It is a fact that Social Media (SM) is among us, it arrived to stay and it is defining the new course of communication with our customers…As a result of this, managers have started to ask their teams for marketing programs related to the Social Media arena….and then, what these managers are asking for is the associated benefit of these SM strategies and more specifically and in technical words “the associated ROI”…
So, this is the reason why I decided to write about the benefits and also the ways of measuring SM strategies..….My main purpose: to provide an answer to these managers and to engage them with this new way of communication.
Going into detail, what I have seen is that there is not a set of established metrics to determine the effectiveness of your SM strategy, what is clear is that you can gather a lot of information from SM, the question here is what to do with this….Now, the benefits of each strategy will depend on the objective that it was set at the moment of defining this.
What it is really important to understand, is that SM is a two-way communication with your customers, so the benefit of any SM is mainly related to the feedback received from the customer and the task of the marketer is to decode this feedback into relevant information from the company according to its objectives, information that is going to be used as an element of improve in this brand-customer connection.
In found two interesting articles which stated different views about how to measure the benefits of Social Media, so I found them worth to share:
The first one is titled “New Metrics for Social Media”, this article stated 9 possible benefits to measure which are:
Response Tracking: This is related to how many people saw your message, how many of them reacted to that and how was this reaction. So, this can be measure by the number of “likes”. The number of followers and the content sharing through the SM channel.
Audience Profile: Who is visiting you, this means, building a profile of the people who are connected with you through SM.
Monitoring: involves scanning blogs, public forums and discussion groups for mentions of the company, its products and competitors.
Content Analysis: Identification of topics and positive or negative attitudes of people.
Connections: Expose the relationships among individuals.
Traffic analysis: Focus on understanding the reason of the relationships above described.
Influence: level of impact you have on your connections.
Case Management: if SM is used for “customer service”, so what it is important is to identify, track and interact with individuals over time
The second is titled “Social Media and Business” and establishes that the best Social Media Metrics are Conversation, Amplification, Applause, Economic Value.
Conversation Rate: measured by the number of Audience Comments (or Replies) per Post. “High conversation rate requires a deeper understanding of who your audience is, what your brand attributes are, what you are good at, what value you can add to your followers and the ecosystem you participate in”
Amplification: “the rate at which your followers take your content and share it through their network”
Applause: Indicating a better understanding about your customer.
On Twitter: Applause Rate = # of Favorite Clicks per Post
On Facebook: Applause Rate = # of Likes per Post
On Google Plus: Applause Rate = # of +1s per Post
On a Blog, YouTube: Applause Rate = # of +1s and Likes per Post (or video)
Economic Value: Sum of Short and Long Term Revenue and Cost Savings
Many Criteria, no?…
If you continue looking for more options about how to measure Social Media, you will find a lot!…but, do not feel overwhelmed…In the way I see this is like a Menu, we have many options available to measure the benefits of our SM strategy, but the best recommendation is “do not lose the focus of the objective of your Social Media Strategy, having clear this you will be able to decide what kind of information to gather from that menu and how to analyze it and use it.