At Social Media Marketing 2010 (San Francisco) on Thursday, Maria Ogneva from Attensity gave an excellent introduction to social media monitoring (see my Social Media Marketing event summary, which includes her presentation). In addition to setting out the ideal process for monitoring – listen, analyse, relate, act – and highlighting the need to monitor your own [...]
Wow! Thanks again to everyone who attended the first Monitoring Social Media Bootcamp in London yesterday. It seems that pretty much everyone left the venue with new insights into monitoring and buzzing with ideas. We’ve been overwhelmed by all the positive feedback on Twitter – so, thanks again! Special thanks also to our lead Presenters Nathan Gilliatt (Social Target) Marshall Sponder (Webmetricsguru), Philip Sheldrake (Influence Crowd) and Katy Howell (Immediate Future) who really put some work in, plus our fantastic sponsors Meltwater Buzz, Synthesio, Brandwatch and Integrasco and exhibitors Whitevector and Social Radar.
Lutz Finger and his team from Fisheye Analytics have just published an interesting social media monitoring report on the Winter Olympics in Vancouver. They looked at the coverage each athlete received in online news and social media combined, then calculated a “marketing value” for each one. For example, Lindsey Vonn of the US is the most valuable brand online, generating nearly $65 million of online coverage during Vancouver 2010.
Here’s a list of 8 free (or very cheap) social media monitoring tools we’ve tried out in the last few weeks. They are all pretty light-touch, but great for anyone starting out in social media monitoring – and a lot of fun into the bargain.
Social media monitoring is generally dominated by Marketing, PR and Communications, so it was refreshing to meet Geoff Watts from Stylesignal earlier this month. Geoff and his team have developed a social media monitoring tool for the specific purpose of tracking and predicting new fashion trends. By tracking the websites, blogs, Tweets and images published by a selection of influential fashionistas, Trend Science is able to provide uniquely valuable insights into a notoriously unpredictable market. It’s pure genius
So who’s making the money in social media measurement and monitoring? I was on a panel asked this question at the Measurement & Monitoring Meetup on Friday. It’s essentially another take on the ROI of social media monitoring question, but with the focus widened to include suppliers and consultants, and at first sight it’s a rather annoying question. Having established at the Chinwag event on Tuesday that social media isn’t (necessarily) all about financial ROI, to be asked where the money is in relation to social media monitoring tools seems regressive.
What is the ROI of social media? Although I’ve heard that question a thousand times in the last year, I’ve never heard (or given) a particularly convincing answer. So I’m pleased to report that at the “Where’s the Money” Chinwag event last night, at which I spoke on the panel, I think we got at least halfway towards a comprehensive answer.
Following a tip-off from webmetricsguru (Marshall Sponder), I’ve been trying out Tweepsearch as a method of finding influencers in various vertical industry niches. He suggested that Tweepsearch’s results, combined with an Excel spreadsheet, is the most effective free method of quickly identifying the movers and shakers in a specific industry or for a chosen topic. And you know, I think he’s right.
I’m (finally!) able to publish the excellent presentation that Ann Longley, Strategy Director at MediaEdge: CIA, gave at Monitoring Social Media 09 last month. Her insights into the “new stock exchange” of brands – based on the number and sentiment of online mentions – showed how marketing metrics are changing. Some slides are blocked out because they contain secrets of national importance (the true location of Camelot etc.)
One of the most interesting points made at Monitoring Social Media 09 last month was the suggestion from Matthäus Krzykowski (VentureBeat) that monitoring could be made more accurate by narrowing the focus of the tools down to a specific industry. It stands to reason really. If you narrow down the lexicon you start to reduce the opportunities for error…