Organizations use performance measurement to understand how their organization is performing and to provide information that will guide activity in order to improve it. Social media metrics are new — they are assessing activities that organizations have not used before, and the measures themselves are also new. The role that the metrics play in organizations remains the same, though. They provide information that will help you improve your performance, focusing your resources and better achieving your organizational goals.
By aligning your social media metrics with your organizational goals and the metrics that measure those goals, you will ensure that your organizational social media activities are contributing to organizational performance.
When I first started this course, I admittedly knew absolutely nothing about how to derive true value from social media. I knew it was valuable, I knew there were tonnes of organizations profiting from using it, I just didn’t know where to look or what I was looking for. I’m generally a pretty practical person – I want to know how and why A + B = C. As a result, this article is essentially me interpreting what I learned during my foray into social media metrics. Social media has, as we are discovering, infinite possibilities and uses. The ability to connect online to wide audiences, garner feedback, share offerings and information, and observe trends are just a few of the important ways social media is changing the face of business. Despite all of these incredibly beneficial uses, some businesses and people still have trouble seeing the true value. These people are “numbers” people – they want to see the pudding. They need to know exactly how the money and time they are investing in an endeavour are turning into profit – completely understandable in the context of running a successful business. So how does one turn something so vast and infinite into something that is measurable and valuable? There are some important measurements to be mindful of called Social Media Metrics.
If there was a brand that is strikingly representational of the success of the millennial generation, through being an entrepreneur, believing in community, authentic conversation, and utilizing social media to create an industry leading company, Glossier by Emily Weiss fits that bill. The company was cultivated in a very “millennial entrepreneur” manner, and the use of social media metrics has been a critical component in helping to develop and build a successful platform to reach and engage their community across a multitude of platforms (Milnes, 2017). How companies use social media to engage their customers, product users and community in this day and age can be make it or break it; or at any rate, have a huge impact on their relevancy in the market and their industry. It is well discussed by course material for the Social Media for Business Performance at the University of Waterloo, of the use of social media in relation to an organization’s goals: “The starting point for all metrics is the goals of the organization. The metrics that are identified for each area of the organization should stem from these goals. Your social media metrics should be carefully aligned with your organizational goals, driving social media behaviour that will contribute to these goals’ achievement.”
Nowadays online video content is a big part of social media. According to Cisco Forecast video will represent 80% of all consumer-based Internet traffic by 2019. So there is no surprise that businesses spend more money on video advertisement. According to Business Insider video will account for 41% of total desktop display-related spending in 2020. The two top platforms for video advertisement are Youtube and Facebook. In January 2016, Facebook announced that people watch 100 million of hours of video a day. In February 2016, Google’s CEO reminded its investors that Youtube users watch hundreds of millions of hours of video a day. It was indirectly pointed out that Youtube users watch more videos than Facebook users. So what is the difference between Youtube and Facebook?
Budget Marine is the Caribbean’s leading marine chandlery with retail locations throughout the Caribbean. Budget Marine has an active marketing presence via their website, Facebook page, newsletters, email blasts and ads on affiliate websites. While big in the Caribbean, Budget Marine is relatively small in terms of human resources. There is one department, called Group Services, located in St. Maarten, which provides marketing support to all locations throughout the region.
Social Media has played an important role in the growth of modern businesses. Due to the massive shift in global digitization, companies have been arming themselves with teams of people who monitor social channels, the performance of their brand and ROI of advertising dollars across channels such as Instagram, Facebook, LinkedIn, Google+, Pinerest and more. With 700 million active daily users, Instagram alone, combined with the exponential growth of other social channels, continues to be a draw for consumers and businesses alike. Since social media channels provide this convergence of consumers and brands, it makes it quite easy for marketers to start to collect data on the habits of consumers and serve up relevant and engaging content. Sometimes referred to as KPI’s or Key Performance Indicators, this data has mostly been used for reactive purposes. This type of data can help marketers and product developers understand what specifically drives customer engagement. Questions frequently ask include, was it a picture that was shared and was it a piece of literature sharing key information that served an audience. Listening to what consumers want and serving them up when they want it is a great way to connect and build brand awareness and ultimately help grow the business. Monitoring the positives does not go without measuring the negatives or the “risks” to achieving business objectives. Social Media KRI’s can also be very helpful in understanding how to quickly adjust based on operational, financial, strategic, and regulatory risks. This significantly can improve how a business weathers a storm as well.
