There is a great deal of interest and many different answers to the age old “what is the ROI of social media?”. To date I have not seen a definitive answer to this.
The other question I hear is “How do we measure success”, then – “what is the definition of success?” Let me ask you this, do you measure the success of using email, instant messaging or the phone?
Why is there this obsession to measure social media when in essence its just another tool, another form of communication that, lets face it, is meteroic.
Yesterday Brian Solis, Principal Analyst from Altimeter released a report – The Rise of Digital Influence. A fasinating read if you have time. Link is further down.
Here are some of the highlights, I found interesting.
The are many tools that you can use to measure influence. Before we take a look at what they are and what they measure, lets first take a look what defines influence. Brian mentions there are three pillars:
Pillar 1: Reach: A measure of popularity, affinity and potential impact
Pillar 2: Relevance: The measure of authority, trust and affinty
Pillar 3: Resonance: The sum of the above, frequency, period and amplitude.
Now lets take a look at an action plan.
1) Benchmark: Understand where you are now so that you can track progress caputring sentiment, behaviour and awareness.
2) Audience: Who are they, where do they hang out, how are they connected and what information do they value
3) Strategy: Develop a strategy that connects the dots between you, connected consumers, and their communities.
Thats a rather brief synopsis of Brian’s full report which can be found here. The Rise of Digital Influence
So your ready …..
Lets take a look at the tools on offer:
Pillar 1: Reach
TwitterGrader compares Twitter profiles to millions of other users already indexed to establish a score between 1–100.
Using the following elements:
o Number of followers
o Power of followers
o Number of updates (the higher the better)
o Update recency (the sooner the better)
o Follower/Following ratio
o Engagement (retweets and responses to an individual account)
Use Case: TwitterGrader is a performance metric for handles in comparison to other accounts. It’s ideal for quick one-to-one analysis when new, potentially influential individuals are identified using other services.
TweetLevel was developed by Edelman for communications professionals. It measures
40 different elements to quantify the varying importance of individuals using Twitter based on the context of their online activity.
TweetLevel’s measures of influence include the following attributes and output a number between 1–100:
o Buzz around specific topics
o Who the most relevant and influential users are
o The context of relevant topics
o What else people talk about and to whom
o What web links are most frequently shared
o Idea Starter metrics: does the individual generate new thoughts and content or merely amplify others
o Broadcast to Engagement ratio: assesses level of providing interesting and relevant content vs. engaging with others
Use Case: These services are purpose-built tools for the PR and marketing teams that give actionable insight into which people are influential within the right context in the right platform. PR teams can use the export feature to embed influence lists into their campaigns. These tools also offer insights into influential voices during crisis management.
TweetReach provides insight into the reach and exposure of a tweet or Twitter campaign. The service tracks any topic on Twitter and measures its exposure, activity, and contributors to identify trends and surface topical influencers.
Use Case: TweetReach offers data on the relevance, reach, and resonance of everyday conversations. Studying this information provides organizations with the ability to benchmark activity, benchmark against competitive activity, and also monitor the experiences of relevant individuals for later engagement.
EmpireAvenue.com is a virtual stock market that trades on the social capital of personal brands and real-world brands alike.
Use Case: Companies including Audi, Intel, Ford, and AT&T were among the brands that invested time and resources in EmpireAvenue. As businesses connect multiple branded channels, such as Facebook, Twitter, YouTube, blogs, etc., they push newcontent into the EmpireAvenue stream. Investors will see this activity in their news feed and ,as such, engage, invest, and recommend the stock. Businesses claim to see
increased engagement within EmpireAvenue, as well as in their specific channels directly.
Pillar 2: Relevance
Kred calculates dual metrics for Influence and Outreach by analyzing a person’s ability
to inspire action and level of interaction with others. Influence, scored on a normalized
1,000-point scale, measures the ability to inspire action or influence others in the form of
retweets, replies, likes, new follows, and other actions.
Use Case: Gathering intelligence around communities of focus and interest graphs. Using the self-service dashboard, businesses can learn more about the people and their earned social capital related to key topics. It offers a glimpse of reach and authority based on individual activity and the related activity of those around them.
