MavenSocial has a rich social media platform. Below, we explain an area of our expertise –
Analytics for Influencers: Measure Growth for Earned Media.
Throughout the document we discuss how MavenSocial can identify your brand’s social media influencers, while increasing engagement, increasing your company’s earned media, social ROI, as well as the importance of social CRM for your company. It’s about driving real results for your company, while providing deep insights into who your customers are, and which ones actually influence brand perception! Read more
And with that,
Yesterday, we conducted a webinar on peeer-to-peer sharing. In the webinar we discussed:
1) Peer-to-Peer advertising (Digital) vs. Traditional advertising
2) The importance of peer-to-peer sharing via social media
3) Industry examples
a. Procter & Gamble
Some of the highlights:
Traditional marketing is TV, radio, and print (newspapers, magazines). For the most part, traditional marketing is a forced type of
marketing. Users of these mediums are looking for passive interaction. Personally, when I watch TV, I am there at the end of a long day, desiring to relax and shut my mind off for a few minutes. Basically, I’m there to read, listen, or watch. In comparison, the objective of an advertisement is to get people to take action.
There is a contradiction of roles. People use TV, radio, and print to relax, while advertisements want people to take action.
The advertisements interrupt the viewer’s focus. If anything, it is an annoyance more than anything else. As a result of this, the average conversion rate, or rate at which people take action from traditional marketing is 1-2%.
Peer-to-Peer Sharing – Digital Marketing:
Digital marketing is about creating and fostering relationships with people. Digital marketing is connected through its relationships with people within their sphere of influence. MavenSocial is able to track social media influencers through our dashboard analyics.
There are two types of Influencers:
1) Mass Connectors: create a number of impressions about brands and services in social networks, like Twitter and Facebook.
2) Mass Mavens: create and share content about products and services in other social channels such as YouTube, blogs, forums, o ratings and review sites.
These two types of people combine influence, trust, relevance, and scale to create powerful advocacy.
The influencers provide a high Return on Investment (ROI) because they produce Social Lift, or free traffic to a campaign. With MavenSocial, we are able to track social media influencer’s shares with their peers, allowing us to better understand who are the campaign’s (or more importantly BRAND’S) social media influencer.
Procter & Gamble: Old Spice campaign
Procter & Gamble has received a lot of press coverage over their $10 billion annual add budget, but with the introduction of digital marketing, P & G is announced that they will be laying off 1,600 staffers. When asked about digital marketing, CEO, Robert
MacDonald told Wall Street analysts that he would have to “moderate” his ad budget because Facebook and Google can be “more efficient” than traditional media. MacDonald then went on the say that “in the digital space, with things like Facebook and Google and others we find that the Return on Investment of the advertising, when properly designed, when the big idea is there, can be much more efficient.
For the Old Spice campaign, P & G expected 3-5% growth for Old Spice body wash, but actually experienced 38% growth. Old Spice could not meet demand for their product, thus shelved remained un-stocked. The overall campaign results saw Old Spice saw their brand channel #1 on YouTube, and the #2 most subscribed to. There was also 3,000% growth to their Twitter account, and close to 300% growth in traffic on oldspice.com!
Nike Digital Sport:
Nike Digital Sport is a new division of Nike, whose goal is to develop devices and technologies that allow users to track their personal statistics. An example of their latest product release is Nike+ running sensor. There are now 5 million runners that log on to Nike to check their performance. This is all part of Nike’s plan to adapt their marketing strategy towards digital marketing. Their bottom line goal is to build an online community to connect and engage consumers.
Nike’s shift to digital marketing is the biggest change since the creation of “Just Do It” or since a graphic design student at Portland University created the Swoosh!
Overall, Digital marketing is quickly over-taking traditional marketing as the best way for brand’s to create awareness, engagement, and see proven ROI on their marketing campaigns.
For the webinar presentation, check out the links below!
