Social Equity Archives

If You Ignore Your Social Data, You Ignore Your Business

November 15, 2013/by Corey Padveen

If you are not paying attention to your social data, then you are ignoring one of the most valuable assets you have in your social business.

With every action taken on social channels, social data is being gathered and analyzed behind the scenes. First, let’s dispel one rumour very quickly: activity on social media is measurable. You just need to know what to measure and where to find your social data.

Paying attention to these insights is going to be an integral part of running a successful social business. How will you know if your strategy is generating results and helping your business grow if you are not monitoring your initiatives’ performance?

Below are three types of social data you should keep a close eye on when it comes to your social business’s performance (and a few places to monitor that data).

Demographics Engaged

There are billions of people active on social networks every day. It is nice to think that every one is a potential customer, and a good way to overcome the fear of getting started, but the reality is that your real potential customers are making themselves shown every day – you just need to know where to look for them.

Look at your Facebook Insights to see what groups of people are consistently engaging with your content. The new Facebook Insights provide some great ways to do this. If you are running Twitter ads, pay close attention to those most actively clicking on your promoted tweets. On LinkedIn, look at your company page stats to see what groups of people find your company most interesting.

These are just a few of the easy ways you can monitor your most engaged demographics and understand how you can better align your business to target these markets.

Ad ROI

Social advertising is not being given enough credit (yet) as a legitimate source of advertising. Trust us, it is. But still, entrepreneurs running their own operations are often throwing a few dollars behind a Facebook as hoping that is generates some clicks and brand awareness. Not enough!

Set goals, target specific demographics and, both when it is over and while it is running, pay attention to your results! When looking at this social data, you might find that a user-base you hadn’t anticipated being so attracted to your offer is up there with the most active. Knowing your market’s wants and tailoring your services to provide for those wants is what keeps you ahead of the competition.

And it’s easy to find! In your Twitter Ads Manager, Facebook Ads Manager, LinkedIn Ads Manager and others, you can see all of this data in real-time!

Content Strategy

Once again, simply sharing content is not going to drive the results you hope to get as fast as you hope to get them. Every once in a while, we have a brilliant idea that helps our content go viral. And I don’t know about you, but those blue moons have been coming around less and less since the whole world has started trying to create their own viral video. Focus on how your content is being engaged with, and optimize your strategy accordingly.

Again, Facebook Insights provides you with some great insight into what types of content are generating interest. You can also look at your LinkedIn Page Insights, among other sources. This information is out there ready to help you succeed on social. Use it to your advantage!

Find out how t2 can help you leverage your social data here.

How are you leveraging the power of social data? Tell us in the comments below or on Twitter!

The Power of Social Media [INFOGRAPHIC]

November 4, 2013/by Corey Padveen

We all know that social media is important, but have you really considered the power of social media for your business?

We’ve said it countless times before, and the evidence can be found all over: the power of social media is great, and leveraging the platform properly can mean big things for your brand.

There are a lot of very interesting statistics in this infographic from Buzzsmith. Every year, new data emerges that supports the adoption of large-scale social media strategies, and this year is no different. If we look at some of the data in the infographic below, we can see that, unsurprisingly, ROI is the major focal point for most marketers and businesses. This has long been the case. In order to justify the very real cost that social media incurs, we need to be able to measure ROI from social media. Considering this, we can see which statistic is most interesting of the data below.

For those brands effectively measuring ROI (and there are a number of ways to measure it tangibly) they are seeing a 153% return on their investment into social media campaigns! This further exemplifies the great power of social media.

What campaigns have you run that evoke the power of social media? Tell us in the comments below or on Twitter!

How to Determine KPIs on Social Media

November 1, 2013/by Corey Padveen

Understanding your brand’s KPIs on social media is going to be crucial to measuring the success of your program.

ROI remains one of the key concerns for marketers and executives alike when it comes to social media marketing. While there exist a number of ways to measure your returns on social campaigns, few marketers know where to look in order to find them. The first place to start is by establishing your KPIs on social media – they are going to be invaluable down the road.

Think about it: how can you know if you are successful, if you do not know what your measurement for success is going to be? For those that do not know what KPI stands for, these are Key Performance Indicators, and they vary from brand to brand.

There are a few steps you are going to need to take in order to determine your KPIs for social media. Below is the set of steps to follow in order to figure out what, exactly, you plan on using as a criteria for success with social media efforts.

