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joi, 13 februarie 2014
Just For Laughs Gags: "Valentine's Pranks for the Broken Hearted - Best of Just for Laughs..." and more videos
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Social Engagement Metrics That Matter - Measuring, Tracking, and Reporting FTW
Social Engagement Metrics That Matter - Measuring, Tracking, and Reporting FTW |
| Social Engagement Metrics That Matter - Measuring, Tracking, and Reporting FTW Posted: 12 Feb 2014 03:33 PM PST Posted by jennita Let’s be real here, measuring your social efforts is a pain in the butt. I mean, there are tons of metrics to track, and data to look at, but actually knowing if you’re making an impact to the organization, that’s a bit trickier. Right? It’s simple to track followers and see which platforms send you traffic, but how do you know that you’re meeting your goals? How do you make sure everyone understands social’s impact on the organization? These are the types of questions I often hear when people are grasping with “proving their worth†or getting management and other team members on board with making social a focus. It’s so easy to get caught up in doing the things, that you sometimes forget to measure and understand why the things need to be done. Today I want to walk you through the process we use here at Moz for measuring our social efforts. This is a process we’re constantly working to improve, and we have just recently added new metrics and changed our goals a bit. It’s something that you don’t do once, then set aside. Social Media GoalsBefore I dig into the specific metrics, it’s important to take a look at your business goals. At Moz, we use the OKR (Objectives and Key Results) system throughout the organization. This helps to ensure that we’re all measuring things in a similar way and that we’re all working toward meeting and impacting the company’s overall objectives. Since social media is pretty top of the funnel, you’ll often have goals around increasing engagement and traffic to your site, or growing community and improving customer service, and not as much on increasing sales or subscriber numbers. Moz has always been a very customer/community centered organization, so while the Community team will always be focused on customer service and expanding the community, on a quarterly basis we additionally focus on helping meet the goals of the Marketing team as a whole. Let’s take a look at one of these examples: Marketing Objective: Increase Site Traffic, Engagement, and Customer Flow through Site Funnel Key Result: Improve Non-paid traffic to the site from all sources by 25% by end of Q2 Social roadmap: Increase engagement with community by 5% on Social channels in order to increase traffic from social by 15% Engagement Metrics That MatterOk, so you know how you want to use social media to reach goals for your organization. Engagement is a great goal, because it can impact the business by increasing traffic, growing brand awareness, talking with community members, showing your voice. But “engagement†isn’t a simple number like followers. It’s a fuzzy word we like to use to mean “interactions with your brand.†Plus, every social channel is completely different, and engagement isn’t the same for each, so how can you measure it? On top of that, how are you going to gather all the information? Which tools will you use, or do you have to go to each network to grab the info? But what if I told you that actually all the social networks (including your blog!) really do have the same engagement metrics? Several years ago, Avinash Kaushik wrote a post where he touts the best social media metrics are Conversation, Amplification, Applause, and Economic value. We’ve adopted this method of engagement tracking, and actually use this not only for our social sites, but also for engagement on the blog and in other areas of the site. Let me explain what each of these means for different platforms, and how they’re really all the same. :)
Conversation rate â€" This one is fairly straightforward in that it’s based on the number of conversations per post. On Twitter, this is replies to a tweet, or on Pinterest, Facebook, and Instagram it’s a comment on the pin, post, or photo. Amplification rate â€" Any time a post is retweeted or re-shared, it’s being amplified. All the networks allow you to do this, so think of this one as the number of re-pins, retweets, or reshares of a particular post. Applause rate â€" Every social network out there has an “easy†touch point to show appreciation, or applause, if you will. Twitter has favorites, Facebook has likes, Google+ has plusses, heck even most blogs (such as our own) have thumbs up or up-votes. So the Applause rate is based on the number of “likes†each post gets. Economic value â€" This is the sum of short- and long-term revenue and cost savings. Now, I have to be honest, we don’t have the economic value part all worked out yet for the community side of things yet. But it will be a focus over the next few months to have things set up correctly. Relative Engagement Rates â€" This is something that actually gets me all giddy. :D So, you have all these engagement metrics, but what do those numbers even mean? How can you compare the conversation rate on Facebook with the conversation rate on Instagram? This is where the relative rates come in, think of it as the average number of conversations happening per post, per follower (fan, encircle, etc.). Think about it this way, using the relative engagement rates, you can start to compare followers to followers on different networks. Now, Facebook and Twitter (or