measuring Social Media 404
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
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
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.
Before you get started,
know where you’re
going to end up.
Know what you are trying to
achieve before you do
Your audience have their own
behaviours. Profile them to
make sure you understand
Monitoring tools don’t Each quadrant is seeking to
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
grid to organizations: the Balanced exists, and what information can be
Scorecard. determined (think Social or Value
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
Internal and external
Hard and soft data
how the organization is perceived
on the web where no formal
the mood and emotion of the
online relationships an organization
nurtures with their community
the people, process, and programs
in the organization and where/how
Social Media is affecting the inside.
Where does this data come from?
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:
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
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.
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
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ST. JOHN’S, NL
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