social media performance measurement and business impact
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Social Media Performance Measurement and Business Impact
Dr. Jim Hamill and Alan Stevenson
www.energise2-0.com info@energise2-0.com
June, 2010
Performance Measurement
• Social media can be ‘cool and funky’ ...... but it should also deliver ROI and positive business impact
• Your social media strategy should be: – fully aligned with and supportive of overall business goals and
objectives– driven by agreed business objectives, KPIs and targets
• On-going performance measurement benchmarked against agreed objectives is critical
Performance Measurement
Should be undertaken at four main levels....
• Web 1.0
• Web 2.0 (Individual Channels)
• Web 2.0 (Overall ‘Buzz’) • Business Impact
Web 1.0 KPIs
Site visits Unique visits Geographical spread of visits Length of time spent on the site Navigation through the site Most/least popular pages Number and quality of site enquiries e-mail registrations e-commerce sales User feedback on the site Links
Web 1.0 measures are still important....... but in a social media era, new performance measures are
required
Social Media KPIs
• There will be ‘winners’ and ‘losers’ in social media. ‘Winners’ will be those companies who fully utilise the interactive power of 2.0 technology for building strong ‘1-to-1’ customer and network relationships
• Those who fully leverage social media for Identifying, Acquiring, Retaining and Growing ‘Quality’ Customers
• In a social media era, the key drivers of future business success are:– Network quality– Relationship strength– Ability to leverage
The Four I’s
The Four I’s
• Involvement – number and quality of people in your various online networks/communities
• Interaction – actions they take – read, post, comment, reviews, recommendations
• Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc
• Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking
The Four I’s
Can be measured at two main levels.....
• Individual Social Media Channels/Platforms – the effectiveness/success of each social media channel you use benchmarked against agreed targets
• Web 2.0 (Overall ‘Buzz’) – your organization’s performance or ‘presence’ in the wider social media landscape
Social Media Monitoring Tools
Emerging Social Media Monitoring Tools allow your organisation to monitor online
conversations about your brand, the overall‘buzz’ being created by your social media
activities , who is talking about your brand,where on social media and the sentiments being
expressed.... later
Web 2.0 – Individual Channels
• Most social media channels/platforms provide statistics which allow you to monitor/evaluate the ‘Four I’s’ to a high degree of accuracy
• Some examples......
Cafe Gandolfi
Cafe Gandolfi
Cafe Gandolfi
United Breaks Guitars
United Breaks Guitars
United Breaks Guitars
www.energise2-0.com
www.energise2-0.com
www.energise2-0.com
www.linkedin.com
www.linkedin.com
www.linkedin.com
www.klout.com
Merchant City – Twitter Performance
Merchant City – Twitter Performance
Merchant City – Twitter Performance
Merchant City – Twitter Performance
Social Media Monitoring Tools
Social Media Monitoring Tools
• Monitor and evaluate what is being said, by who, where and what impact – delivers actionable insights
• Three stage process– Aggregate what is being said – Natural language analysis – understand the data– Deliver actionable insights
• We have identified more than 100 Companies in this space
Social Media Monitoring Tools
What they offer
• Search and relevance filters
• Further categorisation and tagging
• Assign Events to the Social Graph
• A variety of channels: web, news, blog, twitter
• Mention Volume, Importance and Demographics
• Analyse sentiment or tone
• Analyse date parameters
• Updates as they happen
Some Tools Are Free but
Relatively Unsophisticated
Google Alerts
Social Mention
Trackur
Others Are Expensive but
Highly Sophisticated
Social Radar
Social Radar
Social Radar
Social Radar
Social Radar
Social Radar
Social Radar
Social Radar
Social Radar
Business Impact
Business Impact
• The ‘Four I’s’ are ‘Lead’ rather than ‘Lag’ measures i.e. they are the main drivers of future business success NOT strategic goals in their own right
• Your social media strategy should be driven by agreed business objectives......– Marketing/communications effectiveness– Marketing/ communications efficiency– Marketing/communications ROI– Customer acquisition, increased sales– Brand awareness– etc
Business Impact
Recommend the use of a Balanced Scorecard approach to ensure that your social media activities are fully aligned with and supportive of overall business goals and objectives
SM Strategy Development
Strategic objectives Targets Key performance indicators (KPIs) Customer segments The key social media actions and initiatives required for ‘getting
there’ Organisational, people and resource issues
Ensure that your social media strategy is fully aligned with andsupportive of your overall strategic goals and objectives with
clear targets and ROI criteria
Social Media Strategy Map
Social Media Strategy Map
Brief statement of your overall 2.0/Social Media Vision and Mission Strategic Objectives Customer Perspective Internal Management Perspective Organisation Perspective
Strategic Objectives KPIs / Targets
KPIs / Targets KPIs / Targets
KPIs / Targets
Customer Group 1
Customer Group 2
Customer Group 3
Customer Group 4
2.0/Social Media Initiative 1 - Objectives - KPIs - Targets - Actions
2.0/Social Media Initiative 2 - Objectives - KPIs - Targets - Actions
2.0/Social Media Initiative 3 - Objectives - KPIs - Targets - Actions
2.0/Social Media Initiative 4 - Objectives - KPIs - Targets - Actions
Organisation People Resource
Thank You
Continue the discussion at
www.energise2-0.com
www.web2-0cpd.com
www.web2-0cpd.com
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