Establish Your Goals

Before you can determine how you want to measure your returns, you need to know what you want to accomplish. As it states above, KPIs are going to vary from business to business. Of course there will be some that are fairly general, and observed by almost everyone. But to know what you want to be measuring, you need to know what is going to contribute to achieving your goals.

There are a few goals your brand might have. Maybe you want to increase brand awareness, or drive direct sales. Maybe it is something in between those two. Whatever it is, you need to start by establishing your short and long term goals.

Understand Insights

When it comes to social media, insights are going to come in all shapes and sizes. They can also be assisted by tools and technologies. When looking at KPIs, you are going to need to sift through quite a bit of data. Conventionally, the top-down approach to measuring KPIs started with your goals and simply looked at the processes that led to results as the KPIs. This is not the case with social (well, not entirely the case). While you are going to be looking at processes as KPIs, you are also going to be looking at a number of other resources. Enter insights.

Know where your insights exist both on and off social networks. Look at your activity on Facebook Insights, and compliment that with data collected in Google Analytics. Knowing where all of your data is being collected (and yes, all of your data is being collected) is going to be extremely useful when determining your KPIs and where you can find them.

Simplicity is Not a Bad Thing

Sometimes, the simplest answer is going to be the best. Measuring your return on investment does not have to be some convoluted set of equations that generate a mysterious, variable-filled result. You can look at some of your more simple KPIs and find a whole lot of value.

Something as simple of your number of interactions – a hard, straightforward number – can be an extremely valuable KPI and you shouldn’t go out of your way to complicate things.

Some Helpful Starting Points

When it comes to KPIs on social media, there are going to be some standard ones. No matter what you are trying to achieve, you will ultimately want to keep at least a few of these in mind.

Cost-per-lead/conversion: You have to spend money to make money and social media is no different. Pay attention to how much you are investing in every one of your conversions in order to ensure that you are profitable.
Engagement: Look at how often your fans are interacting with your brand in order to see if your content strategy is successful. If you are talking to no one, how can you expect to drive any business from social media?
Referral traffic: This relates closely to your engagement KPI. How often is your content leading to users visiting your website? What types of content are leading to users visiting your website, or finding landing pages?
Network growth: It might seem trivial, but a lot of people tend to overlook the value of a large network. Whether that is an email database, a group of Twitter followers, or followers on your company’s LinkedIn page, a growing network can have a lot of value if leveraged correctly.

What KPIs are you using to track your work on social media? Tell us in the comments below or on Twitter!

What’s the Difference Between Paid, Owned and Earned Media?

October 22, 2013/by Corey Padveen

We often hear about paid, owned and earned media, but what is the difference between media types and which one is best, if any?

There is a lot of discussion around paid, owned and earned media, but not everyone knows or understands the difference between media types or which one generates the greatest degree of Social Equity for a brand. While every brand will find that one of these media types may be better than others for achieving certain goals, there are qualities to earned media that far outweigh those to paid and owned.

Paid Media

Wherever you are investing resources in order to have your brand featured – from a multimillion dollar Super Bowl ad to a five dollar ad campaigns on Facebook – you are using paid media.

There are a few great things about paid media. For one, the results are very easily measurable. In order for media companies to charge brands for advertising space, they must provide them with clear metrics of performance and reach. While the response depends on your content, you know how broad of an audience you can reach. Second, the results are more or less immediate.

When you are trying to break into a noisy market, waiting for organic traffic to build can take some time. When you pay to place your ad in front of hundreds, thousands or even millions of potential clients, you can rest assured that your presence in a market will be felt much faster than if you wait for that presence to be felt organically.

While paid media was once the end all be all of marketing and advertising, the social evolution of markets has led to a few issues resulting from the use of paid media. For one, it is not entirely credible. When people see a brand paying for ad space, they tend to ignore it compared to, say, a recommendation. Paid media has also become a very loud marketplace, and with that comes increased expense to make an impact.

Owned Media

Do you have a corporate website? Are you publishing content on a blog or branded social channels? These are forms of owned media. Your brand holds all the cards.

Your owned media are not only going to be a source for sharing original, branded content, but these media will be hubs in which your leads and customers will congregate. Owned media are great spaces in which you can engage your audience and, ultimately, work to generate new clients. These are also cost-efficient, since all expenses are under your control. There are a few downsides, however, to owned media.

As I mentioned above, it is going to be a lot harder and take quite a bit longer for your audience to find you when they you are looking to generate organic traffic. There is also the same issue as with paid media in that people tend not to trust the word of a company over a friend, relative, or former customer. And that brings us to earned media.

