ENTER2011/IFITT - Social Media Performance Measurement Framework


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The first of our three sessions at the 2011 ENTER/IFITT Conference presenting our '6Is' Framework for Social Media Performance Measurement

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ENTER2011/IFITT - Social Media Performance Measurement Framework

  1. 1. Dr. Jim Hamill - [email_address] Alan Stevenson - [email_address] Chiara Francalanci - [email_address] Social Media Performance Measurement and Business Impact
  2. 2. Background <ul><li>Growing awareness and enthusiasm for social media among tourism and hospitality businesses.......but barriers remain - time, resource and effort required </li></ul><ul><li>Greater focus on social media performance measurement, ROI and business impact </li></ul><ul><li>Key questions currently being asked - Is social media worth it? What is the ROI and business impact? What KPIs, metrics and analytics are available for measuring on-going social media performance? </li></ul>
  3. 3. Overview <ul><li>Session 1 – Performance Measurement Framework (JH) </li></ul><ul><li>Session 2 – Social Media Monitoring Tools (AS) </li></ul><ul><li>Session 3 – Case example: SMM in action (CF) </li></ul><ul><li>Q&A (All) </li></ul>
  4. 4. <ul><li>“ 2010 is the year to start putting real metrics on </li></ul><ul><li>your social media activity. Because if you’re not </li></ul><ul><li>monitoring it, you’re just playing with it” (Barone, 2010) </li></ul>
  5. 5. <ul><li>Session 1 </li></ul><ul><li>Performance Measurement </li></ul><ul><li>Framework (JH) </li></ul>
  6. 6. New Approaches Required <ul><li>Social media is about marketing as a conversation with your customers/network– two-way dialogue rather than one-way broadcasting </li></ul><ul><li>But most organisations are not very good at this. We prefer ‘telling’ people how good we are rather than listening  </li></ul><ul><li>There will be Social Media ‘winners’ and ‘losers’ </li></ul><ul><ul><li>‘ Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships </li></ul></ul>
  7. 9. New Performance Measures Required <ul><li>New performance measures and KPIs that emphasise: </li></ul><ul><ul><ul><li>Quality of your network </li></ul></ul></ul><ul><ul><ul><li>Relationship strength </li></ul></ul></ul><ul><ul><ul><li>Ability to leverage </li></ul></ul></ul><ul><li>.....as the key drivers of future business performance </li></ul>
  8. 10. The ‘6Is’ Approach
  9. 11. The ‘6Is’ <ul><ul><li>Involvement – network/community numbers/quality, time spent, frequency, geography </li></ul></ul><ul><ul><li>Interaction – actions they take – read, post, comment, reviews, recommendations </li></ul></ul><ul><ul><li>Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc </li></ul></ul><ul><ul><li>Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking </li></ul></ul><ul><ul><li>Insight – customer insight </li></ul></ul><ul><ul><li>Impact - business impact </li></ul></ul><ul><ul><li>Social Media Monitoring Tools –Audit, Assess, Impact </li></ul></ul>
  10. 12. Use s a Simplified Balanced Scorecard <ul><li>Ensures that social media actions and initiatives are fully aligned with and supportive of agreed business goals; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation </li></ul><ul><li>A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders </li></ul>
  11. 13. A Key Feature.... <ul><li>‘ Lead’ and ‘Lag’ measures/KPIs </li></ul><ul><li>‘ Lag’ measures – the ultimate business objective e.g. Increased visitor numbers and spend (Customer Insight and Business Impact) </li></ul><ul><li>‘ Lead’ measures – the main ‘drivers that help you to achieve your core business objectives. In a social media environment, these are the ‘4Is’ – Involvement, Interaction, Intimacy and Influence </li></ul>
  12. 14. Social Media Balanced Scorecard <ul><li>Not ‘paralysis by analysis’….. </li></ul><ul><li>By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation; and provides a solid foundation for on-going performance measurement </li></ul><ul><li>The steps involved can be captured in a Social Media Strategy Map – focusing on five key questions </li></ul>
  13. 15. Five Key Questions <ul><li>What is the overall social media vision for your organization? </li></ul><ul><li>What are the key objectives and targets to be achieved? </li></ul><ul><li>Who are your customers? </li></ul><ul><li>Key Actions and Initiatives </li></ul><ul><li>Organisation, Resource and People Issues </li></ul>
  14. 16. Social Media Strategy Map
  15. 17. <ul><li>Organization, Resource and People Issues </li></ul>
  16. 18. Organization, Resource and People <ul><li>Organisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true </li></ul>
  17. 19. Performance Measurement <ul><li>Three main levels: </li></ul><ul><li>Individual channels </li></ul><ul><li>Overall ‘buzz’ </li></ul><ul><li>Business impact </li></ul><ul><li>See Session 2 </li></ul>
  18. 20. Implementing a SMPM System <ul><li>1. Agree core business objectives </li></ul><ul><ul><li>Used effectively, social media can deliver multiple objectives </li></ul></ul><ul><ul><ul><li>Market/Customer Knowledge & Insight </li></ul></ul></ul><ul><ul><ul><li>Engagement & Reputation Management </li></ul></ul></ul><ul><ul><ul><li>Enhanced Customer Experience and Loyalty </li></ul></ul></ul><ul><ul><ul><li>Sales/Marketing Effectiveness, Efficiency and ROI </li></ul></ul></ul><ul><ul><ul><li>Operations/ Internal Processes (open source and hosted apps) </li></ul></ul></ul><ul><ul><li>Key term is ‘used effectively’............ </li></ul></ul>
  19. 21. Implementing a SMPM System <ul><li>Agree specific targets for each core objective </li></ul><ul><li>Agree the KPIs/metrics/analytics to be used in monitoring on-going performance (‘lead’ and ‘lag’ measures; 3 main levels) </li></ul>
  20. 22. Implementing a SMPM System <ul><li>The key social media actions and initiatives required for ‘getting there’ </li></ul><ul><li>5. Ongoing performance monitoring using the range of tools available e.g. Facebook Insights, Klout, Social Media Monitoring Tools..... Session 2 </li></ul>
  21. 23. <ul><li>Thank You! </li></ul><ul><li>Questions? </li></ul>