Happy Day – Seeing my students graduate and getting my tenure and promotion letters!!!
Happy Day – Seeing my students graduate and getting my tenure and promotion letters!!!
Note: This is a continuing excerpt from what I teach my social media marketing classes on introduction to metrics and measurement…
Calculating the ROI of Social Media
In five previous posts the importance of measuring social media efforts and a broad array of metrics tied to social media activity have been discussed. All of these measures can potentially have value to assessing what is currently going on in the SM effort and trends for the organization’s social media presence. But what is the bottom line? What is the ROI of social media? As discussed in the next and final chapter of this text, organizational goals and objectives will be set based on the organization’s mission and strategy. Therefore the goals and measures used by different organizations will differ. In this section some of the possible return on investment or success metrics for a social media campaign will be discussed.
My first attempt at using Storify:
(I failed at inserting the post into my WordPress blog…)
The military is working on external skeletons to create “super soldiers.” Medical devices are advancing beyond temporary mechanical hearts and synthetic joints. The melding of the human body and machine is going forward. The combination of man and robot – cyborgs – no longer seems far in the future. However the most important melding of man and machine – enhancing the brain – is already proceeding.
What do you do when you can’t come up with a word, or citation or name that you are searching for? Until 10 years ago you would have put it out of your mind and waited till it popped into your consciousness by the end of the day or first thing next morning. Today you type some prompts into Google or Tweet to your followers and you have it in 2 or 3 minutes. Computer power – available 24/7 has already augmented your memory!
Similarly when you are dealing with a difficult problem or a creative idea an early step is a Google search and possibly a post on twitter, Facebook or another social site for an impromptu brainstorming session online.
Mark Schaefer posted an additional insight from SXSW yesterday: “One of the things that is dawning on me throughout SXSW is that the mobile smart device can turn each of us into a constant, real time, data collection machine.” It is wonderful and true: with a couple clicks we can save our insights, record thoughts or conversation, take photos or video clips. Going forward our lives will be recorded digitally. Memories will be far more detailed, complete and accurate then ever before.
[Future historians may be more rooted in fact and information and have to know the principles of "Big data".]
We are all cyborgs now!
Memory augmentation, creative support, data collection: in these and other ways computer power with us 24/7 is aiding us, but also changing us. Computer power in our pockets enhances us. We are all cyborgs now.
Mobile may be as important a development as the development of the Internet itself was in driving augmentation forward.
Is this all to the good? How do you feel about being a cyborg??
[As a long-term fan of apocalyptic science fiction, I harbor some concerns that I will share in my next post...]
Finally a comic devoted to our true superheroes – entrepreneurs.
To follow the strip -and few past adventures – go to http://www.inthestartup.biz/
Even after carefully reading Mark Schaefer’s excellent book Return on Influence, I am still one of those unrepentant Klout-bashers that Mark has referred to in several of his recent posts. I believe that a Klout score has little value and acts like an SEO-like force in motivating participants to game SM, thereby coarsening social media. See selected posts:
Last evening at the ribbon cutting for the beautiful new business building at Radford U. – Biz Building – an MBA student not in my SMM class came up to me and said “Your social media class has impacted everyone in the program. It seems the new greeting is ‘What is your Klout score today’”
This “ad” for the iPhone 5 is also a wicked commentary on social media!
Disclosure: I was deeply skeptical of the FB IPO and tweeted the Forbes article about whether FB would even exist in five years multiple times, but I was not brave enough to explore options to go short on any bounce.
The biggest issue: Will Facebook exist in five years?
Mobile IS the new platform. Facebook was dominant in the Web 2.0 world – it is having problems in mobile. To summarize: Facebook mobile is clunky and boring and currently has no ads!
In my social media marketing class I had to persuade about 10% of my students to reopen Facebook accounts. They see FB as a place to exchange pictures with grandma but not too useful on their iPods. Twitter or texts plus instagram readily replaces what Facebook did from them in the Web 2.0 days – no wonder Zuckerberg quickly doubled Twitter’s buyout offer for Instagram!