Earned Media

Considering the increasingly social nature of the web, earned media is going to be the most fruitful for a brand. Forrester Research defines earned media very simply: “When customers become the brand.” Customer loyalty is going to be your greatest source of growth. If you are able to create brand advocates that speak on behalf of your brand, you will see your business increase dramatically.

Today, 91% of people trust the recommendations of their friends and family. This is earned media. Independent blog articles that talk about your brand positively are going to hold much more weight for prospective buyers than a piece of paid advertising that you are using to generate business.

Of course, there are some risks associated with earned media. You do not have any control over the content, and it may not be entirely accurate. There can also be negative earned media, which is never good. (Although this does give your brand an opportunity to showcase how much you care.) And while it might be hard to measure the exact returns earned media provides, you can rest assured that they are there in some way or another.

Now that you understand the difference between media types, is there one you think is most valuable? Tell us in the comments below or on Twitter!

How to Track ROI on Facebook in 3 Easy Steps

October 11, 2013/by Corey Padveen

Tracking ROI on Facebook and other networks is always among the top concerns for marketers. This is one great way to track ROI on Facebook.

Despite all of the methods that exist to measure ROI on Facebook – some more complicated than others – there are still marketers and executives that refuse to acknowledge that it can be done! One great way to measure ROI on Facebook is with Facebook’s easy-to-use Conversion Tracking. Below is a step-by-step set of instructions on how to create goals on the network and measure ROI on Facebook.

Step 1: Go To Your Ads Manager (or Power Editor)

This is about as simple as steps get. Get started by going to either your Ads Manager and clicking on “Manage Your Ads” (the green button on the right of the header image) or the Power Editor (depending on how familiar you are with Facebook advertising).

Step 2: Set Up a Conversion Tracking Pixel

The next thing you are going to need to do is create a conversion tracking pixel. This is a small piece of code that you are going to place on your conversion page (this could be a checkout page, a download page, form submission, etc.).

First, go to your Conversion tracking in your designated ads platform.

Then you are going to click on the green “Create Conversion Pixel” button on the right hand side where you will see this box pop up:

Fill it out with the name of your goal (in this case, we are creating a goal called “View Blog”) and what category that goal falls into. Above, we have selected Key Page Views (essentially, the conversion is made when a user views a specific page) but other categories include Checkouts, Registrations, Leads, Adds to Cart and Other Website Conversions.

Now once you click “Create Pixel” you are going to see a small snippet of code pop up. You do not need to know any complex degree of HTML to work with this. In the code, you’ll see a line that allows to add a value to this conversion (the line with the red arrow next to it below). It is here that you can denote how much this conversion is worth.

Say, for example, you are sending people to a contact form for more information, and you have determined based on some fancy accounting work that any lead that fills out the form is worth $5.00. So, you would change this line to read five dollars (the currency is in the line just below it) and save the code.

Step 3: Load the Pixel Onto Your Conversion Page

Now comes the part where you might need the help of your webmaster or code-savvy friend.

Copy the code you have generated and place it in the header of your conversion page (detailed in the instructions before the code, above). Now, when people have clicked on your ads and found themselves at your website, Facebook will register that they have taken action (a conversion) based on when they land on that page with the conversion pixel uploaded.

And there you have it. Three simple steps to help you measure direct ROI from Facebook.

What other ways do you measure ROI on Facebook? Tell us in the comments below or on Twitter!

Find out more about measuring your ROI on Facebook with our Consulting Services here.

Social Equity: Social Media Measurability

September 20, 2013/by Corey Padveen

Social media measurability is one of the driving elements behind the value of social media.

There are few things that social marketers hate more than hearing the phrase, “You can’t measure social media.” Virtually every single aspect of your social media marketing initiatives is measurable, and it is this social media measurability that can add tremendous value to your business.

Consider other forms of marketing. Has there ever been an initiative or campaign as tangibly measurable as social media? It’s very hard to think of one. The Social Equity that this social media measurability offers can be considerable for quite a few reasons.

Justify Your Costs

When it comes to marketing and advertising, there are some initiatives that we simply have to trust blindly. With the exception of focus groups and questionnaires, it is hard to say whether a particular initiative worked.

When it comes to social media, you can easily justify the costs that it incurs. The ability to measure every single element on social and see exactly how your activity translates into Social Equity means that there is no longer a need to blindly trust an initiative. Justify every penny you spend, and showcase why a certain budget is required.

