New year, new engagements on the community! As everyone made their way back from holiday in January, it was nice to see that we still had so much activity! So here is a shout out to our top contributors for the month of January 2017!
Congratulations to our top contributors in January @Natalie-B, @Wendy_S , and @Fellsteruk . Kudos to Natalie for quickly providing awesome content in our idea exchange, fueling engagement with 17 kudos! A "thank you" is in order for Wendy, who continually generates ideas in our Product Ideas- this post alone received 30 kudos! And finally, thanks to Stephen who always is willing and able to offer solutions around the clock!
Our community thrives when people like you are active and engaged- thank you so much! Happy February!
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Those of us in Social Customer Care often ask ourselves, “Why am I spending money on multiple tools with tons of features, yet still end up having to pull everything into spreadsheets manually and spending all day sending emails because I don’t have true visibility into our activities?”
Many of us have had to hack together a solution to best mitigate the gaps; this is not the part of the job that inspires or drives us. The right social media management tool allows us to spend time where it’s most needed: on driving and improving our strategy while strengthening relationships with and learning about our customers.
We sat down with Lithium’s Social Solutions Consultant, Adam Price (@AdamP), and Lead Business Value Engineer, Grigor Kotzev (@GrigorK), to discuss how to measure your performance and boost efficiency as a social marketer.
Q: What are the top 3 metrics social marketers should be tracking?
Adam: It ultimately depends on the goals of the company. Most marketers want to have a good idea of 1. Brand voice lift (impressions), 2. Customer engagement (engagement rates) and 3. Conversions either through tracking website traffic or paid social ads.
While these metrics can be valuable, it is critical that the metrics are baselined by both internal performances over time and external performance over time vs. competitors in a similar vertical. The ultimate goal of metrics is to accurately articulate the value of your activity. The value of a metric, like engagement rate, can only be perceived if you understand what you are measuring it against. And if you have defined tangible growth goals to your team and management.
Think about efficiency as a key metric. When the big question “What is the ROI of this activity?” comes up, efficiency can be overlooked, but saving time is producing ROI. We find that a social manager spends an average of 3.5 hours a day on social management. One of the primary goals of a social platform should be reducing the manual time that can be better automated by improving workflow and communications internally.
Q: What metrics do you see marketers following that are not very useful?
Grigor: It all depends on what outcomes they are trying to get from social media. The metrics which are not useful are those which are not aligned with their expected outcomes. For instance, if you are looking primarily for increasing the bottom line and then you follow only brand awareness. -that’s not aligned.
Q: What are some common misconceptions social marketers have when it comes to ROI?
Adam: As a social marketer, it is easy to start to think that social media is a separate entity from the rest of marketing. I encourage people to remember that social marketing is digital marketing and digital marketing is just marketing. A good social strategy involves an integrated strategy with other verticals such as email, online banners, SEO - even non-digital verticals like print.
One of the huge misses by most organizations is that they apply social media marketing as its own demand-gen or lead-gen strategy without considering the implications of how social can positively affect other areas of the business. When I was a social media strategist at a fortune 50 company, I was able to prove at an enterprise level that the addition of social integration to other marketing verticals has increased the overall success of each vertical.
Q: Should social marketers track ROI separately by platform or as a whole?
Grigor: A ROI is a tool to facilitate decision making. If the social marketer wants to facilitate a platform decision, they should track ROI on a platform level. Usually that’s done only once when evaluating the platform. More often social marketers track ROI as a whole (if they do at all). In marketing, organizations talk about ROMI (Return on Marketing Investment) as the investment may vary over the year (OPEX).
Q: How do Lithium Reach and Response help improve a company’s ROI and efficiency?
Adam: Coming from a complex and multifaceted B2B environment, one of the things that appealed to me was this un-siloed approach to social publishing and care. In large organizations, these are most likely separate teams with separate strategy, vision and measurement of success. Lithium Reach and Response, working in tandem, create a strength that comes from collaboration and most importantly from the ability to gain insights into your customers at all stages of their journey.
Grigor: If we we focus on ROI instead of Benefits, then we should be looking only on the bottom line KPIs. So, let’s have a look at the results some of our customers using Lithium Reach and Response are seeing:
The 15 early adopters of Lithium Reach saw 25% more engagement in half the time.
Post Office UK reduced their go-to-market by 2, thanks to a single and centralized platform (Lithium Reach). There are 2 potential financial benefits, one is a competitive advantage by being able to post faster. The other one is time, as time is money.
Using Lithium Response, Symantec decreased average response time from 24 hours to 3 minutes. Similarly, here, two benefits, one for Customer Satisfaction and better Support Experience. Again, the other is time, as time is money.
Sky was able to increase agent efficiency by 83% and improve expert response time by 50% for escalated cases (Lithium Response with Experts trial).
Check out our Customer eBook to learn how brands like StubHub and Alteryx are using Lithium Reach and Response to improve their ROI.
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Social ROI is often looked at through a single lens: investment put in and received back. In reality, it is not so simple. There are different views depending on the desired outcomes.
We sat down with Lithium’s Lead Business Value Engineer, Grigor Kotzev (@GrigorK), to break down the three primary paths of Social Media Management ROI: funnel view, brand view, and capacity view.
When configuring what to track, ask yourself the following questions to help guide yourself in measuring the most effective activities to prove your social ROI.
Funnel View is revenue driven: people use it to measure the impact of social on the actual sales converted. This view tracks a sales funnel from the broader reach (like addressable market individuals) down to the actual sales made.
