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  • Trashing Social Media? Shut Up and be Grateful!

    • 19 Mar 2011
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    • Dix & Eaton Gary Vaynerchuck General Posts Jason Falls Keith Mabee SXSW Tom Webster arik hanson blogworld social media social media listening social media monitoring
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    In my post recapping SXSWi, it should've been clear that the biggest value driver of the conference for me is networking. I love getting a chance to talk with people I don't see that often who are working hard in this business. The content isn't terrible, it just isn't for me. If I'm trying to learn something I'll go to a smaller event, like Blogworld Expo (shameless plug - Arik Hanson and I co-organize the social business track), where I know the content is more focused and practical. That being said, one of the lasting impressions of the event has to be Gary Vaynerchuck's talk. Gary's premise, based on his new book The Thank You Economy, is that brands need to become more "human." The book goes into great detail about how companies can scale that humanization. This isn't a book review (disclaimer: I've not read it, but am planning on it), rather it is me agreeing with Gary's idea that brands need to become more human. After his talk ended I thought about how my clients could achieve this vision, but also how some people in the social media world should start heeding his call. One of the things that drives me nuts are blog posts or tweets proclaiming the death of a particular platform. A common refrain is, "blogging is dead because of Twitter," or "Quora is a Twitter killer." How on earth would anybody know that? Do you have a crystal ball that the rest of us can't see? Those kinds of posts make for excellent linkbait, but the truth is that none of us really know for sure what's coming down the line. This space is expanding so quickly it's hard to know what's going to happen tomorrow, let alone a year from now. Similarly, there are those who are hyper-critical of what social media has become. Let me be clear for a second...constructive criticism about the value of these tools is certainly warranted. Certain technologies are not for every brand, and there are definitely some snake oil salesmen out there who convince companies that they should establish a presence on every network under the sun. However, slamming a social network because it is no longer you and your four buddies is not only dumb, but incredibly shortsighted in my view. Guess what? You owe part of your career to that explosion. And please, spare us the bullshit of "you've worked harder than everybody else." Most of the people in this space who are recognized for thought leadership are working hard. No, the move of social networks toward more mainstream adoption means you have more career options, most likely a cooler job than you had a few years ago and ultimately more money. Its opened doors you never thought could be opened. Hell, this space has created a book opportunity for me that I NEVER thought would've been possible before getting involved in this space. I think it is time for us all to take a moment to be grateful for those who have:
    1. Taught us something new about this space - Guarantee there is someone out there who teaches you something on the regular. Have you thanked them for that recently? I know I haven't. With that in mind, I'd like to take a second to thank Tom Webster. Incredibly smart guy, with an eye for numbers that this space really needs. Read him if you don't already.
    2. Gave us our start in this business - Chances are good there's someone out there who told you about these platforms. Or, better yet, helped you gain your first real exposure to others working in the space. For me, that guy was Jason Falls. I pitched him a blog topic in 2009 about social media listening and he published it. I don't thank him enough for that opportunity...So, Thanks, Jason. I appreciate it.
    3. Challenged us to continue pushing the space forward - There's someone out there who is pushing you to do better. It could be your boss. It could be a friend. Whoever it is, acknowledge them for what they are doing. For me, that guy was Keith Mabee, now Vice Chairman at Dix & Eaton. I owe him so much for his advice that I could never repay him. Thanks, Keith.
    4. Encouraged us to be better human beings - At the end of the day, we can always be better human beings. Have we taken the time to help someone less fortunate than us? Bringing it back to this context, have we thanked someone for going out of there way to provide us with a piece of information we were looking for? I know I need to do this more....You?
    So, the next time you are planning to trash social media as "not as cool as it used to be," or proclaim the death of blogging (or insert social network here), take a second to realize that the media you are about to trash has a lot to do with where you are in your career. Resist the temptation to be ungrateful or, in more crass terms, an asshole. The traffic to your site isn't worth it. Thanks, Gary, for helping me refocus on what matters.
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  • Measuring the Intangibles in Social Media

