Erin Korogodsky is Lithium's social media quarterback. Obsessed with social media, Erin has worked with Lithium clients to monitor their brands and brainstorm social strategy, with a focus on enlisting and engaging passionate fans. She is a frequent blogger on the Lithosphere (as ErinKoro) and you can follow her on twitter at @erinkoro and one of the team on @LithiumTech.
Here's a question for the ages:
How do you justify what you're doing in social media? We're way past the point of mumbling and stuttering our way through ROI. Yet, as strategists, we're collectively way behind:
“41% of of more than 1,000 companies and agencies surveyed had ‘no return of investment figure for any of the money they had spent on social channels as of October 2011.’”
So…how DO you justify your social media spend? That's the question that Altimeter Group's Susan Etlinger helped us answer at #LiNC where she presented her report "A Framework for Social Analytics."
Turns out that's a big question and can be broken down into a few other points to consider:
It might seem that there are really more questions then answers. All social strategists have considered how marketing can benefit from listening to social media. But what about your product team? Your service department? Everyone else? Finally, a framework that focuses on business goals – hallelujah!
For each of the 6 points on the measurement compass, Susan identifies themes, insights, metrics and actions. For example, under the category of "revenue generation," Etlinger identifies opportunities ranging from SEO to loyalty to conversion. By focusing on existing KPI's, social media analytics are must less abstract and more likely to get the attention of the leaders in your organization who ultimately need to absorb these insights.
A few great take- aways:
What do you do when you know something that needs attention or presents an opportunity? Etlinger told the group to "find an advocate in the organization and start slowely. Put yourself in that persons role. Start with something where you can make a difference. If its a negative comment, be positive and look for the silver lining."
Another key? Dig deeper - are there things to learn? What insights can you deliver? The best thing you can do is to dig (or click!) a level or two deeper to find the opportunities. These are the signals in the noise and now they are not just anecdotes but actual metrics that apply directly to your business.
Download the full report here:
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