL
MEDIA’S IMPACT ON YOUR
BUSINESS.

18. YOU JUST NEED TO KNOW
WHERE TO CONCENTRATE
YOUR EFFORT.

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20. MEASURING REVENUE
FROM SOCIAL
ENGAGEMENT IS HARD

21. In Some Cases, it’s impossible. But don’t
let that deter you. You can get close
enough if you understand the problem.
The problem can be summed up to a
single word that makes marketing
analytics professionals shudder…

22. “ATTRIBUTION”
The identification of the actions a buyer took that
contributed to a sale and assigning a value to those
activities

23. 19th century business man John Wanamaker had attribution
problems too…

24. “HALF THE MONEY I SPEND
ON ADVERTISING IS
WASTED; THE TROUBLE IS I
DON’T KNOW WHICH HALF”

25. MOST ANALYTICS
TOOLS GIVE 100%
CREDIT (ATTRIBUTION)
TO THE LAST CLICK

26. For Example, let’s say that a
prospect…

27. Searches for “digital camera bags” and lands on your website.
They browse your camera bags, Like your Facebook page and then leave your website.

28. Two days later, the same prospect sees an article from your
company on Facebook that compares popular camera bags.
They click on the link, visit your website, read the article, and then leave your website.

29. One week later, the same prospect sees an article from your
company on Facebook that compares popular camera bags.
They recognize your brand from prior interactions, click on the ad and buy a camera bag.

30. THE ORDER OF INTERACTION
WITH YOUR WEBSITE LOOKS
LIKE THIS:
ORGANIC SEARCH SOCIAL NETWORK PAID SEARCH

31. In most analytics tools, including Google Analytics, the default
Attribution (or credit) for the sale will look like this:

32. THE INITIAL GOOGLE SEARCH
AND THE INTERACTION ON
FACEBOOK WOULD GET ZERO
CREDIT…

33. WHILE YOUR GOOGLE
ADWORDS PROGRAM WILL
GET FULL CREDIT.

34. THIS MIGHT LEAD YOU TO
BELIEVE THAT YOUR TIME
+
MONEY ON SEO AND ON
FACEBOOK ARE USELESS.

35. This model is called Last Click
Attribution. The last interaction gets
all the credit and it’s a terribly
misleading way to measure
your marketing.

36. THERE IS A BETTER WAY.
M

37. First, you will need to have goals set up in Google
Analytics. If you don’t, read this to get goals set up.
Open Google Analytics, click on CONVERSIONS ATTRIBUTION MODEL
COMPARISON TOOL.

38. YOU CAN CHANGE THE WAY THAT
GOOGLE ANALYTICS IS ATTRIBUTING
CREDIT TO GOAL CONVERSIONS.

39. Here’s a description of each of the available attribution
models in Google Analytics:
• Last Interaction – The last click gets 100% attribution
• Last Non-Direct Click – The last click (excluding Direct visits) gets
100% credit
• Last AdWords Click – The last click from an AdWords ad gets 100%
credit
• First Interaction – Each visit within the Lookback Window (up to 90
days prior) gets 100% credit.
• Linear – Each visit within the Lookback Window gets equal credit

40. More descriptions of available attribution models in Google
Analytics:
• Time Decay – More recent visits within the Lookback Window get more
credit while older visits within the Lookback Window get less credit.
• Position Based – The First and Last visits within the Lookback Window
split attribution

41. IN OUR EXAMPLE WE
SOLD A DIGITAL CAMERA
BAG TO A PROSPECT THAT
VISITED VIA…

42. ORGANIC SEARCH (SEO),

43. FACEBOOK (SOCIAL),

44. AND THEN ULTIMATELY
CONVERTED AFTER VISITING
THROUGH A GOOGLE
ADWORDS AD.

45. THERE ARE ONLY TWO
MODELS HERE THAT WOULD
GIVE A SHRED OF CREDIT TO
YOUR SOCIAL MEDIA
ENGAGEMENT---

46. LINEAR TIME DECAY
M

47. IN FACT, THESE TWO MODELS
PROVIDE A TRUE UNDERSTANDING
OF HOW YOUR DIFFERENT
MARKETING CHANNELS
(INCLUDING SOCIAL MEDIA) ARE
PERFORMING.

