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Social Media Performance Measurement and Business Impact


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Presentation to the Institute of Internal Communications, June 2010 - Social Media Performance Measurement and Business Impact

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Social Media Performance Measurement and Business Impact

  1. 1. Social Media Performance Measurement and Business Impact Dr. Jim Hamill and Alan Stevenson [email_address] June, 2010
  2. 2. Performance Measurement <ul><li>Social media can be ‘cool and funky’ ...... but it should also deliver ROI and positive business impact </li></ul><ul><li>Your social media strategy should be: </li></ul><ul><ul><li>fully aligned with and supportive of overall business goals and objectives </li></ul></ul><ul><ul><li>driven by agreed business objectives, KPIs and targets </li></ul></ul><ul><li>On-going performance measurement benchmarked against agreed objectives is critical </li></ul>
  3. 3. Performance Measurement <ul><li>Should be undertaken at four main levels.... </li></ul><ul><li>Web 1.0 </li></ul><ul><li>Web 2.0 (Individual Channels) </li></ul><ul><li>Web 2.0 (Overall ‘Buzz’) </li></ul><ul><li>  </li></ul><ul><li>Business Impact </li></ul>
  4. 4. Web 1.0 KPIs <ul><ul><li>Site visits </li></ul></ul><ul><ul><li>Unique visits </li></ul></ul><ul><ul><li>Geographical spread of visits </li></ul></ul><ul><ul><li>Length of time spent on the site </li></ul></ul><ul><ul><li>Navigation through the site </li></ul></ul><ul><ul><li>Most/least popular pages </li></ul></ul><ul><ul><li>Number and quality of site enquiries </li></ul></ul><ul><ul><li>e-mail registrations </li></ul></ul><ul><ul><li>e-commerce sales </li></ul></ul><ul><ul><li>U ser feedback on the site </li></ul></ul><ul><ul><li>Links </li></ul></ul>
  5. 5. <ul><li>Web 1.0 measures are still </li></ul><ul><li>important....... but in a social media era, new performance measures are required </li></ul>
  6. 6. Social Media KPIs <ul><li>There will be ‘winners’ and ‘losers’ in social media. ‘Winners’ will be those companies who fully utilise the interactive power of 2.0 technology for building strong ‘1-to-1’ customer and network relationships </li></ul><ul><li>Those who fully leverage social media for Identifying, Acquiring, Retaining and Growing ‘Quality’ Customers </li></ul><ul><li>In a social media era, the key drivers of future business success are: </li></ul><ul><ul><li>Network quality </li></ul></ul><ul><ul><li>Relationship strength </li></ul></ul><ul><ul><li>Ability to leverage </li></ul></ul>
  7. 7. <ul><li>The Four I’s </li></ul>
  8. 8. The Four I’s <ul><ul><li>Involvement – number and quality of people in your various online networks/communities </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>
  9. 9. The Four I’s <ul><li>Can be measured at two main levels..... </li></ul><ul><li>Individual Social Media Channels/Platforms – the effectiveness/success of each social media channel you use benchmarked against agreed targets </li></ul><ul><li>Web 2.0 (Overall ‘Buzz’) – your organization’s performance or ‘presence’ in the wider social media landscape </li></ul>
  10. 10. Social Media Monitoring Tools <ul><li>Emerging Social Media Monitoring Tools </li></ul><ul><li>allow your organisation to monitor online </li></ul><ul><li>conversations about your brand, the overall </li></ul><ul><li>‘ buzz’ being created by your social media </li></ul><ul><li>activities , who is talking about your brand, </li></ul><ul><li>where on social media and the sentiments being expressed.... later </li></ul><ul><li>  </li></ul>