Canadian Tire Corporation is one of Canada’s 60 largest publicly traded companies. Canadian Tire have services such as retailing hardgoods, apparel, petroleum, financial and automotive services. MavenSocial ran a campaign with the financial arm of the firm – Canadian Tire Financial. The campaign objectives and results are below:
Canadian Tire Financial
Build a database of credit card customer emails and email database of non credit card customers.
Influencer recommended a micro-site with access to store coupons, a contest with extra entries for sharing.
In the past five years there has been a marketing reset in the marketing industry. Marketing is evolving into a digitally focused entity, where it is becoming as much of a science as it is an art. While emotion can still be an asset to a marketing campaign, the results can be hard to track.
In a client meeting last week, we had an interesting discussion with the Senior Vice President of a Fortune 100 company. He explained that he was looking for a new marketing solution for their company that would address their need to identify their brand influencers in order to increase sales. They also have a client network list that they would like to connect to their social media accounts (millions of names long). As a result of the extensive changes in marketing in the past five years, he said that their company did not know how to market in the digital age. They wanted to find a way to increase their client network list, as well as identify the influencers within this network, thus encouraging brand sharing to increase sales.
In the Past – the Bowling Ball Effect:
Marketing success depended on the size of your ball, your strength, and how far you could throw it. Marketing was not about precision analytics; it was about having the biggest ball to throw into the crowd of unidentified potential customers, hoping for the best. There was no way to track who influenced people to buy the product or service. The assumption was that if a campaign had taken place during the same time period there was a spike in sales, it “must” have had “something” to do with it – thus making the campaign a “success”.
measuring the effectiveness of every dollar spent on a campaign. Using WhiteFire, we see the Social Lift (free traffic to a campaign) to a campaign increase anywhere from 100 to 500% (check out our Canadian Tire case study).
In the age of social media marketing, companies need to have a strategy that is based on precision. Marketing is becoming a targeted pursuit of customers, as opposed the Bowling Ball Effect of mass marketing. The SVP of the Fortune 100 company we spoke to explained that they did not have a precision strike on marketing anymore. As a result of their lack of digital marketing strategy, they came to us for an answer that could help them identify their brand influencers. Marketing has gone digital, and is now scalable and measurable – does your company know how to navigate these new social media waters?
Check out our case study on Girls Night Out Wines to learn more about how MavenSocial identifies brand influencers.
A new social media measurement tool is upon us, a Pinterest influence score – but how do you calculate your score? With Klout, we have been able to calculate social media influence across multiple channels.
This influence has been calculated through the Klout Score, based on the your ability to drive action, every time you create content or engage you influence others. Klout explains that the Klout Score uses data from social networks in order to measure:
- True Reach: How many people you influence
- Amplification: How much you influence them
- Network Impact: The influence of your network
Klout covers all social media influence, pulled from your activity on Facebook, Twitter, Google+, LinkedIn, Instagram, and more…but what about Pinterest?
Calculate Pinterest Influence
Our social media toolbox is becoming more full as social media campaigns demand an increased knowledge of Science than Art (but Art is still important). With the rising popularity of Pinterest the past few weeks, I have come across the latest way to calculate and measure your Pinterest Influence. There are two companies that are vying for a piece of the Pinterest calculator pie, Pinpuff and PinClout.
Pinpuff calculates people’s ‘Pinfluence’ on Pinterest. It is a measure of your popularity, influence, and reach. It also decides monetary value of your pins and traffic your pins generate.
Pinpuff has worked to help people better understand why they are investing their business’ time in Pinterest; this is especially important as its popularity grows. Many businesses are creating Pinterest boards because of its popularity, but are forgetting to assess whether or not Pinterest will work for their brand, product, or niche market. It would be a misallocation of resources if a financial services institution spent time pinning to their virtual pinboards (yawn…!). With Pinpuff, businesses will be able to determine: to Pin…or not to Pin.
PinClout is another Pinterest Influence calculator. The PinClout website explains “PinClout is your source for Pinterest analytics. We are working to empower people and brands with the tools necessary to monitor trends, understand activity, and gauge impact, easily.”