Pinterest, or G+, or Instagram, etc.) are obviously not the same, but if you can determine the engagement rate per follower, per channel, you can then work to improve those rates accordingly. This way, when you increase your follower count, you can also focus on sustaining (which is actually an improvement all on its own) or improving the engagement rate per follower. So you can show your boss or client, that not only have you increased followers, you’ve also increased engagement per follower. And at this point, the traffic to the site from social has probably increased as well. Ok, these numbers aren’t rocket science, and honestly they’re not that hard to get, I mean it’s mostly math. But the very smart folks over at TrueSocialMetrics have made it super easy on all of us by essentially creating the tool that Avinash pleaded for in his initial post. (Also, bravo on seeing a need and making it happen!) How to Track ThemAs I mentioned previously, you could go about grabbing these numbers on your own and calculating them by hand… but why in the world would you do that when TrueSocialMetrics has already done all the work for you? Your first step is to run over to TrueSocialMetrics and sign up for a free account. With the free plan you get 12 social networks and a month of data history. I personally prefer the “small†plan which is only $30/month and gives you a year of data history. (FYI, we have no affiliation with them, we’re just a happy customer!) Once you sign up, you’ll add connections to all your social networks, including your blog, and they start calculating the data right away. The initial dashboard looks something like this: Holy numbers Batman! Remember, right now we’re just at the point of tracking the data, we’ll make this look a bit prettier in the next step. Here at Moz, we capture our metrics on a weekly basis, and then send a monthly email to the entire staff, showing how we did the previous month. We’ve toyed with a number of ways to show this data, and make it clear on what’s moving the needle. Every Monday morning, Megan logs into TrueSocialMetrics and grabs the following numbers for each channel for the previous week, and adds them to our spreadsheet:
What I like about this is that you’re essentially using this for data storage, and anyone can do it. It’s not a method that only one person knows how to do, it’s a simple process of adding numbers to a spreadsheet. Then you’ll make something a bit easier to digest that you send around to the rest of the team, or your client. How to Report ItHaving the data and doing something with the data are two different things. Not only do you need to use the information to help meet your goals, but there are always other folks who are dying to know the ROI of what you do each day. So how can you take these metrics, and report them to the team in a way that is easily digestible. A way that shows performance over time, and helps everyone understand what’s going on from a social perspective. Community Action PlanThe first thing we did, was to create a Community Action Plan, which is a quick and easy way to see where we’re at with reaching our goals at any given time. It shows our weekly KPIs, the baseline for each metric, the percent increase for this current period, our goal by the end of the period, and where we’re at with that goal. On a weekly basis we grab the data, throw it in the spreadsheet, and then our action plan magically shows us how we’re doing against our goals. I <3 magic. You can download a sample version of spreadsheet that we use for this here: Sample Social Media Action Plan Monthly emailIn addition to having this easy-to-read dashboard, we also send out a monthly email to the entire staff which shows our engagement rates over the past 6 months, traffic from the social channels, as well as a few other community metrics we look at that aren’t social specific. We lovingly call this email the "Community Chronicle." :) Here's a taste of what it looks like this: Notice the downward spiral of Facebook engagement and traffic, while Twitter continues to soar? This is a trend we've been noticing for the past few months, ever since Facebook made some algo changes to their feeds that shows less and less updates from brands. *insert sad face here* But this is exactly the kind of trend we want to know about, so we can react to it. We've been testing various ways of increasing engagement on Facebook, and we've seen a slight up-tick. We'll all surely be watching this over the next few months to see if we can get those numbers back up organically, or if we'll be forced to pay the man! The Facebook man that is. What's next?Well, now it's your turn to take action. Capturing the data is the easy part, the tough part is to do something with it. You'll need to decipher the trends, determine when to make changes, what works, and what doesn't work. Since it can be different for every organization, I'd love to see how you set up your action plans and if you add other metrics to it. If you do create one, send it over, I'll add a link in this post. Social media can be a tough one to explain to the boss/client, but it doesn't have to be. Put it into simple terms and track it over time. Let me know how it goes! Sign up for The Moz Top 10, a semimonthly mailer updating you on the top ten hottest pieces of SEO news, tips, and rad links uncovered by the Moz team. Think of it as your exclusive digest of stuff you don't have time to hunt down but want to read! |
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Seth's Blog : The problems you've got left...
The problems you've got left...
are probably the difficult ones.