  11. 11. Web 2.0 – Individual Channels <ul><li>Most social media channels/platforms provide statistics which allow you to monitor/evaluate the ‘Four I’s’ to a high degree of accuracy </li></ul><ul><li>Some examples...... </li></ul>
  12. 12. Cafe Gandolfi
  13. 13. Cafe Gandolfi
  14. 14. Cafe Gandolfi
  15. 15. United Breaks Guitars
  16. 16. United Breaks Guitars
  17. 17. United Breaks Guitars
  18. 18.
  19. 19.
  20. 20.
  21. 21.
  22. 22.
  23. 23.
  24. 24. Twitter <ul><li> </li></ul>
  25. 25. Twitter
  26. 26. Twitter
  27. 27. Twitter
  28. 28. Twitter
  29. 29. Twitter
  30. 30. Merchant City – Twitter Performance
  31. 31. Merchant City – Twitter Performance
  32. 32. Merchant City – Twitter Performance
  33. 33. Merchant City – Twitter Performance
  34. 34. <ul><li>Social Media Monitoring Tools </li></ul>
  35. 35. Social Media Monitoring Tools <ul><li>Monitor and evaluate what is being said, by who, where and what impact – delivers actionable insights </li></ul><ul><li>Three stage process </li></ul><ul><ul><li>Aggregate what is being said </li></ul></ul><ul><ul><li>Natural language analysis – understand the data </li></ul></ul><ul><ul><li>Deliver actionable insights </li></ul></ul><ul><li>We have identified more than 100 Companies in this space </li></ul>
  36. 36. Social Media Monitoring Tools
  37. 37. What they offer <ul><li>Search and relevance filters </li></ul><ul><li>Further categorisation and tagging </li></ul><ul><li>Assign Events to the Social Graph </li></ul><ul><li>A variety of channels: web, news, blog, twitter </li></ul><ul><li>Mention Volume, Importance and Demographics </li></ul><ul><li>Analyse sentiment or tone </li></ul><ul><li>Analyse date parameters </li></ul><ul><li>Updates as they happen </li></ul>
  38. 38. <ul><li>Some Tools Are Free but </li></ul><ul><li>Relatively Unsophisticated </li></ul>
  39. 39. Google Alerts
  40. 40. Social Mention
  41. 41. Trackur
  42. 42. <ul><li>Others Are Expensive but </li></ul><ul><li>Highly Sophisticated </li></ul>
  43. 43. Social Radar
  44. 44. Social Radar
  45. 45. Social Radar
  46. 46. Social Radar
  47. 47. Social Radar
  48. 48. Social Radar
  49. 49. Social Radar
  50. 50. Social Radar
  51. 51. Social Radar
  52. 52. <ul><li>Business Impact </li></ul>
  53. 53. Business Impact <ul><li>The ‘Four I’s’ are ‘Lead’ rather than ‘Lag’ measures i.e. they are the main drivers of future business success NOT strategic goals in their own right </li></ul><ul><li>Your social media strategy should be driven by agreed business objectives...... </li></ul><ul><ul><li>Marketing/communications effectiveness </li></ul></ul><ul><ul><li>Marketing/ communications efficiency </li></ul></ul><ul><ul><li>Marketing/communications ROI </li></ul></ul><ul><ul><li>Customer acquisition, increased sales </li></ul></ul><ul><ul><li>Brand awareness </li></ul></ul><ul><ul><li>etc </li></ul></ul>
  54. 54. Business Impact <ul><li>Recommend the use of a Balanced Scorecard approach to ensure that your social media activities are fully aligned with and supportive of overall business goals and objectives </li></ul>
  55. 55. SM Strategy Development <ul><li>Strategic objectives </li></ul><ul><li>Targets </li></ul><ul><li>Key performance indicators (KPIs) </li></ul><ul><li>Customer segments </li></ul><ul><li>The key social media actions and initiatives required for ‘getting there’ </li></ul><ul><li>Organisational, people and resource issues </li></ul><ul><li>Ensure that your social media strategy is fully aligned with and </li></ul><ul><li>supportive of your overall strategic goals and objectives with </li></ul><ul><li>clear targets and ROI criteria </li></ul><ul><li>Social Media Strategy Map </li></ul>
  56. 56. Social Media Strategy Map
  57. 57. <ul><li>Thank You </li></ul>
  58. 58. <ul><li>Continue the discussion at </li></ul><ul><li> </li></ul><ul><li> </li></ul>
  59. 59.