Insights from Monitoring Social Media conference
Two of us from E3 European Agency Network were lucky enough to attend a Monitoring Social Media event presented by Influence People in Boston yesterday. (On Twitter: #MSM10). We were both impressed and surprised by the quality of the speakers and the information presented at the event. Sometimes you go to these events and hear nothing but a sales pitch. This conference happily, wasn’t that. We even learned that there is, indeed, such a thing as chocolate covered bacon (who knew?).
We heard from a variety of presenters on everything from “How to Develop an Engagement Metric,” to” How to Become a Listening Company,” to “Extracting Context and Meaning from Social Media.” It was all about measuring and monitoring social media, as the name implies, but offered some good insights on why social media matters as well.
Some key themes by the presenters included:
- Start with a plan. If you don’t have a strategy that begins with defining what your goals are, and how you will measure them, you’re not ready for social media.
- Monitoring and measuring social media are not the same thing. There are tools available to help you with both, but the real value comes out of meeting your goals.
- ROI is not the same thing as success. You can’t always measure success in a social media campaign by old-school metrics. And God forbid you are still using metrics such as “eyeballs,” hits, # of Twitter followers, or # Facebook fans. (How old school can you get?)
- Think about correlations vs. counting. It’s not how may “friends” you have, “likes” you get, number of “retweets” you get, or “fans” on your pages. It’s about whether the ones you have are high-quality and tie in with your goals and strategy.
- Metrics mean nothing if not properly analyzed. Out of context, numbers are meaningless. Sentiment and context of comments are just as important as identifying relevance.
- Counting which are “positive” and “negative” comments will always be an inexact science.
A few poignent points made by presenters:
On why it’s important to define your metrics before you start:
“The definition of success had changed. It’s not how many you have reached, but how they have responded,” said Katie Paine, of KDPaine and Partners.
On why sentiment analysis can never be a fully automated process (even though computers are indeed necessary to make it easier):
” The vocabulary of Twitter is not a formal vocabulary, but one of lines and squiggles,” said Keith Holder-Woods, VP of Research at Glide Techologies.
On how long you have to respond to a tweet or blog comment to make it matter:
“You have 10 minutes to respond to a Tweet, and about 1 hour to a blog post,” according to Amber Nashlund, VP of Social Strategy for Radian6.
On how social media is making it easier for small businesses to compete with bigger players:
“What I like about social media is that is is democratizing marketing,” said Mark Schmulen, General Manager of Social Media for Constant Contact. “There is no budget attached to authenticity. It’s all about the customer.”
We’ll talk about some of the tools mentioned for social media monitoring in our next post.
Filed under: Digital, Email Marketing, Internet-Digital, social media, Technology | 4 Comments
Share This Post
Most recent posts
add this Advertising advertising agency advertising awards advertising budget agency compensation Agency expansion agency negotiations agency staffing B2B Base One Belgium Benchmark Guide Best of Europe Awards Blogs Branding Brand Strategy Budgets changes Changes in advertising china Content Creative Cross-cultural cross-cultural marketing digital marketing downturn Dutch E3 meetings e3 network e3network Economy facebook French Newspaper Future of advertising gender stereotypes globalization Google international International Branding international email marketing international marketing Internet internet marketing Italy Language Issues Management marketing Marketing budget Marketing Lists Marketing Sherpa mashable Media mobile application development Networking online advertising online marketing poll Recession recruitment Search SEO share this social media social media tools Spain statistics trends web analytics web design web site design web site ROI web sites women in marketing workshops