We'd all like to find discount answers to our problems. Organizations, governments and individuals prefer to find the solution that's guaranteed to work, takes little time and even less effort.
Of course, the problems that lend themselves to bargain solutions have already been solved.
What we're left with are the problems that will take ridiculous amounts of effort, untold resources and the bravery to attempt something that might not work.
Knowing this before you start will help you allocate the right resources... or choose not to start at all--this problem, the one that won't be solved in a hurry, might not be worth the effort it's going to take. If it is, then pay up.
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miercuri, 12 februarie 2014
Mish's Global Economic Trend Analysis
Mish's Global Economic Trend Analysis |
| Deflation Theory Reality Check: Why Inflation is Severely Understated; Feel Good Effect Posted: 12 Feb 2014 12:43 PM PST If you repeat something completely inane enough times, do people, even economic writers, believe it? To understand the context of my question, please consider the Bloomberg article Price Slowdown for Cars, Baby Clothes Raises Fed Concerns by Michelle Jamrisko and Ilan Kolet. Five years into the U.S. economic expansion, inflation shows little sign of picking up as prices rise more slowly for goods and services from automobiles to medical care, complicating the Federal Reserve's drive to guide the economy away from the precipice of deflation.Emphasis in red is mine. Deflation Definition In the following discussion, except where prefixed, the term "deflation" means a drop in consumer prices (even though that is a miserable definition). I use that definition for point-of-discussion purposes only, simply to show the ridiculous nature of widely held beliefs. Deflation Theory "A persistent drop in prices prompts households to delay purchases in anticipation of even lower costs" say the authors of the above article. I have heard that theory expressed hundreds, if not thousands of times. I suggest a reality check. Reality Check Questions
Bonus Question Other than meaningless examples like waiting a few days for known sales, can anyone come up with any consumer item that people will delay purchasing simply because prices are falling? Opposite View Except in cases of extreme inflation or hyperinflation, I take the opposite view. I propose people will delay purchases if prices are too high and/or they think they cannot afford something. Take the worn-out coat as an example. If prices are too high, some will consider making that coat last another year. Perhaps they get the coat, but not the hat they also wanted. Unless wages keep up, people can only spend what they make or what they can get credit for. Where's the Evidence? I cannot come up with a single consumer item that people will routinely delay purchasing simply because prices are falling. Can you? Is there any hard evidence that shows people significantly delay purchases (other than asset purchases) when prices fall? (Please don't respond with insignificant delays ahead of pre-announced sales or year-end car clearances). Even if people did delay consumer purchases (which they don't), why would it matter? Can People delay forever? Asset Prices Asset prices, especially financial assets and real property, are another story. People, especially those in debt, will indeed delay purchasing real estate if they expect better prices next year. History also shows people are reluctant to buy stocks and bonds if they fear lower prices. Both of those are significant, but neither is represented in the CPI. Corollary: People like bull markets in equities and bonds no matter how ridiculous the price. PEs to Consider Amazon: AMZN : The PE of Amazon is 592, Valuation is $160 Billion Linked In: LNKD : PE of Linked In is 837, Valuation is $23 Billion Facebook : FB: Facebook PE is 106, Valuation is $165 Billion Priceline : PCLN : PE of Priceline is 36, Valuation is $64 Billion Hertz : HTZ: PE of Hertz is 37, Valuation is $12 Billion Starbucks : SBUX : PE of Starbucks is 483, Valuation is $57 Billion Boston Beer (Samuel Adams) : SAM : PE of Boston Beer is 43, Valuation is $3 Billion I could go on and on but I won't. At current earnings, investors in Amazon will have to wait 592 years for a positive return on earnings. More realistically, they would have to wait forever because Amazon does not pay a dividend. In the above list, the only company that pays a dividend is Starbucks, and it is a paltry 1%. The only thing those companies have going for them is investors are willing to bid up asset prices to preposterous heights. Why Inflation is Severely Understated Krugman and others lord it all over those who predicted massive price inflation. I did too, and still do! Along with Krugman, I laugh at those expecting a huge outbreak of "price inflation". Unlike Krugman, I understand what is going on. The fact is, we currently have massive inflation. However, instead of inflation being visible in the form of higher consumer prices, inflation is visible in the form of asset price bubbles. To see inflation, all you have to do is open your eyes and look at lofty valuations of stocks and bonds. Deflation Coming Up Don't hold your breath waiting for a surge in "inflation". We already had it. Instead, expect various equity and corporate bond bubbles to implode. With the busting of various bubbles, asset prices will drop, and so will credit marked-to-market on any loans banks made on those asset bubble. So rather than expecting a huge surge in inflation, I expect deflation in terms of credit and prices. Misguided Fed Policy In an absurd attempt to prevent price deflation on consumer goods, the Fed has spawns asset bubble after asset bubble, each with a greater amplitude. Given exceptionally poor jobs and wage growth, the very thing consumers need to survive is falling prices! Yet, the Fed tries to prevent just that, all based on the idiotic premise "A persistent drop in prices prompts households to delay purchases in anticipation of even lower costs". Feel Good Effect Bubbles make people feel wealthy, and that exuberance spawns all sorts of poor economic decisions about what people can afford. When asset bubbles collapse (as they always do), that's when people finally realize they spent too much and pull in their shopping horns. Those expecting a huge pickup in price inflation, a spike in US GDP, or a big boom in housing, all based on misguided perceptions of "pent-up housing demand" or equally misguided theories about "excess reserves", fail to understand how Fed boom-bust and bank-bailout policies preclude such outcomes. Further Deflation Discussion For further deflation discussion please see ...
