Decided to write about Monitoring Social Media 2010 and Monitoring Bootcamp, along with some videos I made without my notes (I took many notes on my iPad, but found they are more to help me remember what’s important and paste here).
Katie Paine thinks Social Media isn’t entirely measurable because people are unpredictable (and she’s right); Katie also presented several case studies showing Social Media ROI but it struck me that what we should be calling this is “Reverse ROI” because most of what I hear from Social Media Case studies is how money is saved, how processes are optimized that already existed. I think what makes more sense is to say that we can generate income from Social Media outreach but we don’t yet have all the neccessary data or processes in place to do so.
And when we can get ROI from Social Media, it’s usually an e Commerce site or business. The rest of the case studies talk more about money saved, so they really translate into what is generally understood as Return on Investment; ROI does not suit Social Media as a metric, basically.
Trey and Loic from Synthesio had a very nice way of taking the “4 elements” and turning into the 4 Brand Types, and mentioned how monitoring had to be different for a “Boring Brand” that is functional vs. an “Exciting Brand” like Lady Gaga. If your a “Vital Brand” then you need to be especially responsive to your customers. I can see where we can make this a built in segmentation in monitoring tools such as Radian6. It may be the ideal way to collect the data we need is to merge qualitative information such as surveys into monitoring by embedding individuals in target communities to collect slang terms and other types of information that could be used for a listening platform, but can’t be gotten the normal ways by just searching on keywords you’d think the communities are using, but totally bypass the important words and insights they actually use, a problem we often see in this type of listening.
That reminds me – don’t have time to write a full post on it yet but Radian6 is rolling out some improvements shortly, possibly by Monday that will give users (including me) the following features, most that I’ve been asking for.
- Baseline vs current (last month vs. this month)
- nearness operators (we so need this)
- hashtags and other special characters are recognized (very needed).
Can’t wait to see what my dashboards look like Monday (if they do roll the changes out this weekend).
Cory Hartlen from Radian6 talked about the key metrics they monitor for with their clients (there are several) and mentioned the presentation of these metrics is up on their Slideshare account – Cory also showed me the neat features that I just mentioned that are coming up.
Giles Palmer, CEO of Brandwatch also went through several case studies showing ROI of Social Media and that’s when the idea of Reverse ROI (should be the subject of my second book, you know!!!) came to me.
Chase McMichael talked about being able to track the content that is most shared, top affinities and Social Relevance – he gave me a widget I will put up on this blog shortly to show what that all means and mentioned a community manager needs to feed their community good content and do we always know how to find that out? Well, Chase’s company has found out a way to do that and to know what that content is.
There was also a very interesting presentation by People Browser and a lot say about the Bootcamp yesterday, but that will need to be in another post – but not to leave you empty handed, here’s a few videos I made Thursday and Friday.
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