jim.hamill@energise2-0.com

Measuring Social Media Performance and Business Impact (Part 2)

Measuring Social Media Performance and Business Impact (Part 2)

Introduction

Part 1 in this series argued that a robust Social Media Performance Measurement System is required to convince reluctant senior executives to establish social as a strategic priority. The article then introduced our Six I’s approach to measuring social media performance and business impact.

The 6 I’s of our recommended Performance Measurement System are not abstract, difficult to measure concepts.  They can be measured to a very high degree of accuracy, at least for the four main ‘Lead’ drivers.  Each social media channel provides detailed statistics that can be used for measuring Involvement, Interaction, Intimacy and Influence e.g. Facebook Insights, YouTube stats, Linkedin Insights etc. In addition, there are a large number of tools available for measuring overall ‘brand buzz’ across different social media channels.

In this article (Part 2), we focus on the measurable KPIs that can be used to monitor social media performance and business impact.  In Part 3 (to follow) we will discuss the range of performance monitoring tools and software available for doing so.

 KPIs for Individual Social Media Channels

To leverage the Six I’s approach, Key Performance Indicators (KPIs) should be agreed for each social media channel and for overall ‘buzz’. If appropriate, specific targets can be agreed for each KPI.

Figures 1 to 4 below show a wide range of KPIs that can be used to measure Involvement, Interactivity, Intimacy and Influence across four of the main social media channels – Blog, Twitter, Linkedin and Facebook.  You should adapt these KPIs and channels to the specific needs of your own company, always ensuring that the KPIs you use are fully aligned with the core business goals and objectives you are trying to achieve.

 Figure 1: Blog KPIs

Measuring Social Media Performance and Business Impact

Figure 2: Twitter KPIs 

Measuring Social Media Performance and Business Impact

 Figure 3: Linkedin KPIs

Measuring Social Media Performance and Business Impact

 Figure 4: Facebook KPIs

Measuring Social Media Performance and Business Impact 

KPIs for Overall Buzz

In addition to the above for individual channels, the following KPIs can be used for measuring overall ‘buzz’ across multiple social media platforms:

  • Strength – the likelihood that your brand is being discussed
  • Reach – the range of your influence
  • Passion – a measure that individuals talking about your brand will do so repeatedly
  • Sentiment – ratio of positive to negative mentions

Business KPIs

The following KPIs could be used for measuring the business benefits being derived from your social media activities:

  • Insight – Number and quality of actionable customer insights derived from social media listening
  • Business Impact – this could include
    • Sales directly or indirectly from social media
    • Brand awareness
    • Brand reputation, loyalty, advocacy
    • Marketing efficiency and effectiveness
    • Internationalisation
    • Quality of your customer base/quality of online network
    • Improved Customer Service
    • New Product Development

As always, comment and feedback on this article are very much welcome.  Did you find the KPIs listed to be useful? Can you apply these in your own organisation?

Jim and Vincent

@DrJimHamill
@VHSocialMedia

 

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