They have hopes of becoming more than just a scoring devise, something that Klout has never managed. PinClout would like to offer analytics and data on Pinterest trends; this could prove useful to monitor ROI on your Pinterest campaign or to help plan one. As social media influencers gain popularity, tracking and analyzing social media ROI on a campaign will become crucial to not only the success of a campaign, it will also become the industry standard for social media business. Businesses need to identify and track their campaigns ROI now, before they are left behind.
Track Your Social Media Campaign’s ROI
PinClout, measures your Pinterest influence.
Tracking the ROI of your social media campaign is one of WhiteFire Social’s strengths. WhiteFire Social, a software created by
MavenSocial, works to track the ROI of a campaign through its dashboard analytics. Track your social media influencers, determine the Social Lift (free traffic) to your campaign, and determine Social ROI all through WhiteFire software.
Pinterest continues to gain popularity and longevity, signaled by Pinterest Influence trackers such as Pinpuff and PinClout. It will be interesting to see when and how these social media influence trackers evolve into an analytics and data tool for Pinterest. With its similarity to Klout, will Klout step in and lay claim to services such as these? Perhaps when Pinterest’s official API is released we will see some action. Until then, one fact still remains, the social media industry is moving towards tracking the ROI of social media campaigns.
The phrase “crowdsourcing” has been thrown around for the past couple of years. You might have even heard it called out in your marketing or even customer service meetings, but do you actually know what it means, and most importantly, are you able to employ crowdsourcing strategies in your company?
What is crowdsourcing?
Crowdsourcing is a portmanteau (combination of two words) of crowd and outsourcing. Crowdsourcing decentralizes (goodbye bureaucratic, organizational pyramid) by sourcing tasks performed by specific individuals, group of people, or a community through an open call for contributions.
Unlike the blow horn effect, crowdsourcing goes after people that have a specific interest and skill-set for involvement. Wikipedia is a good example of crowdsourcing. Through an open-call, Wikipedia attracts and engages a specific type of person and group of people who contribute to Wikipedia knowledge.
Crowdsourcing with MavenSocial
MavenSocial has run campaigns that engage crowdsourcing techniques for our clients. This past year, MavenSocial powered by
WhiteCloud Marketing, created a crowdsourcing Facebook campaign for Carhartt Inc.
Who is Carhartt?
Carhartt Inc., is a U.S.-based clothing company founded in 1889. It is still a family-owned company, owned by the descendants of company founder Hamilton Carhartt, with its headquarters in Dearborn, Michigan.
Carhartt approached us because they wanted to increase engagement on Facebook by increasing Likes and opt-ins.
Carharrt wanted to approach their loyal followers and have them tell their Carhartt story. Brand testimonials draw high
engagement and conversion rates for current customers (reminding them of the great benefits of the product, encouraging up-selling opportunities), while also bringing in new customers.
Carhartt understands that customer re-engagement and new customer acquisition is possible on Facebook and other social networking sites.
MavenSocial recommended a WhiteFire Social User Generated Campaign. Users could upload images or videos on how they have creatively used their clothing. Campaign users could then share their images with friends on Facebook, Twitter and via eMail. Every share provided an additional ballot to the user. Users were offered spot prizes for adding an entry and the top creative photos or videos were granted grand prizes.
+Facebook Likes increased by over 100,000 during the campaign
+Almost 6K new email registrations
+50,000 plus consumer voter interactions
+Top 20 influencers brought in 8% of all the new email registrations. One influencer brought in 88 potential customers.
+219% Lift on Sharing, Total Social Lift including Facebook referrals was 1,627% on Paid Media drivers
We understood that the best way to engage with fans to increase Facebook Likes and opt-ins was through interaction with
people. The power of social media influencers, or Mavens is apparent, with a 219% WhiteFire Social Lift on sharing. Social lift is the amount of people that actively participate in the campaign, without the company paying for the direct marketing costs; in other words, these Likes and opt-ins were obtained free of charge for Carhartt.