Irony The Fed's attempt to spur inflation in a deflationary world causes the very thing the Fed fears most (an economic slowdown caused by a collapse in asset prices). In turn, a collapse in the valuation of assets causes bank losses and reduces desirability and even ability of banks to lend. The Fed is fighting the wrong battle. It's a collapse in asset prices (not consumer prices) that will restrict bank lending and cause consumers to hold off on consumer purchases. The only correct approach is to not spawn bubbles in the first place. (Please see Bubblicious Questions: What Causes Economic Bubbles? When Do Bubbles Burst? Can the Fed Prevent Bubbles?) Return of Deflation The current "feel-good" effect will not last forever, look out below when it wears off. Deflation, in terms of consumer prices, asset prices, and credit will return. Misguided Fed policy ensures that outcome. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
| Posted: 11 Feb 2014 11:45 PM PST Last Friday, in "Paper Tiger" I expressed the viewpoint that the German constitutional court caved in to the ECB, then bowed down before the European Court of Justice in Luxembourg. It's time to reconsider. Here are three good reasons:
Anything that annoys the nannycrats and monetarists while pleasing the euroskeptics cannot possibly be all bad. Let's take a look at what others said about the ruling. What German Court Ruling Means for the Euro Here are a few snips from the Spiegel Online article What German Court Ruling Means for the Euro Germany's Constitutional Court ruling last Friday marks a significant escalation in efforts to rein in the European Central Bank. The ruling's message? Either the European Court of Justice has to stop bond purchases or German justices will.ECB Paralysed by German Court Decision as Deflation Threatens Ambrose Evans-Pritchart at the Telegraph claims ECB Paralysed by German Court Decision as Deflation Threatens Last week's 'thunderbolt' ruling on eurozone rescue policies by Germany's top court marks a serious escalation of Europe's governance crisis and may ultimately force Germany to withdraw from the euro, the country's most influential magazine has warned.Germany's Constitutional Court has Strengthened the Eurosceptics Financial Times writer Wolfgang Münchau says Germany's Constitutional Court has Strengthened the Eurosceptics. When the first headlines came out on Friday morning, it looked as if the German constitutional court had caved in. It decided to pass the case against Mario Draghi's "whatever-it-takes" bond-buying programme to the European Court of Justice. In doing so it seemed to have washed its hands of a fiendishly difficult case. It looked as though the president of the European Central Bank had been fully vindicated over his outright monetary transactions, the official name of his programme to save the euro.You Deserve What You Get Those looking for a bonus 4th reason to be pleased with this ruling, need only note that Münchau seems furious, complaining "What irks me is the you-deserve-what-you-get attitude." I nearly always find Wolfgang Münchau's analysis interesting. However, I seldom agree with his conclusions about what is best. In this case, the nannycrats seriously deserve to be punished for their arrogance, comeuppance, and general disregard for laws of all sorts simply because it suits their purpose. Half a Tiger My initial reaction was the court punted. I now wonder if they did so on purpose. Regardless, half a tiger is better than a kitten or an ostrich. The court could have ruled OMT was valid or simply passed on the case. The euroskeptics are emboldened and I sense an outright massacre of nannycrats in the May parliamentary elections. Things are looking up, unless you are a nannycrat. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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