Continuing our preview of workshops at Monitoring Social Media Bootcamp next week, Katy Howell (Managing Director, Immediate Future) will be hosting a hugely valuable session on how to measure the success of your social media marketing campaigns. It’s going to be quite a technical session, including frameworks for KPI’s, calculations for ROI and lots of case studies from brands such as Sony, Bailey’s and Adidas.
Katy will start of be setting out the ROI structure, asking: what are your goals? What do you want to achieve? By how much and, crucially, by when? She will explain the many different forms of “value”: such as cost savings, trust, the financial value of an advocate, the lifetime value of a maven etc. and set out how you might benchmark these values – and even test them before you start your campaign.
Next, she will look at the “consumer journey”, explaining how relationships with customers can develop over time, how their journeys fracture and become more complex, and how this effects measurement. She will look at critical success factors, asking: how will you know if your campaign is working? What are the milestones? And how will you separate the influence of other activities from this one?
It’s obviously crucially important to identify what you are measuring right from the start of your campaign. Katy will work through this process, setting out a framework for defining KPI, asking what the pitfalls of trying to measure some KPI’s are (including how sentiment is not a good measure of advocacy) and exploring other examples of “hard to measure” benefits, such as the value of ratings and reviews, product seeding and community involvement.
In the penultimate session of the workshop, Katy will focus on evaluation, including how to benchmark and how to set out detailed metrics analysis, plus the absolute need for frequent optimising and A/B testing. She will also explain the need for marketing mix modelling and econometrics as an evaluation and decision support tool – using Adidas as a case study.
Finally, Katy will do a live experiment. Using volunteers from the audience she will work through their requirements, producing a framework that will enable them to measure the results of their social media activities. If you’re coming to the workshop – I would strongly advise volunteering for this part of the session, it could save you an awful lot of time and money.