Reach: How much of your target audience – fans, prospects, customers – are you reaching with your social media message? How many impressions are you getting?
Engagement: How many interactions of any type did you get on the number of impressions of your message? This could be broken down to different sub-levels:
Conversations: Number of conversations per social media post. On Facebook, Google+, and LinkedIn: comments. On Twitter: replies.
Amplification: Number of re-shares or retweets on average for each post.
Applause: Depending on the platform, it’s the various ways a user can promote a post on different networks—Retweets, Likes, +1s, etc.
Lead Generation: How many leads do you get from Social Media platforms?
Conversion: How many of those Social Media leads convert?
The Brand View is all about brand awareness and its perception in the social world. This is popular among our competitors, especially those with listening capabilities on top of reach and response. Lithium, particularly, focuses on the "Influencers" segment of this view.
Influencers Reach: How much “influence” are you getting with your social media messages? Similar to the Reach Metric in “Funnel View,” but targeting to Influencers as the overall audience does not necessarily relate to influence.
Share of Voice: How many mentions are brand mentions versus competitive brands?
Brand Sentiment: How many mentions are positive, negative, or neutral?
Capacity View is cost drive. People use this to measure the impact of social on optimizing their costs. Basically, they are asked to do more with less, like cutting the budget by 20% while doing 10% more campaigns, or addressing 10% more support inquiries on social media.
Global Time to Market: How much time does the organization need to run a campaign?
Global Capacity: How many global activities – campaigns or replies – can the organization efficiently operate at once?
Individual Capacity: How many individual activities – campaigns or replies - can a marketer or an agent operate?
With any of these three approaches – Funnel View, Brand View and Capacity View - it becomes clear that ROI comes in many shapes and forms.
In particular, we should always work hard to distinguish Benefits (increasing any of the metrics mentioned) from ROI (increasing the bottom line KPIs or actual monetary benefits).
Check out how Post Office UK has proven their Social Marketing ROI with Lithium Reach.
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Register today for our panel on Dec 7 with
Twitter, Medium and Author & TED Speaker Bryan Kramer
User Generated what?! Before you SMH (that’s “shake my head”) at yet another marketer's acronym (you know, TOFU, ABM, CMS, CPC…), consider where YOU fit into UGC. Each time you interact around a brand, such as write a tweet about a business or participate in an online community, you are generating a valuable piece of content for that brand to act upon.
I used Google to search: ‘raincoat’. Actually, to be more specific, I need a black sweat-wicking breathable raincoat, because it would take some time to sort through 19,900,000 results.
Brands can market to me in a Facebook ad around my new query, they may post a spiffy 10-second ad on YouTube, or maybe they’ll pop up on my Instagram feed. But at the end of the day, the moment I go on Amazon and see other runners gave a specific brand’s raincoat 1 out of 5 stars because the product was “disappointing from brand xyz,” or “not worth the money,” or “poor quality,” I am back to the drawing board on my search. .
The voice of a customer had a greater volume that is longer lasting, and more impactful than any form of advertising or marketing a company can cultivate themselves. According to ReadyPulse, 92% of consumers trust recommendations from others, even people they don’t know, over branded content.
If companies fail their customers, they are bound to fail as a business. Therefore, companies have shifted to utilizing their customers as a means of marketing. Recommendations, reviews and referrals are all powerful mechanisms that brands look to for propelling their business.
How are you pivoting as a business to capitalize on UGC?
On December 7th, Twitter’s Dennis Todisco, Head of Digital Creator Community, Niche, and Riddhi Shah, Head of Branded Content at Medium, and Bryan Kramer, CEO of PureMatter, Social Strategist, Author & TED Talk Speaker; will join Lithium’s CMO Katy Keim in a collaborative conversation around how to unlock the power of UGC.
We will dive into the fundamentals behind UGC while you dive into a cup of SF’s finest coffee and a gourmet breakfast burrito! In-person attendees will also walk away with a personalized digital assessment of how they and their brands are performing on social media.
The time to register is now. See you on the 7th!
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Social media is ubiquitous.
This is the fact you’ve come to know and love, or maybe dislike, as a marketer. Simply ‘adopting social’ is a tactic of the past. We’ve since moved on to solving the conundrum of how to properly deploy and activate our social efforts. As platform functionality has increased, companies have been challenged with boosting spend to keep up with competitors on the social front. But as these objectives become a necessity to a digital strategy at large, marketers now have to exhibit return on investment in their social endeavors.
It is more than a tweet or a blog.
Social is a driver across the business; it ensures all aspects of the business are delivering a customer experience that is unique and valuable.
When you integrate your social channels, you can utilize that platform as a powerhouse for your content and ultimately, see increased engagement with your brand.
Here are three questions to ask yourself when evaluating what I like to call your “social standing:”
Are you leveraging the right channels? You must be cognizant of the most impactful channels for all stages of every customer’s journey and tailor content for each channel.
What is it delivering to the business? You must utilize the data from social in all realms of the business. How are our social endeavors contributing to brand value or NPS? Are social efforts contributing to sales? How are you using social to understand the customer in every dimension and drive a better experience?
Are you able to scale while remaining authentic? How are you engaging? You need to maintain an authentic connection, despite some of these social mediums having massive scale.
In our upcoming webcast, Forrester Vice President & Research Director Melissa Parrish and Lithium CMO Katy Keim (@KatyK) will dive into the recent Forrester report: You Don’t Need a “Social Marketing” Strategy, divulging the answers to your questions in the world of social and beyond.
Reserve your spot today.
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