Social Media Metrics - IEDC web seminar presentation

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About this series October 29: Supercharging Business Retention and Expansion with Social Media November 5: Engaging Talented Workers in a Global Economy November 12: Community Branding Online: A Positive Presence in an Opinionated World November 19: Search Engine Optimization (SEO): Become an Attention Hound November 26: Economic Development Marketing From Good to Great: 8 Economic Development Marketing Tips to Get Your Community Noticed Today

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Poll: What phrase best describes your skill/comfort level with

social media?

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Today’s Topic: Economic Development Marketing - Metrics that Matter - Changing the Debate about Whether or not Economic Development Makes a Difference

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Your presenters today

Sara Dunnigan Economic Transformation Strategist

Chmura Economics

Email [email protected]

@saradunnigan

Ben Wright CEO

Atlas Advertising

Email [email protected]

@atlasad

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Questions we will answer 1.  What would you like to get out of this series? 2.  What is High Performance Economic Development Marketing? 3.  What role should social media play in High Performance Economic

Development Marketing? 4.  How can you use social media to start more conversations with

companies? 1.  LinkedIn 2.  Twitter 3.  Facebook

5.  What are the five things you can stop doing to make time for social media?

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What is High Performance Economic Development

Marketing? A few principles that drive

(or should drive) economic development

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“Economic development organizations increasingly operate under much tighter budgets at a time when the need for economic development programming is becoming more crucial to the continued vitality and competitiveness of a community.”

International Economic Development Council in

“High Performing Economic Development Organizations,” 2011

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What worked 20-50 years ago is

not the same as what works today.

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What hasn’t changed:

To make a difference, we have to serve companies directly.

If we are not having

conversations, we are not making a difference.

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What has changed: The ways we start conversations

have changed forever.

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A simple framework to help define success:

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What “High Performance Economic Development” is

•  It is the first measurement of the outcomes (Inquiries, jobs, capital investment) that EDO’s create on this scale.

•  It proves the ways we make a difference, and in some cases, the ways we don’t.

•  It can help drive your strategic and marketing planning using actual outcomes, instead of activities, using national benchmarks as your guide.

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Who participated 2012 STUDY PARTICIPANTS

Alberta’s Industrial Heartland Assoc.

AMP

Ascension Economic Development Corporation

ATEED

Bay Future, Inc.

Beaufort County Economic Development

Benbrook Economic Development Corporation

Bennington Area Chamber of Commerce

Birmingham Business Alliance

Brenham Economic Development Foundation

Brick City Development Corporation

Broomfield Economic Development

Cabarrus Economic Development

Calhoun County Economic Development Corp.

Carbon County Economic Development Corporation

Carlton County Economic Development

Cartersville-Bartow County Dept. of Economic Development

CEDA

Champaign County EDC

Charleston County Economic Development Department

Charlotte (NC) Chamber of Commerce

Charlotte Regional Partnership

Chatham-Kent Economic Development Services

Cherokee Area Economic Development

Cheyenne LEADS

Chippewa County EDC

Choose New Jersey

City fo Janesville Economic Development

Division

City of Bentonville

City of Bowie Economic Development Office

City of Centennial

City of Cleveland Department of Economic Development

City of Fairborn and the Fairborn Economic Development Corporation

City of Greenville

City of Henderson

City of Lebanon, Ohio

City of Lewisburg Economic Development

City of Loveland

City of Madison, Alabama - Planning Department

City of Merrill, WI

City of Minneapolis Community Planning

To emphasize “measured outcomes,” we needed a simple set of metrics that were based on the types of outcomes that economic development organizations could impact. Additionally, we needed metrics that were collectible. After reviewing 80+ possible metrics (see Appendix for more detail), we focused on the following three:

• Conversations (defined as discussions with prospective, existing or entrepreneurial companies who are expanding or relocating) that took place in the last 12 months

• Jobs announced in the community during the last 12 months

• Capital investment announced in the community during the last 12 months

Generating Conversations

Generating Jobs & Investment

The Metrics That Matter

“ Successful economic development strategies have clear long-term goals, but are constantly measuring and tweaking tactics along the way. !e team at Atlas is helping us to convert opportunities and to turn tra"c into meaningful conversations with companies by applying High Performance Economic Development strategies and metrics.

