Tag Archives: KPI

HOW TO Measure Success – Social Media KPIs

This one is a follow-up post to my earlier post ‘HOW TO Measure Engagement – Social Media KPIs‘. In this post, i would like to talk about ROI of social media. Or, would it be better if I say we use the term Return on Experience (ROE) instead of ROI?

I will choose to talk about ROE, since ROI discussions are something most traditional marketers enjoy hiding behind! No offense meant but the mere idea of talking about ROI in traditional on assumption while ROI in social to be obvious – eyebrows will rise! Though ROI in traditional is something now brands have agreed to go by through the years, social has a long way to go if that were to be the case.

That’s about it on that in this post. Another post opening up that debate 🙂 soon.

So, as a general rule, we could use the following 3 broad KPIs to measure success:

  1. Exposure – How many people will be exposed to our brand/activities?
  2. Engagement – How many people will engage with our brand/activities?
  3. Evangelism – How many people will create content and evangelize our brand/activities?

Broadly these 3 will define your success. A set of KPIs for each of these will further breakdown numbers coming from all the social channels and networks that our campaign will leverage. Each one adding up to another, some overlap like a comment on a post amounts to engagement as well as evangelism though it should fall under engagement.

What do you think about this. Looking forward to your feedback/queries in comments.

Follow me @ajaxjoshi 

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The Power of Referrals

Creating and using a strong referral system is a very effective marketing strategy. Every business should take advantage of it.

One of my earlier posts highlighted The Power of Social Media, significantly showing why social media needs to be a part of your social media strategy. Business owners will you about the return on investment (ROI). What they are simply asking you is ‘How much will we make today?”  A better way to measure the effectiveness is to measure the non-financial KPIs. One of them, we will be talking about in this post is the Centers of Influence (COI).

COIs are the people in the community that generate sales for your business through referrals. At times they are your customers. Then at times, some are members of your target market who influence their peers, some who operate complimentary businesses and share their customers.  They are typically well connected with the  ability to generate large volumes of business for your company by referral — and they’re online.

So, the next time you communicate about social networks to business owners, explain them the referral opportunity they represent:

Facebook – the largest referral network
If Facebook were a country, it would be the 3rd largest in the world. It has over 500 million users. An average user creates 90 pages of original content each month and is connected to 80 community pages, groups and events. This social network is the best place for consumers to share brand-related experiences with their friends and family.

Twitter – the loudest referral network
Though Twitter is not as big in size but what it lacks in size, it makes up for in volume. *180 million unique users access Twitter each month and the 10 billionth tweet was posted in March 2010. With over *110 active users, Twitter is the first place that it’s users go to praise or complain about brands. *More than 6 million searches happen on Twitter each day. Twitter’s search makes it easy for companies to find and respond to all brand-related conversations on the site.

LinkedIn – the largest B-to-B referral network
LinkedIn has more than 60 million worldwide users with about half of its users outside the US.  ** It has executives from all Fortune 500 companies and every second a new member joins LinkedIn. It attracts and connects business professionals, business owners, sales people and corporate decision makers — making it one of the best resources for fostering COI relationships.

Each of your customers on  social network is likely to have many friends and acquaintances who fit your “target customer” profile. You’ll be amazed at how social media will be a big help in growing your business. Referrals are valued by social network users as a credible alternative to time-consuming research. Referrals are valued by business owners because they result in more sales over the long haul and a shorter sales cycle.

Social networks are the most affordable and powerful resources for identifying COIs, monitoring the perception of your brand, and placing your brand high among the ‘add to cart set’ when prospects are ready to buy.  Social networks are good marketing tools — and they are good business if you use them to be.

The goal of an effective social media program is to attract, gather and nurture these COIs and customer relationships that will generate ongoing referrals, increased awareness and future sales.

* Statistics from Twitter and Chirp Conference
** Statistics from LinkedIn Press Centre and SysComm International

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HOW TO Measure Engagement – Social Media KPIs

I think that social media measurement is something that  should be undertaken with a sense of perspective: Stand Back and Look at the Big Picture.

A wide screen approach to social media measurement may not be enough for your number crunching boss who would want to see proof for this optimism.

Do not worry, there is a lot you can measure, but first things first. Its all about engagement and interaction. The goal of your social media strategy should be to provide the tools for people to engage with your brand / people / products / services.

It is important to understand that both financial and financial KPIs are important is measuring the success of your campaign. Non-financial KPIs more often than not lead the way to for your team to work on the financial KPIs. Let me explain this with an example. A Facebook campaign will get you a fan following (non-financial KPI) which will build a nice big database for your email campaign. Now it depends on how successful your email campaign is to convert the fans to customers (financial KPI – ROI). Here, I would like to mention that the email campaign and facebook campaign would continue to run together. Facebook is where your conversation with your prospective customers started and that’s where the engagement has to continue to build the trust.

(More to follow on how to build social communities and run an effective social media campaign in subsequent posts)

For now, here is a list of some KPIs:

  1. Social Media sharing/participation (activity on key social media sites like Facebook, Twitter, etc.)
  2. Fans
  4. Groups (owned/joined/group members/activity)
  5. Like this
  6. Posts
  8. Forward to a friend
  9. Print page
  11. Feedback
  12. Reviews
  13. Messaging (onsite)
  14. Testimonials
  15. Ratings
  16. Polls (participation)
  17. Report spam/abuse
  18. Tagging (user-generated metadata)
  19. Favorites
  20. Alerts
  21. Email subscription
  22. Invite/refer
  24. Install widgets
  25. Personalization (display, themes, pages)
  26. Registered users
  27. Uploads (add an item, e.g. articles, links, images, videos)
  28. Views (videos, ads, rich images)
  29. Wishlists (save items to wishlist)
  30. Time spent on key pages
  31. Time spent on site (by page, by entry page)
  32. Profile (e.g. update avatar, bio, links, email, customisation, etc)

The above lists comes out of the actions that you want your users to perform, which would be one or all of the following:

  • You want people to make a noise.
  • You want people to store and share things.
  • You want people to love your website.
  • You want people to visit more frequently
  • You want people to refer your company to their friends.
  • You want people to buy into your brand.
  • You want people to buy your products.

Please feel free to let me know if I missed some. Let me know if they are any good at @ajaxjoshi

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