Measuring what matters
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Measuring what matters Measuring what matters Document Transcript

  • January 2012Start Measuring What MattersBy Rupa Shankar, Shahnawaz KhanHappiest Minds, Social Computing Practice © Happiest Minds Technologies Pvt. Ltd. All Rights Reserved
  • Start Measuring What MattersIn a recent survey conducted, a staggering 86% of brand managers revealed that theydo not know how to effectively measure ROI in the social space. What’s more, theycalled this the single most significant obstacle to using social media effectively.Additionally, a recent study stated that nearly 2/3rds of CMOs think return onmarketing investment will be the primary measure of their effectiveness by 2015.This raises a critical issue - most marketing heads and brand owners don’t know whatmarketing success looks like in the social web. They have no way to benchmark ifthey’re winning, and are unable to course correct if things get off track.LIMITATIONS OF CURRENT SOCIAL ANALYTICS:Social media dashboards prioritizes the things that are easy to report, not the thingsthat are actually important to a brand. It’s no surprise that brand managers can’tmake sense of reports full of click through rates, fan counts, downloads and pageviews. None of these numbers align or even correlate with a brand’s objectives--driving sales, increasing affinity, and building brand value.Marketing managers recognize this disconnect but assume that results-focusedanalytics are both expensive and complicated. Actually, measuring what mattersdoesn’t have to be either. The secret lies in identifying the handful of key metricsthat truly propel your brand, and never losing sight of them throughout themeasurement process. Often, these metrics can be analyzed through the platformsyou already have.HAPPIEST MINDS APPROACH:The Happiest Minds Social Computing Console has been developed based on theBrand Dynamics Pyramid. This enables a company to build as large a group aspossible of truly loyal consumers by sustaining a suitable relationship with them. Inaddition, by assimilating customer activity in the social web with internal customerand sales data, it helps brands increase customer loyalty and advocacy. © Happiest Minds Technologies Pvt. Ltd. All Rights Reserved
  • Note that purchasing loyalty increases at higher levels of the Pyramid - consumers atthe level of bonding are likely to be active advocates of the brand. There is also anincrease in share of wallet - the proportion of consumer expenditure within thecategory on that brand - as you ascend the Pyramid. Some key performanceindicators (KPIs) are highlighted below:Bonding - Rational and emotional KPIs: time spent, engagement, Conversation Reach,attachments to the brand to the number of products purchased vis-à-vis competition,exclusion of most other brands share of voice, share of conversation, duration of customer engagement/life, usage frequency, share of wallet, sentiment analysis, active number of advocates, advocate influence, Net Promoter Score, Advocate ImpactAdvantage - Felt to have an KPIs: time spent, engagement, Conversation Reach,emotional or rational advantage number of products purchased vis-à-vis competition,over other brands in the category share of voice, share of conversation, sentiment analysis, share of wallet, active number of advocatesPerformance - Felt to deliver KPIs: Conversation Reach, Media consumption, Timeacceptable product performance and spent, engagement, comments, Conversation Reach,is on the consumers short-list sentiment analysisRelevance - Relevant to consumers KPIs: Fan group size, fan demographics, time spent,needs, in the right price range or in engagement, page viewsconsideration setPresence - Active familiarity based KPIs: Click-through-rates, Page Views, totalon past trial, saliency or knowledge fan/follower countof brand promise © Happiest Minds Technologies Pvt. Ltd. All Rights Reserved
  • CONCLUSION:The important rule is to focus on just a few metrics for each business objective sothat program evaluation remains simple and one does not end up in “analysisparalysis.” The process should force the prioritization of only key performanceindicators – in addition to clicks, # of fans, page views, etc. Another attribute of theConsole is the mix of both qualitative measures (discussion topics and sentiment) andquantitative measures (counts of reach, chatter mentions, site engagement events).Social media is unique in bringing both types of insight together to characterizeperformance and the value derived from social media efforts.1 The BrandDynamics™ Pyramid was created by Millward Brown and it provides a graphic representation of the strength ofrelationship consumers have with your brand. © Happiest Minds Technologies Pvt. Ltd. All Rights Reserved
  • To learn more about the Happiest Minds Social Computing Console,please write to us at business@happiestminds.comAbout Happiest MindsHappiest Minds is a next-generation IT services company helping clients differentiate and win with aunique blend of innovative solutions and services based on the core technology pillars of cloudcomputing, social computing, mobility and analytics. We combine an unparalleled experience,comprehensive capabilities in the following industries: Retail, Media, CPG, Manufacturing, Bankingand Financial services, Travel and Hospitality and Hi-Tech with pragmatic, forward-thinking advisorycapabilities for the world’s top businesses, governments and organizations. Founded in 2011, HappiestMinds is privately held with headquarters in Bangalore, India and offices in the USA and UK.Corporate Office United StatesHappiest Minds Technologies Pvt. Ltd. 116 Village Boulevard, Suite 200Block II, Velankani Tech Park Princeton, New Jersey, 0854043 Electronics City Phone:+1 609 951 2296Hosur Road, Bangalore 560100, INDIA 2018 156th Avenue NE #224Phone: +91 80 332 03333 Bellevue, WA 98007Fax: +91 80 332 03000 United Kingdom 200 Brook Drive, Green Park, Reading Berkshire, RG2 6UB Phone: +44 11892 56072 Fax: + 44 11892 56073About the authorsRupa Shankar (rupa.shankar@happiestminds.com) Shahnawaz Khan (s.khan@happiestminds.com) isis a Senior Business Analyst in the Happiest Minds the General Manager and Practice Head of theSocial Computing Practice. She brings over 7 years Happiest Minds Social Computing Practice. Heof experience in Brand Management, Marketing brings in-depth experience in leading crossStrategy, Digital and Social Media Marketing, Brand functional teams for conceptualization,Integration, Content Strategy and Customer implementation and rollout of social businessExperience Research. Most recently, she worked at platforms. Most recently, he was responsible forITC Limited, where she spearheaded opportunities building & managing various social computingfor consumer engagement in digital and social platforms at MindTree, which were critical inmedia spaces for all ITC personal care brands. Prior winning multiple MAKE awards. Prior to that he ledto that, as an Analyst, Customer Experience, at product development for various parts of WisdomForrester Research, she created research that & Acumen—a next generation knowledgefocused on the future of digital customer management & collaboration framework, at Srishtiexperiences—specifically, how companies Software; for which it won the NASSCOMorganize, staff, and create design processes that Innovation award. He is passionate about socialhelp them deliver breakthrough experiences via computing and believes that, when leveraged inwebsites, mobile, and other rapidly emerging conjunction with mobility and analytics, it presentsdigital touch points like tablets and apps. opportunities to create paradigm shifts in business enablement, differentiation & customer engagement. © Happiest Minds Technologies Pvt. Ltd. All Rights Reserved