Step 3: Key Performance Indicators (Post 2)

Social Media Performance

Social Media Performance


Step 3/Post 1 reviewed different approaches to Social Media Performance Measurement and ROI. In Post 2, we present our own ‘4Is’ approach to measuring social media performance and overall business impact; an approach successfully used across a range of different social media projects.

  • The ‘4Is’ Approach
    Your social media engagement strategy should be fully aligned with and supportive of the overall strategic goals and objectives of your organisation. It is critical, therefore, that Key Performance Indicators (KPIs) are agreed for measuring on-going performance and business impact.
  • In Step 5, we will show the way in which a Balanced Scorecard approach can be used to align social media KPIs to overall business performance. A key feature of the Balanced Scorecard approach is the difference between ‘Lag’ and ‘Lead’ performance measures.
  • ‘Lag’ performance measures cover your ultimate business goals and objectives e.g. increased sales, lower costs, ROI etc

    ‘Lead’ measures are the social media KPIs that help you to achieve your overall business goals and objectives; the main ‘drivers’ of future success

    Social Media KPIs
    The ‘4Is’ approach provides a useful framework for agreeing your Social Media KPIs ( ‘Lead’ Measures). As shown below, the ‘4Is’ stand for Involvement, Interaction, Intimacy and Influence.

    Involvement: The number and quality of people in your various online networks

    Interaction: Actions they take – post, reply, comment and review

    Intimacy: Levels of affection or aversion to the brand; community sentiments, opinions expressed

    Influence: Advocacy, viral forwards, referrals and recommendations, social bookmarking

    Two points are worth noting about the ‘4Is’ approach:

    • First, there is emerging evidence of a direct ‘cause and effect’ relationship between the ‘4Is’ and overall business performance. In other words, organisations with high customer Involvement, Interaction, Intimacy and Influence tend to outperform those with weaker online networks. In a social media era, the ‘4Is’ have become important drivers of future business performance (see www.engagementdb.com)

    • Second, the ‘4Is’ are not abstract, difficult to measure criteria. Indeed, the complete opposite is true. Involvement, Interaction, Intimacy and Influence can be measured to a very high degree of accuracy at two main levels: Individual Channels and Overall ‘Buzz’.

    Social Media Channels

    Social Media Channels

    Individual Social Media Channels/Platforms
    Most social media channels/platforms provide easy to access and free statistics for monitoring channel performance using the ‘4Is’ e.g. Facebook ‘Insights’, YouTube video statistics, Twitter analytics, Linkedin Network stats etc.
  • Some examples are provided in our presentation embedded at the bottom of this post.

  • Social Media Marketing Buzz

    Social Media Marketing Buzz

    Overall ‘Buzz’
    One of the main objectives of your social media strategy is to create an online ‘buzz’ about your brand. In addition to monitoring the performance of individual social media platforms, it is important to monitor and evaluate the conversations taking place about your brand/product in the wider social media landscape. A follow-up post will show the way in which emerging Social Media Monitoring Tools can be used to track who is talking about your brand, where online, the sentiments being expressed and how to develop actionable insights from the conversations taking place. Key questions that need to be addressed in this area include:

  • • Who is talking about our brand/team, where on social media?
    • What positive or negative sentiments are being expressed?
    • Who are the key influencers?
    • What are the main ‘calls-to-action’ we need to take based on the online conversations taking place?
    • What is the business impact of these conversations?
  • Supporting Strategic Objectives
    Your approach to Social Media Performance Measurement should be strategy-led. You should be seeking to deliver actionable insights and measurable results relevant to your core strategic objectives.
  • Social Media KPIs and Performance Measurement can support a Social Media Strategy (and wider business strategy) in a number of ways:
  • Market Knowledge and Intelligence: Showing where your customers, partners and competitors ‘hang out’ online.
    Customer Insight and Understanding: What your customers and their influencers are saying about you and your competitors.
    Engagement: with a network of high value, high growth potential customers. Identifying key posts and follow-up actions.
    Interaction with Key Influencers: Identifying influential sources for incorporation into a wider strategic response.
    Reputation Management: Timely identification of potential reputation issues.
    Improved Sales and Marketing: New prospects, customer and market opportunities.
    Improved Performance Monitoring: Monitoring a number of measures of social media performance (very different than those we use to measure Website Performance), including the ‘4Is’.
  • We will return to some of these issues in Stage 5 – ‘Social Media Strategy Development’.
  • As usual, comments and feedback are very welcome.
  • Step 4 in our Social Media Development Cycle is ‘Evaluating Your Readiness to Engage’……post to follow soon.
  • Jim and Alan

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    One Response to Step 3: Key Performance Indicators (Post 2)

    1. Pingback: Step 6 (Post 1): Social Media Strategy Development and the Balanced Scorecard « Energise2-0

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