Social Analytics Metrics and Measurement
The previous chapters have provided a basis for understanding how social media and Web 2.0 technologies are reshaping the relationship between Marketing, where the promise is created, and Operations, where the promise is kept. Building on the basics of managing conversations through decided behavior rather than attempts at control, this chapter presents the fundamentals of actual measurement.
Measurement is critical to building social media acceptance within an organization beyond the marketing department. Facebook pages and Twitter profiles are useful as marketing extensions, no doubt about it. However, at this point in the book, it is my hope that the really big levers of social technology (reshaping products and services; creating a robust, two-way, collaborative relationship with customers; and using what is learned throughout your organization) are starting to become apparent.
What should be clear at this point is that without meaningful and quantitative measurement you stand essentially no chance of ever seeing social media and Web 2.0 technologies adopted through your organization. Why not, and why the central role for metrics? Think back to the Good Guide a customer-driven, handheld social application that directly empowers consumers referenced in Chapter 4, The Social Business Ecosystem
When your core customer take the advocate Mom, for example, has an application like the Good Guide and scans your product with her iPhone, comparing your company’s carbon footprint and hiring practices with your competitor’s, what will your marketing program do to ensure that your brand wins in this type of comparison? Without the coordinated, committed help of the entire organization you stand no chance of winning, and without quantitative measurement the universal language throughout most organizations you’ll face an essentially undoable job in trying to rally your larger team to understand why their participation beyond marketing is essential.
The Need to Measure More
The significance of the lack of a formal measurement mindset around social media becomes clear when you consider that too many professionals using social media in business do not measure its effectiveness. A 2009 eMarketer study found that 16 percent of the professionals it surveyed measured the effectiveness of their social media programs. The other 84 percent? It’s unclear why they are even doing the work they are doing, and likely less clear to their CFO that they should be doing it at all. Without a measurement program, social media marketing and its application to business is at best an experiment; at worst, it’s a costly diversion.
Source and Sentiment Analysis
In the New Role of the Customer, you saw tools like Buzzstream and the Grasshopper business example. Buzzstream provides a view into the sources of influence within an area of interest defined through keywords such as the name of your product or a competitor’s—so that you can create relationships with the people talking Bazaarvoice Bazaarvoice offers a strongly metrics-driven solution that can be used with online commerce platforms.
You can learn more about the Bazaarvoice social commerce solutions Your active listening program takes this one step further by connecting these sources with the actual business impact of the conversations in which they are apart. Knowing who is talking is an important part of understanding the meaning of what is being said and then applying this in a useful manner within your business or organization. Combining the sources of the conversation especially when the sources are actual (or potential) customers with your listening data provides insights into how you can evolve your product, how you can reshape the customer experience, and where you and your competitors have points of relative vulnerability