Lesson 4: Social Media Monitoring And Measuring Flashcards
What is the most important thing to think about when developing goals in measuring and monitoring??
SMART goals!
Specific
Measurable
Achievable
Relevant
Time-bound
What is social media monitoring and measuring?
It’s the process of tracking, measuring, and evaluating an organization’s SMM initiatives.
Measurement is needed because it:
- Enables marketers to assess progress toward achieving marketing goals
- Determine how strategies are performing
- Make necessary adjustments
What are the important “measuring” definitions? (Goal, Strategy, Metric, KPIs, ROI)
Goal - a broad primary outcome
Strategy - the approach you take to achieve a goal
Metric - a number; can be a count, ratio, can be quantitative or qualitative
KPIs - A key performance indicator - a metric that directly measures the impact on achievement of a business objective
ROI - return on investment
Explain the social media marketing measure framework.
Exposure: Opportunity to attend to content
Engagement:Interaction with content
Impact:Effect on the target audience
Influence: Ability to change opinion or behaviour
Advocacy:Suggest action to another user
What are the four steps of how to measure social media?
1st step - defining an organization’s qualitative and quantitative social media goals
2nd step - choose KPIs that will accurately measure progress toward those goals
3rd step - set a baseline or benchmark, which will act as a standards against which all social media KPIs are measured
4th step - compare an organization’s social media KPIs to its benchmarks over a period of time
What is quantitative social media measuring?
A methodology that focuses on counting the volume of specific types of content on the social web
To make quantitative social media metrics useful, these metrics must be tied to specific marketing goals
Ex. 20% growth in the number of followers within 1 month (exposure)
What is qualitative social media measuring?
The process of accessing the opinions and beliefs about a brand. Play a key role in identifying consumer satisfaction and dissatisfaction with a brand (sentiment analysis important)
Quantitative and qualitative measurements are not mutually exclusive - combining the two types of social media metrics provides a more realistic and accurate picture of an organization’s progress in achieving desired marketing goals
What are the four main KPIs?
KPIs for measuring dialog (exposure and engagement)
- Share of voice (exposure)
- Audience engagement ratio (engagement)
KPIs for Measuring Advocacy (advocacy)
- active advocates
- advocate influence
KPIS for measuring customer support (influence)
- private message response rate and time
- public comment repsonse rate
- satisfaction score
- net promoter score
- sentiment ratio
KPIs for measuring impact (impact)
- topic trends
- idea impact
What does share of voice indicate and how is it calculated?
Share of voice indicates how a brand is mentioned in comparison with its competitors
Share of voice = (The Number of Brand Mentions)/ (Total Mentions (brand+competitors A, B, C))
What does the audience engagement ratio show? How is it calculated?
It shows the level of a company’s engagement in comparison to it’s viewership
Engagement (facebook definition) = reactions+comments+shares+post clicks
post clicks = photo views+other clicks
Photo views = people who click the photo
Other clicks = link clicks+page title clicks +clicks to “see more”
What are the two types of audience engagement calculations? Show the formulas
Audience Active engagement ratio
Audience Active Engagement Ratio = (Réactions+comments+shares/People Reached)
Audience Passive Engagement ratio
Audience Passive Engagement ratio = (Post clicks)/(People reached)
What is organic audience reach ratio? How is it calculated?
How many people have seen a non-boosted post?
Organic Audience Reach Ratio = People Reached/ The Number of Followers
What are the two KPIS for measuring advocacy?
Active Advocates - measure the number of individuals generating positive sentiment over given time frame. They are different from engament. Ex. If a person likes a post, makes a comment and shares the post it counts as three active engagement but only one active advocates.
Advocate Influence - indicates the unique advocate’s influence across one or more social media channels. Influence can be measured using the volume of relevant positive content, comments, shares and reach.
What are the six KPIS for measuring customer support?
Private Message Response Rate the percentage of private messages you respond to
Private Message response time is the average time it takes to respond to private messages
Public Comment Response Rate is the percentage of public comments you responded to. Can be both positive and negative comments.
Public comment response rate = (total number of comments responded)/(total number of comments)
satisfaction score indicates the relative satisfaction of customers
Satisfaction score = (sum of customer feedback)/(number of customer feedback)
the net promoter score assumes that every company’s customer can be divided into three classes. (Promotes, passives, unhappy) the NPS is calculated by taking the percentage of customers who are promoter and subtracting the percentage that are detractors. NPS=0 is a good customer relation rating.
Sentiment Ratio indicates the positive, neutral and negative mentions about specific products or services over a given period
Sentiment ratio = Positive:Netural:negative Brand Mentions/all brand mentions
What are the two KPIs for measuring impact?
Topic Trends measure key brand/product/service topics identified by monitoring social media conversations
Topic trends = The number of specific topic mentions/ all topic mentions
Idea Impact measures the rate of interaction, engagement, and positive sentiment generated from a new product, a new service, or a new hashtag
Idea Impact= The number of positive conversations, shares, mentions/Total idea conversations, shares, mentions
