1. Wharton Interactive Media Initiative Measuring Success of Social Media Steve Ennen Managing Director, Lecturer in Marketing Wharton Interactive Media Initiative ennen@wharton.upenn.edu www.whartoninteractive.com

3. Distinguishes itself with a tight focus on the interaction between content provider and user, capitalizing on the wealth of individual-level data that is exploding at the crossroads of commerce, technology, and entertainment.

4. Is dedicated to bringing world-class research rigor to better understand these complex interactions in order to drive new business strategies and tactics that will reshape the media landscape.WHARTON INTERACTIVE MEDIA INITIATIVE

6. Number one key metric, the holy grail

7. Cut through the clutter

8. What is the real-time web

9. Basic universal marketing measurements

10. Developing a measurement strategyWHARTON INTERACTIVE MEDIA INITIATIVE

11. Why you are here The world transforms

12. Why you are here Number one, key metric, the holy grail!

13. Why you are here Number one, key metric, the holy grail!

15. Faux metrics – fabricated by technology

16. Data deluge

17. Confusion& Clutter

19. In about 60 days, nearly 240,000 Facebookers had been de-friended for the sake of a hamburger. That amounts to more than 7,000 coupons for free Whoppers.

21. Cut through the clutter Buzz and business

22. Cut through the clutter Buzz and business No evidence of increased sales

24. Engagement (verb, not a metric)

25. Sentiment

26. Earned vs. paid media

29. Cut through the clutter …not so much Becker (1970) and Watts and Dodds (2007) have raised doubts on the importance of opinion leaders in speeding up the acceptance of new products More recent research by Coulter, Feick and Price (2002) and Godes and Mayzlin (2009) provides conflicting answers to the question whether heavy users are more influential than light users, an issue of obvious relevance to the identification and targeting of likely influentials. “Opinion Leadership and Social Contagion in New Product Diffusion” RaghuramIyengar, Christophe Van den Bulte The Wharton School, University of Pennsylvania, et al

30. Cut through the clutter

31. Cut through the clutter Bottom line: influencers have smaller spheres of influence than current buzz purports.

33. Cut through the clutter Sentiment analysis Sentiment analysis or opinion mining refers to a broad area of natural language processing, computational linguistics and text mining. Generally speaking, it aims to determine the attitude of a speaker or a writer with respect to some topic. The attitude may be their judgment or their affective state (that is to say, the emotional state of the author when writing) or the intended emotional communication (that is to say, the emotional effect the author wishes to have on the reader).

35. Perceived characteristics of the competitor

36. Opportunities to defend or build the organization's reputation

37. Channels for revenue growth

38. Potential threats

39. Most effective methods and venues for engaging with consumers

42. Paid media: ads

43. (Owned): brand-created content with the hope of moving to earnedUSV is funding companies that address the new marketing paradigm, from earned-media platforms such as Twitter and social video site Boxee

44. tomorrow’smeasurement The next challenge The data collection radically increases speed through Real time measurement

45. What isthe real-time web? “Real-time is the hottest topic now” Facebook executive, Jan 21 2010 Google recently declared real-time search to be one of the biggest unsolved challenges it faces. Announced real-time search in December. Google’s inked partnerships with both Facebook and MySpace to pull in data in real-time. For Facebook, that means public Facebook Pages, and for MySpace, it means any stream data that is publicly available. This is on top of the partnership that the company announced with Twitter in October.

46. What isthe real-time web? NYTimes put a link to a new real-time view of all its news stories on the front page of its site. Facebook announced a new feature that will let users be notified instantly when their friends interact with media related to themselves on the site.

47. What isthe real-time web? Real-time web is the acceleration of the exchange of information brought on by the adoption of new technologies Ubiquity Ubiquity disrupts former paradigms and creates new business opportunities

49. Real-time search -Twitter

50. Real-time analytics – social games

52. Measuring the real-time web

53. Measuring the real-time web

55. Reliable gauge of sentimentFrom a marketer’s perspective there are two ways to measure your blog strategy 1. The importance of your own blog new and returning visits links Google Webmaster Tools or Bing Webmaster track inbound links 2. The interaction with another blog authority readership

57. A site’s authority may rapidly rise and fall depending on what the blogosphere is discussing at the moment, and how often a site produces content being referenced by other sites.

58. The new Authority calculation differs from the past version, which measured linking behavior over a longer 6 month timeframe.

