What,exactly,isthevalueofsocial?
ThevalueofsocialHelping to answer uestions such as:• What is the value of our blog?• What do we get from Facebook?• What ...
ThevalueofsocialAvoiding Answers that are:• Trite• Brash• Wishful• Too narrow• Overly simplistic• Likely to annoy an accou...
Agoodanswerisgoodforbusiness,goodforeveryoneinvolvedinyourbusiness,andgoodforyourcareer!So bear with, good ≠ easy...Otherw...
ThevalueofsocialComplexity [noun]• a system in which there are multiple interactionsbetween many different components• brid...
ThevalueofsocialBalanced [adjective]• keeping a balance• taking everything into account• having different elements in the c...
ThevalueofsocialBusiness [noun]• complex activity that requires balance‘Social’ [noun]• complex activity that requires bal...
ThevalueofsocialBusiness [noun]• the activity of creating mutual value the consequence of whichis profit‘Social’ [noun]• th...
ThevalueofsocialIn other words...‘Social’ is the complex activity thatrequires appropriate balance in orderto best assist ...
Foreverycomplexproblemthereisananswerthatisclear,simpleandwrongH.L. Mencken
ThevalueofsocialValue [noun]e importance, worth, or usefulness of somethingROI [noun]Return on investment: expressing val...
ThevalueofsocialIBM Social BusinessFor example, this April 2013 reportemploys the word “value” more thana dozen times. But...
ThevalueofsocialReturn on investmentAMEC and CPRF advise rightly that ROI has a strictfinancial meaning:a ratio of money in...
ThevalueofsocialAMEC is actually grappling withcomplexity.Its members want to value investmentin public relations financial...
Butperhapstheymeanvalue,notROI?Afterall,boardsandmanagementteams‘get’non-fiscalmeasuresofvalue.
ThevalueofsocialBusiness performance managementBPM frameworks have been deployed by many of the world’sbiggest and best or...
Thevalueofsociale Balanced Scorecard... transforms an organization’s strategic plan from an attractivebut passive documen...
Good day at work dear?Yes thanks – shifted loads of BBQs via Facebook!Cool! How much did that cost you?$10k. But we sold $...
Good day at work dear?Yes thanks – a higher proportion of people are accepting our offers ofemployment. The right kind of ...
ThevalueofsocialBut what about ROI?e Balanced Scorecard includes financial metrics, but at an over-arching level.Once all ...
ThevalueofsocialNo universal measureIf your organization is unique, with a unique position in a uniquemarket, with unique ...
ThevalueofsocialWorking to optimize your well-designed, bespoke and balancednon-fiscal social metrics has, so to speak, ROI...
Forcomplexentitiessuchasorganizationsoperatingincomplexenvironmentssuchasmarketswiththecomplexitythatis‘social’,ROIonlymak...
YOUHAVETOMAKEACHOICEBeguidedonlybywhenyoucanteaseoutalocalisedoverly-simplisticROIcalculationORBeguidedbybusinessperforman...
Asformanyintangibleassets,thevalueofsocialisinthemix.Performanceisbestguidedandmeasuredbyabalancedsetofwell-designednon-fi...
ThevalueofsocialBest practice social media measurement plugsinto best practice BPM. To that end (and to theimprovement of ...
ThevalueofsocialAnd if good old-fashioned storytellingis more your thing, you might likeAttenzi – a social business story....
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The Value of Social

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The past several months have been hectic for the steering teams at AMEC and The Conclave ahead of the AMEC European Summit in Madrid, 5th - 7th June. We've been trying to pull together a cohesive and cogent set of definitions for social media measurement.

It's gone very well so far I think, so well in fact that we're now left training our attention on perhaps the biggest question of them all: What's the value to my organization of doing all this stuff?

It's a tricky question once you've found all the good reason to ignore much of the smattering splattering the web, but one I believe can be approached effectively with diligence and professionalism. The slidestack here is my contribution to the debate, and I hope it motivates you to contribute your points of view.