“

>> Kenny McDonald, Columbus 2020 <<

>> 6 << >> 7 <<

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The Framework

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200+146

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Communities shared their data

Average number of conversations per organization in the last 12 months

$234million

Average capital investment per community in the last 12 months

Website visits per conversation

1,293

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Average jobs announced per organization, last 12 months

Value of a conversation, in number of jobs

The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS

>> 10 << >> 11 <<

200+146

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Communities shared their data

Average number of conversations per organization in the last 12 months

$234million

Average capital investment per community in the last 12 months

Website visits per conversation

1,293

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Average jobs announced per organization, last 12 months

Value of a conversation, in number of jobs

The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS

>> 10 << >> 11 <<

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200+146

175

Communities shared their data

Average number of conversations per organization in the last 12 months

$234million

Average capital investment per community in the last 12 months

Website visits per conversation

1,293

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Average jobs announced per organization, last 12 months

Value of a conversation, in number of jobs

The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS

>> 10 << >> 11 <<

200+146

175

Communities shared their data

Average number of conversations per organization in the last 12 months

$234million

Average capital investment per community in the last 12 months

Website visits per conversation

1,293

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Average jobs announced per organization, last 12 months

Value of a conversation, in number of jobs

The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS

>> 10 << >> 11 <<

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Who are the highest performers?

TABLE OF CONTENTSExecutive Overview .......................................................................................................................4

Do Economic Developers Matter? .....................................................................................................5

The Metrics That Matter .................................................................................................................6

2012 Study Participants ..............................................................................................................7

The Surprising Economics of Economic Development Organizations ...................................................10

The 2012 Results .....................................................................................................................12

What We Discovered: Tremendous Variance in Results ....................................................................12

Why Economic Development Performance Can Be So Varied ...........................................................13

Presenting: The Top Performing EDO’s of 2012 ..............................................................................14

The Factors That Matter ...............................................................................................................16

• Community Size ....................................................................................................................16

• Budget Size..........................................................................................................................17

• Staff Size .............................................................................................................................18

The Importance of Driving Conversations .......................................................................................19

High Performing Economic Development Organizations .........................................................................20

What Does this Mean for Your EDO? ...........................................................................................20

Case Studies ...........................................................................................................................21

Next Steps for Your EDO ..........................................................................................................26

Appendix .................................................................................................................................27

• Why Did Atlas Do This? .........................................................................................................27

• How Did Atlas Do This?..........................................................................................................28

• Where Did the Data Come From? ............................................................................................29

• Can We Trust this Data? .........................................................................................................29

About Atlas Advertising ..............................................................................................................29

About the Authors .....................................................................................................................30

HIGHEST PERFORMING ECONOMIC DEVELOPMENT ORGANIZATIONS IN 2012

>> 2 << >> 3 <<

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Poll Question: Did your organization set measurable goals for your

marketing this year (2013)?

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Download the report: www.atlas-advertising.com

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What Role Should Social Media Play in Your High Performance Economic

Development Marketing?

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What Benchmarks Should You Hit?

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Key Benchmarks: Conversations, Jobs Announced, and Capital Investment.

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First Metric for Today: Measuring Website Visits.

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Second Metric for Today: Measuring Conversations.

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What is the value of a...

Connection to a location decision maker in a company in your target industries on LinkedIn?

3 jobs

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What is the value of a...

Connection to a site selector who represents 4 companies a year in your target industries on LinkedIn?

12 jobs

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How to use Social Media to Drive/Start

Conversations with Companies

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What is Social Media?

•  Official DEF: Social media are media for social interaction, using highly accessible and scalable publishing techniques. Social media uses web-based technologies to turn communication into interactive dialogues. - www.wikipedia.org

•  My DEF: In other words, it’s like networking (talking and listening) using the

web and some nifty technology to interact and share messages with stakeholders, partners, existing customers, influencers, and firm-specific attraction targets.

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What social media isn’t

•  Free •  Easy •  Magic

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Why Do We Care?

•  Your customers are already there –  B2B and B2C ACTIVE and growing users.

•  Your community’s story is being told –  You should be participating in (and shaping) the conversation.

•  Your competitors are there –  Remember, your existing businesses are someone else’s prospects (or worse, totally

ignored).

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But the Funnel Doesn’t Look Like a Funnel Anymore

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And Networks Have New Dimensions

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Social Media Helps People Make Deep Connections

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Fish where the fish are.

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It All Starts With Strategy

•  Social media should support your overall economic development strategy. –  Inform

•  YOU : With vital business intelligence and brand awareness •  STAKEHOLDERS and FANS: What you do and how you do it •  FIRMS & INFLUENCERS: Features, benefits, success stories

–  Engage •  YOU: In new meaningful conversations with community •  STAKEHOLDERS and FANS: As brand ambassadors and economic development

evangelists. •  BIZ: In valuable, productive and informative conversations.