PeerIndex provides an overview of an individual’s stature, relevance, and reach within social networks based on cumulative activity. Sources include Twitter, Facebook, LinkedIn, Quora, and blogs. PeerIndex consists of four components: resonance, authority, activity, and audience.
o AME (Arts, Media, and Entertainment)
o TEC (Technology and the Internet)
o SCI (Science and Environment)
o MED (Health and Medical)
o LIF (Leisure and Lifestyle)
o SPO (Sports)
o POL (News, Politics, and Society)
o BIZ (Finance, Business, and Economics)
Use Case: The PeerPerks program is a marketing program that delivers scalable word of mouth and rewards programs. It does so by characterizing what makes a likely socialadvocate for a brand and then helping brands reach and engage many thousands of those advocates at a time. PeerIndex also provides enhanced tools for behavioralprofiling and integration into a range of social platforms for select clients.
mPACT is developed by mBlast and is designed for marketing professionals in companies and agencies with an emphasis on identifying the specific individuals who are the established authorities on any given subject.
Use Case: Because mPACT’s strength is on topical relevance, the ability to identify connected individuals who matter to your market is revealing and insightful. Running a search by the keywords that define your industry will introduce you to the most relevant people who are already talking about your space, with or without you.
Traackr positions itself as an influencer discovery and monitoring platform. It uses a proprietary search engine and scoring algorithm to convert any keyword query into a list of top influencers ranked on the Reach, Resonance, and Relevance of each person discovered in the search.
Use Case: Traackr is dedicated to influencer identification and engagement. Focusing on communications rather than rewards, Traacker will help businesses create and manage ambassador programs and also shape influencer relations campaigns. Users can also track mentions and engagement metrics.
Radian6 developed an Influencer widget as part of its listening and engagement platform, which helps brands identify important individuals related to their markets across a myriad of social platforms, including blogs and Twitter.
Use Case: Radian6 provides social media monitoring, analysis, and engagement for all types and sizes of organizations. For communications professionals who focus on influencer engagement, it offers a deep and clickable path to better understand why someone is potentially influential and why he or she is important to the business. The Radian6 widget is ideal
Appinions is an influencer management platform, which is the result of over a decade of technology development at Cornell University. The platform is based on two key pillars: technology and access.
Use Case: Intended for agencies and brands, Appinions is designed to identify relevant influencers for intelligence gathering and engagement and is used by social out-reach, PR, strategy, and research teams.
Pillar 3: Resonance
Klout uses over 50 variables to measure what it calls the “standard for influence.” Its public-facing service presents the social capital and capacity for an individual’s ability to influence behavior and outcomes in social networks. Klout’s algorithm involves three separate stages of semantic calculation: True Reach, Amplification Probability, and Network Value.
Use Case: Klout offers a free search tool to identify individual ranking by username. To use this tool effectively, brands must first have an idea of who they would like to learn more about and then use the search function to analyze their social capital. Additionally, organizations can partner with Klout through its paid Perks program to target influencers by Reach, Relevance, and/or Relevance.
Twitalyzer evaluates Twitter activity based on a deep set of factors to assess signal-tonoise ratio, generosity, velocity, and also clout.
Use Case: Twitalyzer offers a detailed Benchmark report that provides brands with ranked lists of Twitter users based on their stated location and the tags that have been applied to their profile. Reviewing this list of potential influencers and analyzing their activity provides brands with insight into the nature of the dialogue, as well as opportunities to engage influencers.
PROskore focuses its influence analysis on professional reputation. It scores and ranks individuals based on professional background and experience, peer validation, popularity, and engagement in social networks, as well as within the PROskore community. PROskore’s algorithm places emphasis specifically on LinkedIn, Facebook Pages, Twitter, and blogs. The end result is a score that is designed to help professionals network with partners and prospects to “generate business.”
Use Case: Whereas other influence vendors focus on helping brands connect to influential people in digital word-of-mouth marketing applications, PROskore assists businesses by introducing hiring managers to ideal employment candidates. PROskore also brings to light the notion of internal influence. By tapping personal brands as company stakeholders, the right influencer can spark important dialog from within and ultimately impact external conversations and actions. Although PROskore can help hiring managers and employment candidates, it also helps businesses identify leads and
eCairn’s Conversation platform was developed to help marketing professionals identify influential communities and the influencers who drive relevant market conversations.
Use Case: eCairn is an influencer relationship management solution designed to help brands find and engage with topical influencers and experts.