Tag Archives | business

Turning Social Media Metrics into Business Metrics

How do you measure your social media program? In the number of likes or  followers? ROI? Clicks to your website?

All of these metrics have their place – just not in the C-suite. Executives and small business owners need an understanding of how their investment in social media is going to increase their bottom line. Full stop.

Most do not understand – or care to understand – that their organization has a lot of followers. The only time this does matter is when a crisis occurs and their Facebook page explodes with criticism. Reputation, they get.

In some ways, the challenges of social media measurement are the same as those of public relations measurement. You need to evaluate your programs using business metrics, and you need to communicate your results in the language of business.

I wrote an ebook about this several years ago, based on my graduate school work. I thought I’d share it here, so that you can download it (note that I wrote it while at Dow Jones, so they are the sponsor). I’ve also included a few updated tips for social media below the ebook.

Tips for Sharing Social Media Metrics with Executives

  1. Track sales. Nothing says success faster than revenue. Unlike PR, which has an indirect impact on sales, you can establish a direct connection between social media and sales. One way to do this is to use a call to action linked to a form on a landing page.
  2. Track opinion. Mine your conversations for opinions and suggestions about your products and services. This is a form of market research, and sometimes it’s even better than that, especially if customers uncover an unknown problem.
  3. Tie social media objectives to business objectives. This one is the most important. Don’t start any social media program without understanding how it supports the broader organizational objectives. Yes, everyone must be in social media today, but there are many ways to do it. Just make sure it makes sense for your business.
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Looking for Social Media Statistics?

I don’t know about you, but I’m constantly misplacing my social media statistics. This is frustrating, because they’re so useful. Nothing underscores the importance of a social media recommendation more powerfully than being able to support it with facts.

There are still many people who are skeptical about the impact that social media can have on their marketing campaigns and – more importantly – their bottom line results. That’s why I always provide a “State of the Union” on social media at the start of my strategy recommendations.

I’m a master searcher, having spent most of my career building online business information services for corporate librarians and knowledge workers (Boolean search language, anyone?). Yet, even I have a hard time keeping track of the latest social media statistics.

I’m not a particularly good bookmarker, and like many people, I appreciate visually represented material. This is why I’ve started to use Pinterest to keep track of the latest and greatest social media statistics. Feel free to follow my board.

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Keeping the Technological Pace

When I was a child, I read a short story in a children’s magazine about a student’s interaction with her teacher. The story captured my imagination because the girl’s instructor was not human. It was a computer.

Given that science fiction writing often imagines the future, it’s probably not surprising that this story is now a reality, as anyone who has attended online training can confirm. What is remarkable is that it ceased to be fiction so quickly.

This speed of change is why I think the new ebook, “Race Against the Machine,” by Erik Brynjolfsson and Andrew McAfee, should be required reading for anyone in business today, anyone looking for work, or anyone still in school.

The authors argue that humans aren’t keeping pace with the machines: “Digital technologies change rapidly, but organizations and skills aren’t keeping pace. As a result, millions of people are being left behind.” We are facing technological unemployment.

I’m only halfway through this ebook (originally downloaded to my Kindle to Mac, but now reading on my just-out-of-the-box Kindle Touch), so I can’t yet comment on the authors’ conclusions. But I’m familiar with the picture they paint.

I’ve been in digital media for more than 26 years – a very long time. (Mark Z. was an infant when I was angling for my first job at a digital news service.) I know from experience that technology development has very much followed Moore’s Law, and it continues to progress at an exponential rate.

Let’s just look at its impact thus far on the way we communicate. By the mid-90s, email had replaced the paper memo. By the mid-2000s, cellphones, particularly the BlackBerry, were untethering workers from their desks. Laptops were doing the same. SEO was on the rise as a way of lifting your marketing website above the noise. By 2010, the focus was on marketing through social media. People now base buying decisions on opinions broadcast through these channels by their friends. Today, we talk about social SEO, but that’s unlikely to last long, because now we have Siri, which will change what  information we consume on the go. (A good read about this is: “How Apple’s Siri Could Destroy Local SEO.”)

There was a point where we thought technology changed our environment every 18 months. There are days now where I think things change by the minute. It’s as hard to grasp as running water.

It’s fun to imagine where we might be in the next five years. I think it’s safe to say that we’ll be using voice commands to do everything from starting our cars to programming our appliances for cooking a turkey.

But what I’d really like to have is a pet language translator, so that I can understand what my cat has been saying for the last hour and to have her understand why I don’t want her eating my office plant.

What communications innovations do you predict or would like to see?