59. Links in blogrolls don’t count towards Authority, as they are not indicative of interest in relevant content

61. Blogs will appear ranked by topical authority within Technorati’s blog directory.

62. Factors include linking behavior from blogs and posts in the same category, how well a blog's overall content matches the category in question, and other associated data.

64. other social media

65. other social media Twitter Many people, including scholars, advertisers and political activists, see online social networks as an opportunity to study the propagation of ideas, the formation of social bonds and viral marketing, among others. This view should be tempered by findings that a link between any two people does not necessarily imply an interaction between them.

66. other social media

68. Use third-party tools to figure out how much traffic your websites are receiving from Twitter.

69. Track click-throughs on any link you post in a tweet. Some URL shortening services let you track click-throughs

70. Updates

71. Frequency/Responses

72. Keep a tally of questions answered, customer problems resolved and positive exchanges held on Twitter. Do the percentages change over time?

73. When you offer deals via Twitter, use a unique coupon code so that you can tell how many people take you up on that Twitter-based promotion.

74. If you have an online presence, you can also set up a landing page for a promotion to track not only click-throughs but further behavior and conversions.

75. Keywords

76. Sentiment analysis Tweetfeel, TwenzeTwitrratr.

77. facebook measurement

79. Engage with fans and critics.

80. Listen to what people are saying, good and bad.

81. Keep content fresh.

83. Sharing pieces of content: Defined as “web links, news stories, blog posts, notes, photo albums, etc.”

84. Keywords

86. Facebook measurement

87. Facebook measurement

88. Gaming measurement and metrics Social Gaming

91. On a recent two-day period, Zynga sold 100,000 "meat grinder" machine guns & 80,000 body armor suits.

93. Then you have to look at the quality of users, as defined by the play rate.

95. CPM – cost per thousand

96. Net reach/reach number of people who see a message/advertisement

98. Effective reach –measures the portion of an audience that is exposed to an advertisement enough times to be influenced

99. Effective frequency – number of times an individual must see an advertisement in order to register the message

100. Share of voice – quantifies the advertising “presence” of a brand

101. Pageviews – number of times a webpage is served

102. Rich media display time - average time rich media is displayed per viewer

103. Clickthrough rate number of click-throughs as a fraction of the number of impressions

105. Cost per order – ad costs divided by number of orders generated (measures cost effectiveness of advertising)

106. Cost per customer acquired – ad costs divided by # of customers acquired

107. Visits – number of unique viewings of a site

108. Visitors – number of unique site visitors in a given period

109. Abandonment rate – rate of purchases started but not completed

110. Bounce rate – fraction of site visitors who view a single page

111. Friends, followers, supporters - measures size of a social network, but unlikely to measure engagement

113. Communities/Social Networks

114. Discussion forums

115. Ratings and reviews

116. Sharing

117. Video

118. Widgets

119. Wikis

122. How do you determine what’s important?

123. How will you analyze the data?

124. Who owns it?

125. How does the information move across the organization?-Dashboards, reports, meetings, enterprise media

126. Measuring social media success

127. Measuring social media success

128. Measuring social media success Four failures of measurement & analytics 1. Information is ineffectively shared within the organization - Everyone in the strategic process needs to know 2. Goals and the metrics themselves are poorly defined - You should not be spending money or building campaigns just to bring people to your site, you must bring people to your site with a specific goal in mind

129. Measuring social media success Four failures of measurement & analytics 3. Companies either don’t take action or take improper action on results The secret to truly successful marketing is actionable measurement. Measuring your results alone isn’t enough; the key to feeding them back into your sales and marketing process. 4. No holistic or cross-platform synchronization

131. Focus is Required

132. Vision is Required:

133. A Team Culture is Vital:

134. Treat Engineers as Kings:

135. Treat Customers Like a King:

136. Brand Often Means Trust:

137. Every Company Strives to Take the Risks Out of Capitalism:

138. Every Company is a Frenemy:

139. The Speed Of Change Accelerates:

140. Adapt or Die:

141. “Life is long but time is short.”

143. Don’t Think of The Web as Another Distribution Platform

144. Technology Provides Potent New Targeting Tools

145. The Web Forges Communities, and Threatens Privacy

146. Beware The Government Bear

147. Paradox:The Web Forges Both Niche and Large Communities

148. More Media Concentration, Yet More Choice

149. Luck Matters

150. No More Old Media Magic

151. No More New Media Magic, Either

152. Don’t Ignore the Human Factor