–  Influence •  YOU: In developing policy and refining your strategy. •  STAKEHOLDERS and FANS: Strengthen relationships and extend network. •  BIZ: In their attitudes and opinions about your community and their interest and ability to

come, stay and grow.

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NOW, How to Get Started

•  Use web search and social media to monitor where the conversations are already happening

•  Pro Tip – GOOGLE ALERTS •  Determine best tools/platforms to support your strategy •  Find your voice •  Be ready to listen •  Be ready to respond •  Be ready to let go

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•  LinkedIn

•  Twitter

•  Facebook

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•  230 million users in 200 countries & GROWING •  40% check LinkedIn everyday •  Average user is 44 years old •  30 million Company Pages •  Find and Connect with

–  People –  Companies –  Groups

•  Geography •  Organization/Company •  Industry/Sector •  Causes/Occupations

“It's not called net-sitting or net-eating. It's called networking. You have to work at it.”

- Ivan Misner

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•  Profile –  Picture, please! –  AND Contact Information! –  What do you do? How can you help? How can people help you? –  Post Updates regularly - Build credibility as SME and share updates on community or

other relevant topics •  Network

–  Monitor to make sure it’s built to support your goals •  Network Statistics- Place, Industry, more

–  Leverage it to get in closer to decision makers •  Use Introductions and Recommendations

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•  Groups –  Search, join, listen, contribute, & ask questions –  Build awareness of your efforts –  Create Shared Space for Your Team – Board, Investors, Fan Boys, and Fan Girls

•  Companies –  Your organization should have a profile on LinkedIn!

•  Applications & Content Sharing –  More – SlideShare, Video, Links, More

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LinkedIn PRO-tips

•  Install LinkedIn toolbar for Outlook or Google toolbar to bring your social network into your e-mail system

•  Follow Companies (& People) •  Find Econ Indicator Groups – like SHRM chapter or Commercial

Construction •  Find Influencer or Connector Groups – like CPAs, Attorneys or Accountants •  Use NEW Advanced Search Features

–  And watch LI for beta features •  Get Introduced! Use your network’s connections to build yours (unsolicited

requests to connect are L)

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How To: Use LinkedIn for Business Recruitment

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First Step: Improve your Profile

Focus on: •  What do you do for

companies? •  Which companies

have you worked with?

•  What problems have you solved?

•  Why should they contact you?

•  What information can you share?

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Second Step: Import Your Contacts from Outlook

Focus on: •  Getting your most

used contacts into LinkedIn

•  Converting them to Connections

•  Leveraging their connections to become your connections.

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Third Step: Join Target Industry LinkedIn Groups

Focus on: •  Finding groups

relevant to your targets

•  Finding groups with location decision makers in them

•  Participating in the discussion rather than self promotion or hard selling

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Fourth Step: Start asking for connections

Focus on: •  Connect with

people with interests relevant to you

•  Offer them something of value (information) to connect with you

•  Avoid selling – this is a conversation

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Metrics for LinkedIn

•  For You –  Network Connections

•  In markets •  In industries •  In leadership positions

•  For Company Pages –  Followers

•  Insights

–  Updates and Content Sharing •  Interactions (web traffic - Google Analytics)

•  For Conversations with Companies –  Yes, it will work. If you put in the work.

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•  The Twitterverse –  1 Billion user accounts –  250 million active users

•  People are talking (a lot) –  500 MILLION tweets each day

•  And it’s not who you think –  Average user is 39 years old –  Fastest growing among OLDER users –  They are MOBILE –  They are INTERNATIONAL

Source – Digital Market Ramblings

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•  Influence and Loyalty –  Share (RT) is the new Search

•  Search – Still Important –  600 million searches EACH DAY

•  Drives Traffic to Shared Content –  6 X more than Facebook*

*Source: SocialTwist – Oct 2010

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Twitter Decisions for Economic Development •  Person(s) or Organization?

–  Both must show a little personality J •  Focus and Purpose?

–  Frequency –  Consistency

•  MUST Find some good applications to help make sense of the chatter. –  Tweetdeck –  Hootsuite

•  Follow and be followed –  Companies/influencers/connectors/ambassadors

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Getting Started - on Twitter

•  Set up a smart profile (person or the organization) –  People should know what you’re about –  You’ve got to earn “the follow”

•  Find some friends –  Twitter Search/Recommendations –  Find (create) your #hashtag

•  #rva – Richmond, VA •  #nova – Northern VA •  #lex – Lexington, KY •  #dsm – Des Moines, IA

–  Social Media Club?

