Access to proper metrics is arguably the most important step when running social sharing contests. It not only enables you to understand the quantifiable impact the contest is having for your brand and your KPIs, but it will also enable you to modify contests in the future to increase performance outcomes.
Ryplio takes care of these metrics for our clients automatically through our analytics suite. Below are some examples of the metrics we utilize to understand the outcomes of each contest to give you an idea of how we set up proper metrics.
High-Level & Granular Media Analysis
The first metric we incorporate is media analysis. You promote your contest on a variety of media channels. Inside of our backend, we tag each form of media to understand the impact each channel had based on metrics such as clicks, emails captured, and sales delivered to name a few.
This enables our clients to not only understand where they should be allocating contest budgets, but it also enables them to understand how their different media channels perform as a whole by unlocking data they couldn’t usually harvest otherwise.
We have two ways to analyze this. The first is high-level, which is paid, owned and earned (the boost from social sharing integrated into a contest). Note on the example below, the client didn’t use any paid media so it is only showing owned and earned.
The next way we analyze media is by measuring each specific media channel the contest was placed on. Again, this can be segmented by different metrics such as visitors, contacts captured, and sales to name a few. There is no limit to the number of channels that can be tagged and measured.
Next, we measure the impact of each customer share from inside of the contest. This is the earned media element mentioned above segmented by each individual customer. Again, we can segment by specific results they delivered from sharing such as visitors, contacts, sales, etc. This enables companies to identify and measure customers who have influence to get their peers to take action towards their brand.
At first, many clients think this is just the first layer of sharing. Meaning if I shared the contest and my friend entered it shows only that. However, we actually measure direct and indirect influence of each individual. What does this mean and why does it matter?
Direct influence: The people I directly influenced to take action on this contest
Indirect Influence: The people I indirectly influenced to take action as a result of my share.
To put it simply, if I shared the contest on Facebook, and one of my friends entered, I directly influenced that one person. If he/she also shares and gets one person to enter, I indirectly influenced that person as a result of my share.
Below is a visual representation of how this looks by emails captured. The center dot is the originator. In this case, Rena. She picked up the contest from a form of paid media and shared, resulting in four of her friends to enter the contest.
Bridget was one of her friends who also shared, and as a result, directly influenced 8 people to enter the contest.
This is important because it enables us to truly understand the influence of brands customers and how they all connect, rather than just the first layer. Had we only measured direct influence, it would have appeared that Rena only influenced 4 people to participate, but in reality, she influenced 13 people to participate.
Shares In and Shares Out
The next metric we analyze is sharing in and sharing out. What is the difference?
Shares Out: This shows out of the sharing options available, how many people shared on which platform. In the below example, there were 4813 shares between the following platforms listed below.
Shares In: This shows the number of people that saw a share and came into the contest. In the example below, 21,000 visitors came in resulting in an additional 338 people to enter the contest.
Why does this matter? It matters because it helps clients determine which social sharing widgets they should have available inside of their contest. If a lot of shares go out on Facebook, but very few people come in, it tells us that we should turn that option off and direct those shares to a higher performing channel which would increase the reach from shares.
All of these pieces come together to help you understand the performance of your contests based on quantifiable metrics, along with providing insights to optimize for better outcomes for upcoming contests.