If you are a social marketing professional and haven’t checked out #SMChat on Thursdays, you may be interested in this week’s installment. Chris nicely sums up the preface to this week’s chat with the existential question: what’s it all worth? He includes some helpful self-test questions for practitioners to assess the value of their social channel efforts. Hope to see you on the call!
Here’s Chris’s article…
Most social networks are built without a design. We follow, we like, we get followed, and *POUF* we’re connected to lots and lots of people, some friends and quite a few strangers. Now what? What value can be gained? That of course is the main unsolved riddle of social media for most people. The initial […]
Maybe you’re the CMO (Chief Marketing Officer), the Chief Sales Officer (CSO), or the one doing it all (sing: C-I-E-I-O). In any case, you are deeply involved with setting strategy, goals and KPIs that will help you make your number. Which measurements matter most, and why? Are you swimming in data and metrics, and confused by the options? You are not alone. Here’s why, and how to solve it.
Today, almost all of you customer’s buying journey happens online before they speak with you. Often you aren’t even aware, although that can be fixed too (separate forthcoming post; follow this blog).
This means Marketing and Sales have to jointly engage potential buyers over a longer period of time, using multiple touchpoints, to reliably focus on helping the most needy customers and likely buyers.
Knowing what to measure, and when to measure it, for each Tactic (video, whitepaper, etc.) and each Buyer Journey stage (people ask different questions as they proceed through to a decision), helps you optimize your relationship building efforts and improve sales and service.
The dizzying array of measurements and KPIs (Key Performance Indicators) often hinders progress, so we have reviewed the results of a number of client engagements to bring you an easy single-page reference table that you can use with any CRM system to guide your setup of meaningful measurements, accurately gauge progress, and know where your next sale is coming from. Your own circumstances may be unique, but this is a start.
A Handy Funnel / KPI Planner Tool
Click the spreadsheet snippet here to preview a .pdf of this free organizer tool that guides you through the most important KPIs to set for each Funnel stage, each Goal, and each Tactic you use to make customers and happiness happen. Sales and Marketing people across a number of client projects have tried this tool and liked it.
Get the Actual Working Tool – it’s free
The native file is much easier to work with than the Preview. It is an ordinary Excel spreadsheet, and I have pre-set it with split windows so you can scroll right to reveal over 30 KPIs that apply for each Stage, Goal and Tactic, without losing sight of the main row and column headers. Check the last box on the list on this online order form to order your free copy.
Over to You
Try it! I welcome your reactions, comments and suggestions. This KPI Chart will be added to our Resources page shortly, after it has been “out to play” among you for a little while and we have gathered your feedback. Of course, you will be notified of those updates, if you have downloaded the file.
As always, we couldn’t do what we do in this blog without your input, and from the valuable experience we gain working with clients and the many CRM, sales force automation and “social hive” tools we implement for them, too numerous to mention here. Thanks!
There are two ways to measure social media ROI: (1) direct profit that results when people act on an offer you publicize on a social channel (a promo code, a coupon, or the like); and (2) the contribution to profit and value that results from people engaging on social channels to chat, research, converse, and generally form a positive impression that inclines them to buy, recommend, follow, and stay loyal and satisfied.
We help clients focus on that second, far more lucrative metric, also known as Customer Lifetime Value, or CLV. Ever heard of that? It’s a measure of the profit you can expect to generate from a customer as long as they remain a customer. It includes initial sales, renewals, upgrades, referrals, and other sometimes non-monetary indicators of buyer satisfaction.
How do you measure contribution to CLV? The slide deck linked here offers a glimpse into some of our client work that answers the question. If focuses less on the technology that underpins the effort, although we do provide a resource list, but more on the types of things you can measure and the ways you can capture the upstream inputs to do that measurement so you can determine what works and pivot to do more of that. We hope you find it helpful.
How do you measure social media ROI? Love to hear your stories. Comment below, or really open up the chat by sharing on your favorite social channel!
Should you accept a LinkedIn request from a stranger? Some legitimate, real people (but also a few spammers, trolls and competitors) send LinkedIn invitations to complete strangers. I extend the term “stranger” to include belonging to the same LinkedIn Discussion Group but not having had any substantive dialogue or value exchange. Should you link to them? Okay for some, but not for me. Here’s why.
The “Start-up of You” Philosophy
My LinkedIn policy tends to follow LinkedIn’s Founders’ “Startup of You” philosophy of linking to:
Allies – Domain experts whom I know well, and who add perspective. This means we’ve met, collaborated and significantly influenced one another’s lives; maybe a customer, partner, supplier, or coworker.
Acquaintances – non-allies with whom I have actively exchanged value in the form of work, knowledge or perspective. Merely belonging to the same LinkedIn group without jointly participating in that group’s dialogue does not qualify.
Colleagues, Collaborators, Clients – anyone with whom I’ve had substantial business experience from which I can discern their ethical behavior.
Okay, Stranger, I’m off my horse now and indeed looking forward to starting or joining a dialogue as a part of getting to know you – especially if we share a LinkedIn Group or two, where the chances are thus quite good. But don’t get me started back on the subject of Trolls. We both know they exist. Heck, if you are sending me – a total stranger – a LinkedIn invitation, aren’t you risking it a bit? I could be that Troll. Of course I’m not; I’m just saying.
The Accidental Invitation?
Some mobile and desktop users accidentally misfire and select the “Invite” button. Unless they know how to retract it, you may end up with an occasional invitation from a stranger. To that I say: forgive, forget, and ignore. If, on the other hand, you are that stranger and you seriously intended to connect with that other person, the easiest way to distinguish yourself from a troll or a nuisance would be for you to customize the greeting message, outlining your thoughts on the value of connecting. Try it!
