Alan and I, with our Italian colleague Chiara Francalanci, will be chairing a session at this week’s 2011 ENTER/IFITT Annual Conference in Innsbruck, Austria entitled “Social Media Performance Measurement and Business Impact”. (IFITT is the International Federation of Information Technology in Tourism – see http://www.enter2011.org/ for full conference details).
The ‘Abstract’ to the session, together with each of our presentations, are given below. You can also follow the conference live on twitter at www.twitter.com/ENTER2011
The level of enthusiasm for social media among tourism and hospitality businesses has increased rapidly over the last few years. The majority of companies are now more fully aware of the global marketing and customer relationship opportunities presented by the Web 2.0 revolution. However, the time, resource and effort required to leverage the full potential of social media remains a major barrier to future engagement, especially for SMEs.
To justify the resource investment required, a great deal of interest is now being paid to issues relating to social media performance measurement, ROI and business impact. Key questions currently being asked include – Is social media worth the time and effort required? What is the ROI and business impact? What Key Performance Indicators should be used to monitor and evaluate on-going social media performance? What metrics and analytics are available for on-going performance measurement? As stated by one author,
“2010 is the year to start putting real metrics on your social media activity. Because if you’re not monitoring it, you’re just playing with it” Barone, L. (2010) How Are You Measuring Your Community?
Based on ‘best practice’ thinking from the emerging literature in this area and our own in-depth practical experience of working with a wide variety of tourism and related businesses, an integrated and coordinated approach to social media performance measurement, ROI and business impact is presented based on our ‘6Is’ approach.
Session 1 presents the overall performance measurement framework used. The core foundations of the framework are: the ‘6Is’ of social media performance; the Balanced Scorecard approach linking social media ‘lead’ and ‘lag’ measures; the three main levels of social media performance measurement; and the main stages involved in implementing a social media performance measurement system
Session 2 presents a concise summary of the wide range of tools and software available for monitoring and measuring social media performance at three main levels – individual social media channels, overall ‘buzz’ and business impact covering both no/low-cost tools and more expensive social media monitoring software – and the way these tools can be used to track who is talking about your brand, where online, the sentiments being expressed, how to develop actionable insights from the conversations taking place and business impact measurement.
Session 3 presents a case study of social media monitoring and performance measurement in action based on Milan, Italy.
As normal, feedback and comments are very welcome.
Jim, Alan and Chiara