Three Must-Have Metrics for Social Media
"Companies have to take social to the next level and create measurable impact." Katy Keim, CMO of Lithium, noted when we spoke earlier today.
Many companies are trying to do just that as they expand and integrate their social strategies across customer service, marketing, product development, and sales. Keim offered some advice on three types of metrics that organizations can use along the way.
Activity metrics: These are the basics, and include such items as number of friends or followers, hits, leads generated, postings, and comments. Activity metrics can show benefits like customer engagement, word of mouth, influence, even promotion performance.
Business impact: As important as activity metrics are to an ongoing social strategy, business impact is what will secure a continued investment. Metrics in this area include customer satisfaction improvements, reduced costs (e.g., call deflection), and revenue increases.
Return on investment: At this point in the adoption and maturity of social strategies, showing business impact is a must, but most organizations haven't attained a level that allows them to demonstrate ROI. Getting to the point where companies can show how the costs of social strategies compare with the return will take some time, but is ultimately the destination of choice.
Where are you along the journey?
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