Social Media Balanced Scorecard

measuring Social Media 404 SOCIAL MEDIA ROI Social Media 404’s Balanced Scorecard Approach to ROI The debate is not whether Many organizations use a form of the to collect a ton of information, but Kaplan-Norton Balanced Scorecard they do not provide understanding. Social Media is of value, approach to implement performance the question is: measurement. The monitoring tools of today typically provide too much data to sift through. how much value? Itʼs been around so long that it has While many are still saying you canʼt gained very wide adoption as a key really measure Social Mediaʼs Return tool, and even for those who cannot inside On Investment (ROi), that does adopt a complete measurement nothing to inform organizations framework (itʼs a lot of work), they at OASIS Overview! 2 looking to invest in Social Media. least understand the concepts and Scorecard Quadrants! 2 language. A hint of not being able to measure Measures and Metrics! 3 ROI is enough to stop most organizations from pursuing Social There are many successful and How To Get Started! 4 widely used monitoring tools available Media immediately. Every organization, for-profit or not, must have income in order to cover expenses. It is a So what’s the fuss about perfectly logical, and legitimate question, to ask what the return is on any expenditure. Investing in Social Media is no different, in our opinion. ROI? That’s why we’ve developed frameworks to both plan your program, and measure what you get out of it. But ROI remains an organizationally-subjective concept, and is not always determined with a hard data result. That’s why we hope you’ll consider your own balance of measures to monitor your program. It’s the only way to determine your ROI.

OASIScc Before you get started, know where you’re going to end up. Objectives Know what you are trying to achieve before you do anything else. Audience Your audience have their own needs, capabilities, behaviours. Profile them to make sure you understand them. Monitoring tools don’t Each quadrant is seeking to Strategy determine an understanding in an speak C-Level area of focus. The system balances Select a method/channel to Monitoring tools today do not external and internal measures, as reach your audience. One signiﬁcantly (if at all) assist the well as soft and hard data. they want, and one you can interpretation of collected data into supply. understanding the achievement (or Counter clockwise from the upper left not) of measurable objectives, which quadrant: Implementation is how organizations run. Now you can pick the Thatʼs why we developed a “Social Health” seeks to understand technologies and other framework that represents how the organization is perceived on resources you need to deploy “informationalized” data in a familiar the web where no formal relationship the program. grid to organizations: the Balanced exists, and what information can be Scorecard. determined (think Social or Value Sustainment Just as this approach can Network Analysis) that may be cascade into customized Nurture your program with important to the organization. departmental scorecards in the participation, measure the organization, weʼre using a custom “Community Vitality” seeks to results with the Social Media scorecard developed for just for understand the mood and emotion of Balanced Scorecard, adjust Social Media. the online relationships an your program as required. organization nurtures with their community members. SocialMedia404.com/OASIS Simple, balanced measures “Integration” examines the people, In the digram at the top of the page, process, and programs in the you can see the familiar quadrant organization and where/how Social The Balanced Scorecard approach immediately, as well as the Media is affecting the inside. Initially a simple measuring tool, it has central focus on objectives and evolved into a robust measurement “Capital” tracks the real resources and planning system used extensively measures. The x-axis delineates the (ﬁnancial, human) an organization in all industries around the world. two important balanced perspectives of a scorecard, internal and external. invests to establish and maintain the Visit BalanceScorecard.org for more community. information.

Quadrants Internal and external Hard and soft data Social Health how the organization is perceived on the web where no formal relationship exists. Community Vitality the mood and emotion of the online relationships an organization nurtures with their community members. Integration the people, process, and programs in the organization and where/how Social Media is affecting the inside. Where does this data come from? Capital The success of any performance measurement system depends on picking the the real resources (financial, right things to measure, and getting the right data as simply as possible. human) an organization invests to establish and maintain the The Social Media Balanced Scorecard will typically use this approach: community. Social Health relies upon monitoring, or listening tools, Integration examines the internal aspects of the configured to trawl the vast amount of blogs, discussion program, and will collect data depending upon the areas, and social networks to obtain conversational data objective(s). For example, efficiency and productivity pertaining to the objectives at hand. This is the social objectives will look for data using internal reporting, commentary that exists outside the immediate world of an such as Time Management Systems. But employee organization. The type of information you are looking for engagement and retention objectives will use survey usually falls into two categories: (1) sentiment (positive, data to provide measures. negative, or neutral), and (2) volume (the amount of Capital measures are always looking to track the conversation, if any at all). financial and human investments of any Social Media Community Vitality1 is the key to understanding Community program. In the case where the objective(s) are Experience (CX) and is best understood by doing primary related to the contribution of Social Media to financial research with an organizationʼs community members using a gain, data from sales may also be examined. survey tool. The SM-BSC looks for Community Vitality using Conversely, where Social Media is contributing to cost these indicator areas: reductions, related measures may be tracked, such as call-center expenses. •! Sense of trust •! Support from other members •! Opportunity to contribute •! Socialization between members •! Sense of respect •! Support from community owner(s) •! Duration and frequency of visit 1 An adaptation of measures from the Gross National Happiness Index.

Getting into Social Media starts with OASIS. This How To process will allow you to plan a highly effective Get Started program, and now, with the Social Media Balanced Scorecard, you’ll know if the program is working. About Social Media 404 implement a social media strategy that is authentic and appropriate for you. SocialMedia404 is a brand new organization born of the need to bridge the gap between traditional business Educate. Evolve. Evaluate. functions and practices, and the explosive use of new We deliver Education services through workshops social media technologies. and speaking engagements, Evolution services to help you define, build, and measure your program, and Founded by two experienced business consultants with Evaluation services to help get your program back on over 50 years of combined international experience, we work with clients in all industry verticals across North track. America. We use a proprietary framework, called OASIS, which How can we help you today? clarifies everything you need from measurable objectives to a sustainable implementation. We help you plan and P.O. BOX 29129 ST. JOHN’S, NL A1A 3N3 CANADA 709.728.1518 | 506.453.1736 CONNECT@SOCIALMEDIA404.COM WWW.SOCIALMEDIA404.COM Photos: pg1: flickr.com/bb_matt pg3: flickr.com/29901781@N02

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Social Media Balanced Scorecard

by John Sheridan on Mar 09, 2010

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Social Media Balanced Scorecard — Document Transcript