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Making Twitter Work For you (and your clients)

•  Share relevant, valuable content –  In support of your economic development strategy!!!!

•  Avoid – shameless self-promotion •  Embrace – the role of cheerleader (or esteemed SME) for your community •  Create a niche focus around an industry cluster or program area •  Tweets work better on weekends – more brand engagement.

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Metrics for Twitter

•  Quality, not quantity of followers (but quantity matters)

•  Engagement – RTs, shares and favorites

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•  1.26 billion active users –  1 in every 13 people ON THE PLANET –  3 times the population of the US –  70% of users are outside the US –  76% access their account EVERYDAY

•  High Velocity –  4.75 BILLION pieces of content shared each day –  Avg Users exposed to 1500 pieces of content every time they log on.

Source: Digital Marketing Ramblings

Source: Website Monitoring

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•  15 million businesses have Pages •  20 million people become Fans of Pages •  Pages have Power

–  Promote Events –  Engage stakeholders –  Celebrate successes –  Drive traffic –  Share Content

•  Facebook Ads let you dial in TIGHT!

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You can’t ignore Facebook

“..Facebook is eating the web. Yes, Facebook is becoming the web for millions and millions of people. …there's already a wealth of amazing things you can do within the site without ever leaving. What's more….the site giving rise to headless media companies like Zynga that don't need a web site to succeed. In short, I believe Facebook is unstoppable. They aren't just the next Google. They're the next web.” – Steve Rubel, Edelman Digital.

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•  Your community or program should have a Page J –  But be realistic –  Facebook is (always) changing how (if) many fans see your posts –  As Facebook works to monitize its platform, expect to pay for targeted access –  Power in community networks – link to partner orgs and share their content. –  Frequent posts get noticed. Switch up the stories, media types, etc.

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•  Facebook for brands works best for “frequent buyers” –  Stakeholder engagement –  Existing businesses –  Talent attraction

•  Metrics for Facebook –  Keep it simple – fans, interactions –  Look for opportunities to connect IRL

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The Power of an Integrated Social Media Strategy – it’s got to fit together

•  Website •  Other Social Media/Networking •  Print •  Your LIP (Live In Person)

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“Thinking about business objectives instead of ROI makes the whole strategy that much workable and doable. In the end, instead of looking for the ROI in Social Media, maybe the smarter thing to do is to focus on what the business objectives are, and then figure out if Social Media is an effective means (from both a strategic and budgetary point of view) to help you and your business accomplish your goals.” - Mitch Joel

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Poll Question: After seeing this

presentation, do you believe social media can drive

results for your organization?

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How to Create Specific Goals and Benchmarks For Your

Organization

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AND, It’s got to be measurable (aligned to support your goals)

•  Network Depth and Focus •  Engagement Metrics (by social media platform)

–  Unique visitors –  Total time spent per user –  Frequency of visits (if driving traffic to web) –  Depth of visit –  Conversions

•  Content Consumption •  Content Contribution

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Poll Question: How much extra time in your organization do you have to

devote to social media?

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Five Things You Should Stop Doing to Make Time for Social

Media

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Things to stop doing

1.  Fewer “make an appearance” meetings 2.  The printed newsletter/Fact book 3.  The generalized “buy local” campaign 4.  The “run my recruitment campaign locally” approach 5.  Local projects that don’t meet your stated metrics goals

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The questions we answered

1.  What would you like to get out of this series? 2.  What is High Performance Economic Development Marketing? 3.  What role should social media play in High Performance Economic

Development Marketing? 4.  How can you use social media to start more conversations with

companies? 1.  LinkedIn 2.  Twitter 3.  Facebook

5.  What are the five things you can stop doing to make time for social media?

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Q+A

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Next Webinar: Supercharging BRE with Social

Media October 29, 2013

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Wrap Up

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Thank you!

Ben Wright CEO, Atlas Adveritins e:

[email protected]

t: 303.292.3300 x 210 www.Atlas-Advertising.com LinkedIn Profile | LinkedIn Group | Twitter | Blog | Slidespace

Sara J. Dunnigan, CEcD

Economist, Strategist e: [email protected]

t: 804-554-5400 ext 106

http://www.linkedin.com/in/sarajdunnigan http://www.facebook.com/sara.dunnigan

http://www.twitter.com/saradunnigan