Of course FB is focused on mobile and has a legion of smart people working on it, so they can’t be ruled out. But as Forbes noted a couple of weeks before the IPO, it is a question if Google or Facebook will even be around in 5 years: http://www.forbes.com/sites/ericjackson/2012/04/30/heres-why-google-and-facebook-might-completely-disappear-in-the-next-5-years/
(It seems to me that Google is better positioned.)
The revised earnings scandal
I was not surprised to hear that “eyeballs are increasing faster than ads” at Facebook. Even though their app is clunky and boring, the world is going mobile and FB is adding users on mobile and as noted has not yet figured out how to put ads there!
It does seem tawdry for the underwriter to share info with the institutional buyers that it didn’t share with the public, so let the suits go on! But the simple fact that the deal was available to the public was an ominous sign…
“They trust me… Dumb f—ks”
The biggest worry with FB is whether it can master mobile. Issue #2 is whether it is run by grownups. Wearing the hoodie to investor meetings should have been a reminder of the startup days of Facebook. Zuckerberg in a series of IMs (he didn’t have Twitter then) told a friend that he could get him private data on nearly anyone at Harvard:
ZUCKERBERG: i have over 4000 emails, pictures, addresses, sns
FRIEND: what!? how’d you manage that one?
ZUCKERBERG: people just submitted it…i don’t know why…they “trust me”…dumb f–ks
A good question for a potential FB investor: Does Zuck respect you the way he respected his early users or his users’ privacy?
For further insight into the founder’s character, remember how he stole the idea and perhaps some of the code as also discussed in a recent Forbes blog post by James Crotty: http://www.forbes.com/sites/jamesmarshallcrotty/2011/07/22/learning-from-the-winkelvi/
There is a buzz on campus about e-books as texts, not only are they generally 40% cheaper than traditional textbooks (“only” $70 or $80), but they are also “green”, “sustainable”, and presumably lower carbon footprint…
Unfortunately, the story does not seem quite as upbeat to me. As implemented by the major textbook companies, e-books are green in the sense that they squeeze more green ($$) from our students. By eliminating used books, the companies rid themselves of competition and actually achieve a higher average book price with lower costs! (I guess we can still celebrate putting some printers and tree farmers out of work…)
However there is disruptive change afoot from new companies, Continue reading
I put my formal review of ROI by Mark Schaefer on my innovation blog: www.servicecocreation.com. In summary:
However I was frustrated by the tone of ROI. As a longtime Klout-skeptic I feel that it reads like an authorized bio of Klout and Joe F. Yes, Joe sounds like a nice guy; yes the people at Klout are working hard to find the right algorithm; and yes, Klout is trying to be more transparent…but:
Thinking through the action plan of improving one’s Klout score from the principles Mark outlines in Chapter 10 of ROI, these seven steps should be effective:
These are actionable steps…but will they ultimately make Twitter, FB, your blog, and social media in general better places? It think not – in fact I think transparency will make things worse as more and more people will follow the seven steps above. SM will become less and less social…
KLOUT STILL SUCKS.
In pre-ROI days, Mark had some tough comments about Klout and influence:
The social media wizards at Modea have posted a cool Pinterest infographic on their website. You should check it out:
Several people at Modea, including Aaron Herrington and Mike Cox, have been very supportive of the SMM class!
With the help of talented grad student, @koehlerslagel this video was constructed to help motivate social media marketing students through three demanding projects!
The campus news had a nice article on hands-on projects, including the social media marketing class effort to make “Voices: Words from Wise Women” by Dr. Kathryn Jordan into a bestseller!
The Roanoke newspaper had earlier done and article on the class:
More about the book by Kathryn Jordan:
It is a happening class!!!
I decided I needed a new blog for my social media thoughts from teaching my new course, Social Media Marketing.
http://www.servicecocreation.com has been my primary blog for 3 years and I have written quite a bit about social media. There is a lot of overlap between SMM and innovation. But I thought it now made sense to separate the two topics.
I decided to start the new blog in tumblr, which has a cooler aura than WordPress — but I am back…
Changing platforms is painful – there must be some obvious advantages to motivate me to relearn everything. Tumblr is supposed to handle video more adeptly but I have posted video on my other blog. Why relearn everything???
How is Google+ dealing with this issue?