Carhartt’s social media Mavens are the people who shared Carhartt’s information amongst their friends; who in turn interacted with the campaign. One of Carhartt’s Mavens is one Influencer who brought in 88 potential customers.
For proper brand engagement and consumer growth, it is important to respect and interact with your current consumer base, while finding new clients. Crowdsourcing benefits both the brand and the targeted group. The brand receives positive praise and re-engagement of past customers, which draws in news customers, and the target group receives products and services that desire.
Changing Tides: How Companies are Realizing the Importance of Social Media Influencers and Data Collection
Recently I came across a study IBM, From Stretched to Strengthened – Insights from the Global Chief Marketing Officer Study. The study interviewed over 1,700 IBM Chief Marketing Officers (CMOs), spanning 19 industries and 64 countries. This study was conducted as part of a larger C-suite Studies initiative that has spanned the past seven years.
I’m floored by this study because it reiterates what we have been doing at MavenSocial for years now. We have understood the importance of social media and its affect on brands. A brand’s online social media presence can make or break a company. Many
companies fail to understand the importance of social media, and continue to only engage in traditional forms of marketing, such as direct mail, television, and magazine ads.
The Future: It’s About Data
The goal of every company and brand should be to connect with, and enter the social media realm. In this realm they need to be equipped with proper analytics that recognizes preferences, trends, and patterns across all touch points.
The IBM study shared that they should re-prioritize their investments to analyze digital channels, such as blogs, tweets, social networks, peer reviews and consumer-generated content. All of this is done so that the company has access to “customer’s honest, unmediated views, values, and expectations”.
Paired with powerful social media data and metrics from our WhiteFire Social software, blogging team, and interactive Facebook campaign, MavenSocial can track the life of any brand’s campaign from start to finish. As I have shared before, we are able to identify and track the campaign’s social media influencers, allowing the brand to connect with the influencer and cement their positive brand messaging throughout the life of the campaign and generations after.
The IBM study also shared that market and technology factors are the two most powerful external forces affecting the organization today. With the top four challenges being the “explosion of data, social media, the proliferation of channels and devices, and shifting consumer demographics”. It is imperative that companies have streamlined social media strategy and data analysis software that will ensure brand awareness cross-pollination.
It’s About Relationships:
Customer loyalty is best cultivated online. Social media allows the brand to create a personal experience for the consumer. Platforms such as Facebook allow companies to share brand information on someone’s personal space. Between comments from friends, and pictures of your sister’s new baby, when someone likes a brand’s Facebook Page they have direct access to that individual’s newsfeed.
A telecommunications CMO in Japan explains that the social media space needs to be understood by companies as they attempt to connect with, and increase customer loyalty. He explains “loyalty and customer satisfaction are critical because advocates online provide you will immeasurably valuable free marketing”.
IBM has 3 top priorities for managing the shift towards digital technologies:
1) Enhance customer loyalty/advocacy – 63%
2) Design experience for table/mobile apps – 57%
3) Use social media as a key engagement channel – 56%
This shift will demand that company’s stay on top of their social media strategy and strive to identify the best and the brightest in the social media analytics industry. The next few years will see an unparalleled increase in innovation, where customers will continue to demand brand transparency and best practices.
Consumer Motivation: Self-Serving
Motivation for many people is completely self-serving; it is about time that we accepted this fact and worked with it, instead of denying or rationalizing it. 70% of the CMOs interviewed in the IBM study, believed that people “Like” a Facebook page to “get information, express an opinion and feel connected to their brand”. In actuality, people like the page because they want to know W.I.I.F.M., or what’s in it for me? The top reasons that consumers give for following a company is “getting discounts (61%)” and “making purchases” (55%). Only 33% of followers connect with company’s via social media to “feel connected”.
Ann Glover, the CMO of ING Insurance U.S. sums it up nicely when she says “Customers today have more control and influence with the brand than ever. We need to make sure it’s give and take – a two-sided conversation, with both parties having responsibilities in the interaction.”