See Tangible Results

In keeping with the theme of the previous point, every single aspect can be measured in order to ensure that every single aspect is performing.

By incorporating the concept of Responsive Branding into the mix, you can make real-time modifications to your social media marketing initiatives in order to ensure that your program produces the highest possible returns.

Watch Your Business Grow

Another great feature that comes with social media measurability is the fact that you can see exactly how your business is growing online. Of course, Google Analytics provides insights into your activity online. But setting up your Google Analytics Social Dashboard and incorporating the performance monitored there with your other measurement criteria will mean watching how and where your audience is growing most rapidly.

The concept of Social Equity relates to using social media to build your business. As your social audience and results increase, so does the long-term value added to your company.

Everything on social is measurable. There is virtually no feature of a social media program that cannot be measured in some form or another.

What is your favorite measurement criteria on social media? Tell us in the comments below or on Twitter!

Social Equity: A-B Testing on Social Media

September 13, 2013/by Corey Padveen

What value can A-B Testing on social media add to your business?

Last week, we discussed the value added to your business from Responsive Branding in our Social Equity segment. This week, we are going to look at a similar concept: A-B testing on social media.

When putting together a campaign, branding initiative, launching a new logo or simply figuring out which content generates the highest engagement, you might have several options to choose from. Social media adds a considerable amount of ease to the decision-making process, and that saves you time and money.

New Techniques

Focus groups are expensive and time consuming. And even after creating a questionnaire, putting a campaign together and making a decision based on the opinions of a selected group of people, you still may not have the data you are looking for.

A-B testing on social media offer a new type of focus group. You have two company slogans and you are not sure will generate a better response form your audience. What can you do to figure it out? Instead of going the conventional focus group route, why not reach out to the people that are actually your fans?

People who have liked your page or followed your brand online are more likely to provide you with honest, useful answers. Furthermore, you will be able to aptly apply the data knowing that your audience made the decision for you!

Social Equity

In our piece about Responsive Branding, we noted that your brand needs to be able to adapt to the market in real time. There is no longer the option of reactive marketing techniques. By evolving with the tastes and preferences of your audience, you stand to keep in touch with them in a much more personal way than the competitor who ignores the audience.

Reaching out to your market provides you with valuable insights. The costs saved (noted above) can grow considerably, and by the time certain changes are implemented, it might be too late to recoup those investments. A-B testing on social media offers fast, reliable ways to circumvent these costs and generate significant returns.

Is your brand testing content and initiatives on social media? How has the strategy worked for you? Tell us in the comments below or on Twitter!

Social Equity: Responsive Branding

September 6, 2013/by Corey Padveen

Social media offers great opportunities for Responsive Branding™, and that can add a lot of value to your business.

What is Responsive Branding™? The concept of Responsive Branding™ relates to making brand and marketing modifications based on the preferences, comments and reactions of your audience.

If there is one thing that people are not shy about when it comes to social media, it is letting the world know how they feel – about anything. This includes your brand. In his book, Socialnomics, Erik Qualmann notes that, “The beauty of social media is that it will point out your company’s flaws; the key questions is how quickly you address these flaws.”

Responsive branding is the way your company can address these flaws. As you monitor market reactions to your marketing and advertising efforts, you can make modifications in real time in order to appeal to the tastes of the market. Few other platforms offer such a feature, and the benefits can be astronomical.

Real Time Adaptation

Imagine knowing exactly how the market would react to a new marketing initiative before launching it. Sure, there are focus groups, and other conventional marketing and advertising techniques, but these are time-consuming, expensive and may not entirely accurate.

Responsive branding allows your brand to reach out to the market and gain their insights before the official launch of a program. A great, very recent example of this is Yahoo!’s logo redesign.

The search giant has been rebranding since Marissa Mayer took over roughly one year ago. Recently, they decided to present a new logo to the world. But were they going to have a creative team work on it behind closed doors and present what they thought was the best option? Of course not! Why waste money, time and resources doing that when you can let the market tell you which of your options is best for them?

Social Media Polling

As noted above, focus groups are expensive, difficult and not the most accurate. Social media eliminates much of the difficulty associated with focus groups and conventional testing.

Reach out to your audience on social networks. Your fans, followers and subscribers are your market. These are the people that have expressed an interest in your product or service and it is this demographic you should be catering to. Once again, the financial benefits associated with social media polling are significant.

Essentially, the Social Equity derived from Responsive Branding™ is obvious. A slew of new opportunities presents themselves with regards to your overall marketing and branding strategies thanks to your social media efforts.