48. Google Analytics allows you to
compare up to 3 models side by side.

49. Below is a comparison of the Last Interaction Model to the Time
Decay and Linear models for a start-up software company.

50. When you look at Time Decay and Linear Models, it becomes
clear that Social Networks have contributed up to 36.39% more
to goal conversions than we would have thought viewing ONLY
the Last Interaction Model.

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52. FOR THIS COMPANY,
ENGAGING IN SOCIAL MEDIA
IS CLEARLY BETTER AT
ASSISTING IN CONVERSIONS…

53. THAN IT IS AT BEING THE LAST
TOUCH BEFORE A CONVERSION.

54. By understanding attribution modeling
you will get a clearer picture of how
Social Media Engagement is affecting
the first of the two critical
measurements in your business…

55. REVENUE.

56. IS IT PERFECT? NO. IT IS BETTER THAN
LOOKING AT LAST CLICK ATTRIBUTION
ONLY? YOU BETCHA.

57. NOW IT’S TIME FOR THE GOOD NEWS.

58. MEASURING THE COST OF
SOCIAL MEDIA ENGAGEMENT
IS EASY.
M

59. Measuring revenue isn’t easy. But the
other critical measurement in your
business is WELL within your reach:

60. COST.

61. ARE YOU PAYING GRAPHIC
DESIGNERS TO BUILD
AWESOME GRAPHICS FOR
FACEBOOK?

62. ARE YOU BUYING PRIZES FOR
CONTESTS AND GIVEAWAYS?

63. ARE YOU PAYING AN
EMPLOYEE, AGENCY, OR
CONTRACTOR TO ENGAGE IN
SOCIAL MEDIA?

64. If it’s just you Tweeting and
Facebooking (is that a word??) you are
still spending money. What value do
you place on your time. $50 per hour?
$100? $200?

65. MULTIPLY THAT AMOUNT
TIMES THE # OF HOURS YOU
SPEND ENGAGING ON SOCIAL
MEDIA.

66. Calculate a measurement called “Cost per Engagement” over a
particular period of time. You do this by adding all social media
engagements together and dividing your spend by that number

67. The next step is to compare across channels, time periods, and tactics.
Based on what you’ve gathered, you can see how you can easily get to
metrics like:
• Cost per Twitter engagement
• % Increase In Social Engagement (Month over Month)
• Cost per Facebook Contest Engagement

68. The latter might look like this for a T-shirt contest:

69. THIS CONTEST COST ONLY 35
CENTS PER ENGAGEMENT
WHILE THE OVERALL COST
PER ENGAGEMENT FROM
SOCIAL MEDIA IS 75 CENTS.
M

70. …MAYBE THEY SHOULD RUN
MORE CONTESTS.

71. WHEN YOU START COMPARING ACROSS
CHANNELS, TIME PERIODS AND TACTICS
YOU YOU WILL BE ABLE TO MAKE
INFORMED BUSINESS DECISIONS LIKE…

72. SHOULD I PAY AN AGENCY
$2000 PER MONTH TO
MANAGE OUR TWITTER
ACCOUNT?

73. DID ADDING THE GRAPHIC
DESIGNER IN NOVEMBER
IMPROVE OUR SOCIAL MEDIA
ENGAGEMENT?

74. SHOULD I RUN MORE
CONTESTS ON OUR FACEBOOK
PAGE?

75. AND THAT’S WHAT IT’S ALL
ABOUT FOLKS. WE MEASURE
SO THAT WE CAN MAKE
DECISIONS THAT AFFECT OUR
REVENUE AND COSTS.
M

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ZERO IN ON YOUR TARGET MARKET AND MAXIMIZE
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