Published in: Business, Technology

The Value of Social

  1. 1. What,exactly,isthevalueofsocial?
  2. 2. ThevalueofsocialHelping to answer uestions such as:• What is the value of our blog?• What do we get from Facebook?• What is the value of Twitter to us?• Do we get a return on our analytics?• Is our enterprise social network worth it?• How should we divvy up our digital budget?• Remind me, why are we ‘doing’ social?
  3. 3. ThevalueofsocialAvoiding Answers that are:• Trite• Brash• Wishful• Too narrow• Overly simplistic• Likely to annoy an accountantjust do it!fan = $xthe only social issocial sellingThe X steps tosocial media ROI
  4. 4. Agoodanswerisgoodforbusiness,goodforeveryoneinvolvedinyourbusiness,andgoodforyourcareer!So bear with, good ≠ easy...Otherwise, click for “5 dead simple ways” or“4 insanely easy ways” or “3 simple ways” #joking
  5. 5. ThevalueofsocialComplexity [noun]• a system in which there are multiple interactionsbetween many different components• bridges the gap between the individual and thecollectiveD. Rind. Complexity and Climate Science 284:5411 (2/4/1999) 105-7. DOI: 10.1126/science.284.5411.105Professor Henrik Jeldto Jensen, Department of Mathematics, Imperial College. https://www2.imperial.ac.uk/~hjjens/the very definitionof socialthe very definitionof social
  6. 6. ThevalueofsocialBalanced [adjective]• keeping a balance• taking everything into account• having different elements in the correct proportions
  7. 7. ThevalueofsocialBusiness [noun]• complex activity that requires balance‘Social’ [noun]• complex activity that requires balance
  8. 8. ThevalueofsocialBusiness [noun]• the activity of creating mutual value the consequence of whichis profit‘Social’ [noun]• the activity of nurturing relationships, mutual understandingand collaboration to improve business
  9. 9. ThevalueofsocialIn other words...‘Social’ is the complex activity thatrequires appropriate balance in orderto best assist the business of creatingmutual value, itself complex andrequiring balance, the consequenceof which is profit.Really?! Yes! Remember...
  10. 10. Foreverycomplexproblemthereisananswerthatisclear,simpleandwrongH.L. Mencken
  11. 11. ThevalueofsocialValue [noun]e importance, worth, or usefulness of somethingROI [noun]Return on investment: expressing value financially; one way toexpress value
  12. 12. ThevalueofsocialIBM Social BusinessFor example, this April 2013 reportemploys the word “value” more thana dozen times. But refrains fromdetailing ROI.
  13. 13. ThevalueofsocialReturn on investmentAMEC and CPRF advise rightly that ROI has a strictfinancial meaning:a ratio of money in v. money outYet the same paper asserts that the total value of PR isgreater than ROI.http://prfirms.org/voice/2011/money-matters-rethinking-roi-for-public-relationsWhy?
  14. 14. ThevalueofsocialAMEC is actually grappling withcomplexity.Its members want to value investmentin public relations financially eventhough the value chain is complex.The top vote-getters in rankorder were:1. How to measure thereturn on investment (ROI)of public relations (89%)2. ...AMEC Lisbon SummitTop 4 priorities:http://amecorg.com/2011/06/lisbon-summit-sets-top-four-measurement-priorities/
  15. 15. Butperhapstheymeanvalue,notROI?Afterall,boardsandmanagementteams‘get’non-fiscalmeasuresofvalue.
  16. 16. ThevalueofsocialBusiness performance managementBPM frameworks have been deployed by many of the world’sbiggest and best organizations. e approaches emphasize non-financial metrics – key performance indicators (KPIs).e Balanced Scorecard is reportedly the most widely adoptedBPM framework.
  17. 17. Thevalueofsociale Balanced Scorecard... transforms an organization’s strategic plan from an attractivebut passive document into the ‘marching orders’ for theorganization on a daily basis. It provides a framework that notonly provides performance measurements, but helps planners toidentify what should be done and measured. It enablesexecutives to truly execute their strategies. It is a managementsystem (not only a measurement system) that enablesorganizations to clarify their vision and strategy and translatethem into action.The Balanced Scorecard Institute. For a longer summary, see http://eulr.co/balancedscorecard