Does your brand engage in Responsive Branding™? Tell us in the comments below or on Twitter!

Social Equity: Influence Marketing on Social Media

August 30, 2013/by Corey Padveen

Your business can benefit tremendously from influence marketing on social media.

There are few forms of marketing that have as big of an impact as influence marketing on social media. With a very clear understanding of who your industry’s influencers are and a plan on how to leverage their power, you can reach audiences tens if not hundreds of times larger than your own.

In the past, we have looked at case studies like Kotex and Standard Life, where brands leveraged the power of influence marketing to quickly reach their goals and expand their presence online. Here, we aim to explain how this form of online marketing can really add a lot of value to your business in terms of Social Equity.

Influence Marketing Defined

So what exactly is influence marketing?

If you’ve read the case studies we mentioned above, you know that influence marketing has to do with leveraging the influence of others on certain social networks in order to reach a broad audience very quickly.

Generally, influence marketing can be a benefit when it comes to reputation management (e.g. having influencers speak to their audiences on your behalf) or individual campaigns (e.g. having industry influencers promote a campaign to their massive audiences). Furthermore, engaging with influencers and leveraging their power can save you a bundle as well.

The Savings of Influence Marketing

Reaching millions of users can be very expensive. You want to reach a targeted audience with any campaign. What’s more important, however, is reaching an engaged audience. If my campaign has 20 million impressions that’s great, but if not one converts, it’s a failure.

Perhaps the greatest value of influence marketing is the fact that by reaching out to your industry’s influencers, you are essentially reaching out to a very engaged audience by proxy. Influencers did not get to be where they are by building an audience of disinterested followers. People hang on their every word, and if they talk about your brand, you can rest assured that it will translate into buzz and intrigue for your business.

The speed with which all of this takes place – thanks in large part to the inherent nature of social media – makes it a very viable undertaking from an economic standpoint. You can start seeing return within hours of a campaign launching; this is assuming, of course, that it is well thought out and geared towards the right audiences.

By engaging with your influencers and leveraging their power, your business can benefit in a very big way.

Have you ever taken part in a form of influence marketing? Tell us what you did in the comments below or on Twitter!

Social Equity: The Benefits of a BizBlog

August 23, 2013/by Corey Padveen

There can be some notable benefits of a BizBlog for your company, and you should certainly be taking advantage of them.

First, what is a BizBlog? If you guessed the most obvious choice and figured it stands for business blog, you are right. And there can be substantial benefits of a BizBlog for your company.

There are three main areas in which a BizBlog can add considerable value to your brand. First, there are substantial SEO benefits to a blog (and a BizBlog in particular). Second, unlike the majority of social networks, a BizBlog allows you to tout your company’s skills much more aggressively and, in essence, sell your readers on why your brand is the best choice for the job. Lastly, a BizBlog offers you the opportunity to not only showcase your company’s success, but your expertise more so than other social networks.

SEO Benefits of a BizBlog

SEO is still an important (and can be a very expensive) practice. Every business is (or, at least, should be) engaging in it in some way. A blog is an excellent way to boost your SEO success, and a BizBlog adds a few additional SEO benefits on top of the already excellent help a blog provides when it comes to improving your search rankings.

With a BizBlog, you can create links to other articles or pages on your site and boost their effectiveness with anchor text. If you are writing about the best social media marketing company in the business, you can link that to your homepage and help your search rankings. (See what we did there!) Sure, one little link isn’t going to skyrocket your website to the top of the rankings, but it certainly helps both in the short and long runs.

Self-Promotion

Self-promotion is one of those taboo issues that almost any social or digital marketer will tell you to stay away from on social media. Put simply, it is in bad taste. People are not sharing content on social networks to be sold a product.

On your BizBlog, however, people are landing on your content with the expressed intent of finding out more about you and what you do. At that point, it is acceptable to talk about why you are the better choice and why you should be chosen over your competitors to do a job. And that brings us to our third point.

Showcase Your Expertise

In telling your readers why you are the best choice for a job, you might want to highlight what makes you stand out.

A BizBlog is a great place to showcase how much you know, where you brand outshines others and, as with the point above, ultimately sell your readers on picking you for a job. People always want to work with the best, and a BizBlog is a great place to show them why you are that choice.

These three features are very powerful, and add a considerable amount of value to your brand. It is not hard to see how a BizBlog generates Social Equity for your business.

Does your company have a corporate blog? Tell us where we can find it in the comments below or on Twitter!

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