Any organization, despite the industry, is tracking metrics day in and day out. These metrics play a significant role in the organizations overall performance, and every organization tracks and monitor some type of performance metric, these areas could include: sales, finance, social media, marketing, lead generation, consumer data, and the list goes on. These metrics are vital for the organization to improve in those areas and their overall performance and can also be used to increase customer satisfaction, customer retention, revenue and employee performance. Without metrics, these organizations would be left without key consumer data, have a challenging time marketing their products or services, understanding their consumers, tracking sales and revenue, and their research and development would slow down tremendously. Metrics support and improve the overall performance of organizations, that is why Metroland Media remains one of the media industry leaders in Canada, due to their strong metric management.
The goals of any organization should be where the metrics for social media begin. Social media behaviour should contribute and align with these goals in order to achieve online success and ultimately drive sales. Tripcentral.ca is a hybrid brick-and-mortar/online travel agency based out of Hamilton, Ontario. While many agencies are trying to stay afloat, Tripcentral.ca is still growing. They just opened a new storefront location earlier this month! Their Mission statement is “to make the best planning, booking, and travel experience for our customers by matching their changing needs, providing advice, and saving them time.” They have spent a lot of time and money building proprietary software for their online presence so they can do just that. They have a regular blog with excellent advice and suggestions for improved travel experiences. They have a Facebook page with a 4.8 star review rating that they typically respond to within an hour. But how do they measure their online presence? How do they qualify the worth of their social media efforts?
How would a museum know if it is successful? How would it measure success? The Mission Statement of the Metropolitan Museum of Art (“The Met”), founded on April 13, 1870, and the largest museum in the US, states, “to be located in the City of New York, for the purpose of establishing and maintaining in said city a Museum and library of art, of encouraging and developing the study of the fine arts, and the application of arts to manufacture and practical life, of advancing the general knowledge of kindred subjects, and, to that end, of furnishing popular instruction”. . Daniel Weiss, president and chief operating officer of The Met, believes museums must remain relevant to a contemporary audience while upholding a mission to preserve human culture for posterity. In an interview with Yale Insights, Weiss articulated the challenges of steering America’s largest art institution, “We have to change with the times but not so much so that we lose our way … if no one is interested in our programs, then they are not meaningful programs.” . Part of the challenge managing a cultural legacy like The Met is its non-profit structure. From its 2016 Annual Report , philanthropic contributions have endowed the museum with about $2.5 billion. The building is owned by the City of New York (NYC), but the collections are owned by a private corporation, totalling about 950 persons. The City approved a pay-what-you-wish  admissions’ fee back in 1970 ($25 per visitor is recommended but a penny would comply with the City’s policy) which contributed only about 13% of 2016 revenue. However, The Met’s operating budget is about $250 million per year. Its use of performance metrics (measuring overall attendance, the number of museum members, the marketability of exhibits, the percentage of the collection on display, the ratio of adult to child admissions, etc.) are not used to plan for an increase in ROI; instead, they are used to measure its kinds of connections with the public. “Museums create social values, for which they are not compensated in monetary terms.” . The Met is deeply integrated within the life of New York City, its donors, and the art world. It plays a substantial role in New Yorkers’ leisure activities and is one of NYC’s most important tourist attractions. As visitors have a strong effect on local economies, especially in touristic locations, The Met monitors the number… Read more »
Ask numerous administrators, interested students or any one of my 3 sons, what their notion of success may be and you will rarely hear the same response. Defining success has always been a good way to begin thinking about any strategic plan or goals you may have in mind. Certainly today, no plan can seemingly work without some supportive data. In fact, metrics, analytics, data are the great tools employed these days to suggest that elusive notion of success. My brief is observing and teaching media and this week, the topic is about metrics in documentary film, specifically Impact films. It was once commerce vs art, now its metrics vs art Art vs commerce now appears to have become art sustained by metrics. The same old issues of independence and individual expression still abound. There is also that above elusive issue of defining success, in this case, Impact Producing success and the need to for reliable measurement of a documentary film maker goals so as to attract philanthropic organizational funding. What data should you employ? What data is accepted as truth? More importantly, who gets to choose the information variables that define success in your world; the metrics that justify investment and interest in a concept or idea. The Documentary film genre remains important today because for millions of consumers, it continues to define and reflect the society we inhabit. It is the continuing commentary on the good and bad in our world. It is the experience that awakens our environmental awareness “An Inconvenient Truth” “Here is an art based on photographs, in which one factor is always, or nearly always, a thing observed”. Lovell Hilliers Studies in Documentary Cinema One 1972 Documentaries in the past were usually deemed “successful” by tabulating the traditional box office methods of counting viewers: “an eyeballs or bums in seats” method, as well as calculation of sales or acquisition numbers. Something like the description immediately below. You make a beautiful, poignant documentary. It premieres at an A-list festival like Sundance, and gets picked up by a major distributor. It debuts in theaters, on television, on Netflix. Millions of people see it. Millions are moved by it. You might, like Laura Poitras, even score an Oscar. Britdoc founder and Impact film making pioneer Beadie Finzi says that a very, very small number of movies actually follow such a trajectory”. But in recent years, the documentary… Read more »
It is a fact of the internet that every click, every view and every sign-up is recorded somewhere, Depending on your view, this is either very creepy or fantastically interesting,You might be sharing a video here or there to YouTube or some photos to Instagram. And you could be regularly posting to Facebook and Twitter, But if you’re not measuring how those social networks are working for you, And you’re not testing different methods to measure your results, You could be wasting valuable time. “Clear interface, very easy to use. Everything you need to start your social media management and monitoring.” DONATAS BUBINAS,CEO, Velvet. Depending on today’s business, Everyone should take the advantage of using the social media as you need to jump on that bandwagon,So you have to make sure that you are keeping an eye on the social media metrics where you can track and close the loop on your sale.
