Measuring Social Media

20 03 2010

So you have a social media strategy – now what? The next stage is to find a way to measure social media. But how do you do that? Here are some tips:

1. Start with objectives and set goals that revolve around reputation, awareness, money, engagement, education and entertainment.

2. Monitor the following:

Activity and Engagement – including members, posts/threads, comments or ideas, inbound links, tags/votes/bookmarks, active profiles, referrals, post frequency.

Revenue and Business Development – including speed of sale cycle, percentage of repeat business, percentage of customer retention, transaction value, referrals, new leads, cost per lead and conversions from community.

Cost Savings – including issue resolution time, percentage of issues resolved online, account turnover, employee turnover, hiring/recruiting, training costs, new product ideas, development cycle time, product rate.

Awareness and Value – including brand loyalty, media placements, share of conversion, sentiment of posts, net promoter score, interaction with concept, employee social graphs.

Source: Radian 6

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