In Today’s internet age, marketers are so well aware

In
Today’s internet age, marketers are so well aware of the social media analytics
but there is so little clarity on which social media metrics should we bank on
so that we can design our integrated marketing communications plan.

Well,
after going through various strategies I can rely on seven key metrics which
can be relied on.

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So
basically we have to satisfy our communication objectives and metrics helps in
1) forming a baseline for communication objectives 2)tracking the progress
towards achieving each specific objectives, so before choosing the metrics we
should decide what are our objectives. Whether is it short term or long term?
The main purpose of short term is to gain revenue but if we have to be more
elaborate then it can be 1) Establishing consideration 2) Simulating trials 3) encouraging
repurchase. Aalap Bread, for example, relies mainly on the new dishes they
introduce frequently to pull customers back to the restaurant. Long Term
objectives are less about revenues and more with brand equity and creating a
relationship with the customers, so the precise objectives can be 1) improving
customer satisfaction

2)
Building awareness 3) creating relationships 4) promoting community

Devaansh
Crocker, for example, posts photos of different dishes on FB, Twitter for
followers to view, comment or share.

After
going through a lot of articles I have come up with these 7 metrics which can
be more informative to the marketers. When we look at the metrics with an
integrated marketing communications perspective, the number of metrics narrows
down as we have to consider the cost to monitor it and each metric should be
able to achieve some specific objective.

1)    
Volume

Volume is the number of mentions of a
brand in the social media over a period of time. It is one of the simplest of
all but it can be most informative if looked upon frequently. Tactically,
Volume gives us an insight of a marketer’s progress towards building awareness
of the brand. Also sentiment analysis can be done to determine whether the
mention was positive, negative or neutral, so it gives us a clear direction to
work upon.

2)    
Share of Voice
(SoV)

Share of voice is the volume of mentions
of a brand compared to all the products in the same category, it is expressed
in percentage. Since negative mentions does not give any advantage so only
positive mentions are taken into consideration for calculating it. For example,
McDonald’s can calculate its share of voice as the number of positive of
McDonald’s as a percentage of the total number of positive of McDonald’s,
Burger King, Wendy’s, and Hardee’s. SoV is generally compared with its
competitors, so if a company’s SoV comes below competitor’s voice then the
marketer has to take remedial measures to improve and bring freshness and
quality in their content.

3)    
Engagement

Analysing engagement by looking at their
post gives power to the marketer to monitor the audience’s interest in the
content of each post, thereby giving a clear path to create future posts to
engage followers. Engagement can also give insights on the overall level of
consumer attraction towards a brand’s message.

4)    
Advocates

We can see that consumers build four
relationships with the brand which are present on social media. Initially, a
customer acts a “bystander”, he/she may see the brand on social media but not
become a follower that time. In second stage, he/she becomes a “follower”,
he/she allows the brand to send information. In third Stage, consumer can
actively or passively participate on social by acknowledging, he/she becomes a
participant. In final stage, a consumer becomes a brand advocate by creating
and uploading content that actively promotes the brand. This is very important
when the planner’s objective is to generate consideration, since relatives and
friends of the consumer will consider the brand if consumers speaks great about
the brand. If the number of advocates decreases over time, the firm may have to
take steps to bring in more advocates.

5)    
Return on
Investment (ROI)

          Return
on investment is defined as the revenue generated from a social media   marketing campaign minus the investment of
the campaign divided by the cost of the campaign. ROI is most effective at analysing
various short-term objectives such as stimulating trial and encouraging
repurchase. For example, a marketer could give a printable coupon or encourage
a discount code as part of a campaign to stimulate trial.

To
get that discount, the receiver has to present it at the store, so the sale
happened possible because of the coupon and is directly attributable to the
social media campaign, the planner can determine the revenue and calculate the
ROI accordingly.

6)    
Leads Generated

When a company wants to know how many
people considered its products and services, it can look at the leads generated
and it is compared by the total leads generated by the company. So it is
generally expressed in percentage as total of leads generated by social media
to total leads generated by the company. It shows the effectiveness of the
social media marketing campaign.

7)    
Response Time

In the age of internet, everyone expects
quick responses on social media. According to a survey, generally 32% of the
time customers get quick response (within 30mins) from the brands when
contacted on social media. To ensure customer satisfaction, it is thus
essential that brands respond promptly to inquiries and support requests
submitted via social media.

 

Each
metric is applicable to one or more social media channels : blogs (e.g.,
WordPress), social networks (e.g., Facebook), photo/video sharing (e.g.,
YouTube), microblogs (e.g., Twitter), product review sites (e.g., Amazon),
location check-ins/reviews (e.g., Foursquare), and social bookmarking (e.g.,
Delicious).