  18. 18. Good day at work dear?Yes thanks – shifted loads of BBQs via Facebook!Cool! How much did that cost you?$10k. But we sold $100k worth, grossing $20k profit! $10k out, $20k in.Cool! Nothing to do with Summer obviously arriving today then?Shush! Don’t complicate things... my review is next week.I won’t ask about the competitor’s product recall then. Or the investment overthe years in customer service. Or the 2011 quality training. Or last year’srebrand. Or eating out getting more expensive. Or the focus on partnercollaboration. Or the social media monitoring and workflow. Or the 300+customer ideas contributed last Summer. Or the CSR stuff. Or the “How to BBQ”YouTube series. Or cheaper sausages. It was all down to you dear. Well done.
  19. 19. Good day at work dear?Yes thanks – a higher proportion of people are accepting our offers ofemployment. The right kind of people are joining the team!Cool! How come?I guess we’re doing a whole heap of different things right, per our strategies,and people are looking at us differently. It’s all in the mix right? A balancedmix.Right.
  20. 20. ThevalueofsocialBut what about ROI?e Balanced Scorecard includes financial metrics, but at an over-arching level.Once all the strategic (balanced) investments have been made todrive the KPIs, once we’ve corralled organizational alignment anddirected execution, the financials indicate how the business unit didoverall.
  21. 21. ThevalueofsocialNo universal measureIf your organization is unique, with a unique position in a uniquemarket, with unique mission and vision, and uniquely tailoredstrategies demanding a unique mix of tactics, is it too great a leap offaith to expect the (optimal) blend of communications to be uniqueand for communications performance measurement to thereforerequire a unique and tailored blend of metrics?Source: AttenziMe and Mark Westaby on this topicPR Week video podcast, July 2012
  22. 22. ThevalueofsocialWorking to optimize your well-designed, bespoke and balancednon-fiscal social metrics has, so to speak, ROI built-in. Either that,or the metrics will soon tell you your strategy needs to change.... And AMEC and e Conclave help you in selecting and definingyour non-fiscal metrics to suit your specific marketing / PR / socialstrategies.
  23. 23. Forcomplexentitiessuchasorganizationsoperatingincomplexenvironmentssuchasmarketswiththecomplexitythatis‘social’,ROIonlymakessenseattheaggregatelevel.
  24. 24. YOUHAVETOMAKEACHOICEBeguidedonlybywhenyoucanteaseoutalocalisedoverly-simplisticROIcalculationORBeguidedbybusinessperformancemanagement–balancedalignmentandstrategicvalueand neglectingthe other stuff, orat least gettingout of balance
  25. 25. Asformanyintangibleassets,thevalueofsocialisinthemix.Performanceisbestguidedandmeasuredbyabalancedsetofwell-designednon-financialKPIs.
  26. 26. ThevalueofsocialBest practice social media measurement plugsinto best practice BPM. To that end (and to theimprovement of other aspects such asorganizational structure) I developed theInfluence Scorecard, first presented in my book,e Business of Influence, Wiley, 2011.With foreword by Robert L. Howie, Jr., then Managing Director,CMO, Palladium Group, Inc., Director, Kaplan Norton BalancedScorecard Hall of Fame for Executing Strategy.
  27. 27. ThevalueofsocialAnd if good old-fashioned storytellingis more your thing, you might likeAttenzi – a social business story.A free ebook, with foreword by Adam Pisoni,Microso Yammer co-founder and CTO.#attenziPhilip Sheldrake, Managing Partner, Euler Partnerswww.eulerpartners.com @sheldrake

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