It’s actually pretty easy to spot a Troll even though the more sophisticated ones create entire fake Company profiles on LinkedIn, complete with fake recommendations and group memberships. Dig a little deeper, though, and you may see telltale “cardboard cutout” signs: no active Group participation, no traceable business listing. Oh, yes, and some of these fake profiles are sending LinkedIn invitations to strangers like you. Why would a Troll go to all the bother? To leverage the trust between you and your network, gain access to your contacts, access and extract your network’s profile data, spam them and, in the process, quite possibly mar your reputation – and maybe deservedly so, if you’re that careless.
Link (and think) like the Pros
Let’s look at how LinkedIn is used today in the corporate world. Recruiters searching for talent increasingly use LinkedIn to find candidates. Researchers and sales pros with legitimate needs use LinkedIn to search among their contacts and extended networks for knowledgeable references. If you appear in one of those search results, and the recruiter / researcher notices you are LinkedIn to a colleague at their company, or a relevant influential person: Bingo! Instant inferred trust and credibility, as if your reference check is already done and your credibility is established….unless you’re not really acquainted and just pecked the “Accept” button simply to amass more pointless, relatively anonymous Connections.
If you are linked in to a bunch of strangers who either don’t know you or can’t remember you, imagine what that recruiter or researcher must think about the veracity of the rest of your LinkedIn profile – or your ability to discern, cultivate allies, and align resources. Do you want to be seen as trustworthy, honest and accurate in your communications? Well, then, don’t damage your credibility by linking to people you don’t know and, incidentally, dilute that critical Social Currency known as Trust by co-mingling untrustworthy strangers into your network of trusted associates.
We CAN-SPAM compliant marketers know better. Relationships, trust and respect are hard-won and sacrosanct. You get what you give. Of course, if you don’t discriminate on LinkedIn between strangers and trusted relationships, then by all means, link away. Just don’t expect me to reciprocate until after we have established a mutual, credible dialogue. Until then, keep smiling.
In a recent visit with a class of college seniors, I was asked rather pointedly: are there any jobs in Social Media? Pondering this question, I had to answer it from two perspectives: the marketing agency, and the business organization.
First, the Agency Perspective
This is the far easier perspective. There are indeed roles that focus largely on social media. Marketing Agency clients who are either resource-strained or lack native expertise often outsource some aspects of social media communications to agencies whose mastery of branding, marketing communications, audience analytics, CRM, user experience design and social listening across various social channels and technical platforms can help the client achieve their audience goals.
Now, the Corporate Perspective
This one is by far more nuanced, but the answer is still a qualified yes. While there not be corporate social media “jobs” per se, social media can help you perform just about any role better. Consider the following aspects of work life and the importance of social media savvy for each aspect – no matter what profession or set of duties you are considering.
The Producer’s Role
Just about every job requires you to produce a measurable output. That could be a product, a process step, a calculation, a recommendation, a report, etc. As a producer, you need to master certain skills such as content development to effectively communicate your process and results. It is useful to develop a “voice” within your team, company, or industry. Having an authentic, trusted, competent voice builds support for your ideas and for communicating results.
Social media channels can help you build and amplify your voice, whether you choose to publish your ideas on a Twitter or Facebook post, linking to your report. A blog, wiki or website, a SlideShare-hosted PowerPoint presentation, or a Prezi-based rendering, or perhaps even a short video illustrating your message – all are useful tools and avenues for publishing non-proprietary reports. Learning how to produce content is a good start. Knowing how to tag your content so it is searchable and visible online is now a baseline skill. Having grown up online, dear graduate, you know the importance of tagging and you consider it a natural part of projecting your content and your voice.
The Analyst’s Role
Often your job requires you to analyze information, interpret it in light of your organization’s needs and priorities, and present your interpretation in a way that is sensitive to your audience’s culture and your impact on their behavior. Learning to monitor social media channels within your industry, profession and business community can help you develop your “antenna” – a sensitivity to audience needs, requirements and trends – that can then help you better communicate your analyses and interpretations, raise awareness, enlist support, stimulate action and lead change.
Time spent on social media channels can also help you make sense of information, intelligently filter it, separate signal from noise and draw better-informed conclusions about the relative value of other voices and sources you encounter online.
The Designer’s Role
Designers need to balance multiple roles, such as upward accountability for results as well as lateral, cross-organizational collaboration. Use of social media technologies helps you perform these functions better. Even simple schedule, project, chat, survey and other collaboration tools help you improve the quality and timeliness of your contribution to results. Enterprise software tools may often include intra-organizational social features, such as chat and wiki.
Crowdsourcing your ideas invites a broad array of new ideas and inputs, and helps validate a concrete course of action. Since it is widely accepted that at any given point in time the smartest people on any subject probably do not work with you or for you, consider crowdsourcing! Invite others’ input, learn to mediate and moderate among various idea directions, and you can achieve far better results, and possibly even avoid costly mistakes.
The Dispatcher’s Role
Sending information is a standard function in most jobs. Social media tools give you practice at building an audience, understanding communications and cultural dynamics, and packaging your communications in ways that build a receptive audience clarify understanding.
The Leader’s Role
The effective leader shepherds activity toward productive outcomes. Building omni-directional communication skills within channels, and cultivating a multi-channel audience, helps the organization leader communicate more effectively, support collaboration and achieve communication goals.
Over to You
So, dear Graduate, think not just about a social media job; think about how social media helps you do just about any job better. Can you think of a way it has worked, or could work, for you? What tools are you finding effective? I deliberately didn’t name many here. Love to hear your comments!