For any brand getting started in social media, the most important thing is to be able to show the impact you are having. To be able to evaluate and assess what is working and what isn’t having the results that you might expect. To show the return on investment that your efforts are having and how this compares to other methods.
There is a lot of talk about social media measurement and it is true that in isolation it is difficult to know where to start. But for businesses with a clear social media strategy, it is actually much easier than many people think. We stressed earlier in this guide to Getting Started in Social Media the importance of thinking about the reasons you are using social media before you jump in to use any tools or to engage people. We talked though a process to define clear and measurable business objectives and aims for your use of social media. It is important that you make these both clear and measurable. Typical objectives that a brand might consider include – acquisition of new customers, retention of existing ones, number of new insights or ideas into the business, or number of customer problems solved. These are just some of the objectives that brands may have for using online communities and social media, and all of them are measurable. At the simplest level they either save money for a brand or they generate revenue.
In the online communities that we manage at FreshNetworks a lot of time is spent defining the objectives and then working out first what metrics should be measured against these, and then monitoring and reporting on these to make sure we understand how the community is performing. It is important to establish a set of metrics that you can measure to assess how you are performing against your aims. In many cases you will want to measure a mix of things for each aim, but overall you should be able to show and prove what impact you are having.
Example: If you want to use social media as an efficient way of resolving customer queries, for example, you probably want to measure the number of unique customer problems you have on the site, the number of problems that are solved by other members of the community. You can then put an equivalent cost that it would have taken to service these queries through other channels and measure the actual reduction in, for example, call centre costs that you witness over time. This is what Dell did, and this is how Dell managed to work out that one member of its customer support community saved them $1m a year in support costs. That’s real ROI.
So the final stage to getting started in social media is to make sure you are ruthless about measuring what you are doing. It’s the only way you will know what works (and what doesn’t) and prove the impact you are having with social media. To do this you need to have clear objectives and these need to be measurable. Then you can measure the actual impact you are having on business aims. The actual benefit your social media strategy is bringing to your brand.
You can read the full guide here: Getting Started in Social Media
Image by Marco D via Flickr
Original Post: http://blog.freshnetworks.com/2009/10/getting-started-4-track-and-evaluate-the-success-you-are-having/
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