    • 31 Dec 2010
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    • Chip Conley Dix & Eaton Keith Mabee Rivel Research TED social media measurement
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    The holiday season is a great time to catch up on all of those things that get neglected when you are caught up in all things work. For me, that's doing a lot of writing and catching up on TED talks that I may have missed throughout the year. My TED favorites tend to be those that have nothing to do with work. Imagine that, something beyond social media! One of the talks I caught last night was by Chip Conley, a hotelier based in California who's focus is creating an atmosphere where guests can experience "identify refreshment." His "claim to fame" so to speak is taking Abraham Maslow's hierarchy of needs and adapting it to focus on the intangible needs of the three most important constituencies for his business. The talk, which I've included below, focuses heavily on measuring the intangible elements of life (and business) that are most often neglected and very difficult to measure. His trip to Bhutan to study the country's use of a Gross National Happiness index was particularly noteworthy. Now, before you think I'm going to go all kumbaya on you and say that businesses should be focused on the "fuzzier" metrics you're missing the point of this post. However, I do think there's value in capturing the "elusive qualitative" value of a brand. I had a colleague, and quite frankly a mentor at Dix & Eaton named Keith Mabee.  He talked at length to us (and our clients) about ensuring we're capturing the "elusive qualitative" that gets factored into a brand's valuation.  Before you knock it, check out any recent Rivel Research survey that indicates a large chunk of a brand's valuation is tied up in "softer metrics." Now, how you capture those softer metrics is an entirely different kettle of beans. One of the points that Conley makes in his talk is that just because it is hard to measure doesn't mean you shouldn't. Get the smart people in the room and define metrics that you determine help nail down those "fuzzier" qualities of your business. It might be a little bit of a stretch, but when I was listening to this talk I thought about social media and our heavy focus in 2010 on ROI. I'm not talking about return on engagement, or return on influence. No, this is a pure ROI calculation. However, as Amber Naslund wrote about in this recent post there is more to social media measurement than ROI. So, why are we so quick to discount softer metrics when measuring social media performance? Is it just because there is a heavy level of skepticism going in? I can't say I know the answer to the question, but I do know there are things you can most certainly measure in social media that do matter to success...whether I can quantify that link to the bottom line or not...
    1. Share of voice and share of conversation - Share of voice is the percentage of conversations about you versus competitor brands and share of conversation is your percentage of conversations versus a broader industry topic. We know that the more consistently you are talked about online, the greater the number of people you could reach either through that social channel or organic search. Knowing what your current SOV and SOC are is important, but isn't a pure ROI calculation.
    2. Pageviews/Time spent on site/Bounce rate/inbound links - These are all things that could be bucketed under web analytics. Pageviews don't necessarily translate to sales. Neither does time spent on site. Ditto that on bounce rate or inbound links. If I link to your site, what impact does it have on sales? Chances are good you don't know, right? But, we know that links are an amazing social currency. These aren't pure ROI calculations, but they are important.
    3. Content shares - If you are putting out a lot of content and it is getting shared you have a greater chance to reach more people. Pretty simplistic point of view, right? Yet, content shares aren't sales either, but we know they are important. We want people to pick up our content and move it. We want to reach as many people as we can. But, it isn't pure ROI either.
    I could go on for several days about this, but I think you get my point. There are several "intangible" measures of success in social media that often get overlooked in our constant pursuit of capturing ONLY ROI. I'm not saying ROI shouldn't be pursued, but I am saying that Chip (and others like him) are onto something. We should be focusing on more intangible measures of success, even if that does feel fuzzy. Your thoughts? Chip Conley's TED Talk - http://www.ted.com/talks/chip_conley_measuring_what_makes_life_worthwhile.html
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  • About

    I am the Manager of Research and Online Reputation for Dix & Eaton. What does that mean? Well, when I figure it out I will be sure to let you know.

    In all seriousness, I spearhead the firm’s efforts in the areas of social media monitoring & measurement, financial research and analysis, competitive intelligence, market research, issue and media monitoring and stock surveillance. That research provides critical inputs into the strategic development and execution of marketing communications, digital communications and media relations programs.

    How do I plan to use Posterous? This is likely to be a "digital notebook," of sorts, for me on a wide variety of topics including social media, social media monitoring and measurement.

    Lets see where it goes....

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