How to measure the success of your social media efforts

SOCIAL MEDIA SIG

”HOW TO MEASURE THE SUCCESS

OF YOUR SOCIAL MEDIA EFFORTS”

APRIL 23, 2015

Guy Alvarez

Chief Engagement Officer

Good2bSocial

@guylaw1313

Greg Polk

Associate Director- Digital Media

Proskauer

@gpolk

AGENDA

Introduction

How do you measure social media success?

What are KPI’s?

How do you measure ROI?

5 categories of social media measurement

The importance of social share of voice

What tools can I use to measure?

How Proskauer measures their social media success

Q&A

HOW DO YOU MEASURE

SOCIAL MEDIA SUCCESS?

HOW DOES CISCO MEASURE

THEIR SOCIAL MEDIA

EFFORTS?

WHAT ARE KPI’S?

HOW DO YOU MEASURE

RETURN ON INVESTMENT?

SOCIAL MEDIA ROI FOR

LAW FIRMS

TIME

MONEY

RETURN• AWARENESS

• REFERRALS

• LEADS

• CLIENT SATISFACTION

• REPEAT BUSINESS

• NEW BUSINESS

• THOUGHT LEADERSHIP

• PRESS

5 CATEGORIES OF SOCIAL

MEDIA MEASUREMENT

SOCIAL SHARE OF VOICE

What is Social Share of Voice?

• Share of Voice helps you understand how your firm is performing in comparison to your competitors. The metric details what percentage of mentions within your industry or space are about your brand and what percentage is about the competition.

How do you measure Social Share of Voice?

• To measure your Share of Voice, you first need to tally all of the mentions for your brand for a specific time table. Then, compile the mentions of each competitor in your industry for that same time period. To calculate Share of Voice, divide your mentions by the total number of mentions for the competition.

Why does Social Share of Voice Matter?

• It lets you evaluate awareness and market share. Share of Voice will show just how much (or how little) of an impact you’re making in an industry.

• Calculate Share of Voice for more than just brand mentions—compare metrics around specific keywords or practice areas.

• Competitive research. Calculate Share of Voice for a top competitor to evaluate its market share. Investigate the reasons for why it may be higher than yours and use them as inspiration when formulating ways to increase your share.

• Measure effectiveness of campaigns and other efforts. Benchmark your Share of Voice before beginning a campaign so you can measure any increase. Continue to measure to see if the campaign has any long term effects on awareness.

SOCIAL SHARE OF VOICE

0 10 20 30 40

White & Case

Sidley

Hogan Lovells

Jones Day

Norton Rose

Kirkland

Skadden

Latham

Baker McKenzie

DLA

AmLaw 10

Reach

Strength

SOCIAL MEDIA

MEASUREMENT TOOLS

MY FAVORITE TOOLS:

GOOGLE ANALYTICS

MY FAVORITE TOOLS:

HOOTSUITE

MY FAVORITE TOOLS:

SIMPLY MEASURED

MY FAVORITE TOOLS:

CURATA CMP

HOW PROSKAUER DOES IT

THANK YOU!

Guy Alvarez

[email protected]

http://good2bsocial.com

@guylaw1313

Greg Polk

[email protected]

http://proskauer.com

@gpolk