BuzzFeed is social news and entertainment firm that focuses on digital media and digital technology to provide “the most shareable breaking news, original report and videos. This all American Media company based in NYC, was founded in 2006 as a viral lab, focusing on tracking viral content. Jonah Peretti, CEO of BuzzFeed, hired the company’s first data scientist in 2010, to predict how articles would go viral on the internet. Although Buzzfeed has advanced and now their canvas covers news, politics, business, tech, entertainment, food, international coverage and much more, reaching over 150 million unique visitors a month, they still think about the same question today. What is the best way to track content?
I am pretty sure you, who is reading this blog have somehow an account in one of the leading social media platforms otherwise you wouldn’t be able to read through this! Almost most of us as social media users value the number of the people who follow us, “Like ” our post or pictures, comment on the events we share or even share our post with their connections or followers. All of the above are illustrations which show how well our posts are accepted by our connections. Clearly, one of the main porpuses of using the Social Media these days as one of the most impactful ways of communicating is to share information in a different fashion and get feedback from people within our circle of connection rapidly.
DoSomething.org is one of the largest global organizations for young people and social change. They mobilize their members “to make the world suck less” by by participating in campaigns impacting causes from poverty to violence to the environment.
Social media content developers and strategists are often tasked with the seemingly ambiguous task of increasing brand awareness. While ambiguous, this task is not impossible, and many large firms rely on in-house metrics tracking to determine their success. Smaller businesses typically turn to social media companies to manage their strategy and analytics. When determining which metrics are worth tracking, it’s imperative to have a clear business goal or objective. Call it the observer effect – you don’t know what you’re going to get until you measure it.
In 1912, Juliette Gordon Low, affectionately called Daisy, started a movement. This movement focused on learnings she had gained abroad, in the form of outdoor and educational programs. This became a program of female empowerment and the Girl Scouts became a place where girls could truly participate in life beyond the classroom and home. Girl Scouts served as a community of girls who wanted to change the world, and build lifelong bonds along the way. Many years later, the Girl Scouts organization is synonymous with uniforms and badges, charitable endeavours, and of course, cookies! But in the same way that retailers have had to understand how to engage consumers online, so have the Girl Scouts. Starting in 2015, Girl Scouts USA launched user-generated Facebook, Twitter and Instagram campaigns that created massive upticks in online engagement and product sales.
Social media is changing the landscape of the fitness industry. Beachbody represents the perfect example of how fitness companies are harnessing the power of social media to build successful empires. Beachbody sells fitness packages which include workout DVDs, superfood shake powders called Shakeology; and simple eating , portion controlled meal plans. Beachbody has a network of coaches that are essentially successful customers-turned-salespeople. Coaches obtain a portion of sales they bring in and as they build a network of customers beneath them, they obtain a portion of the sales from their customers who themselves become coaches. The use of social media is a critical factor in the business model’s success as the more people that can feed into their network, the more powerful and successful their program becomes. Social media is used by the coaches to showcase the programs successes in order to motivate existing customers to succeed and to recruit new customers and eventual coaches. As the Beachbody business model is so reliant on the power of social media to meet their business goals, the utilization of social media metrics is equally as important. Given the Beachbody program is fundamentally a continuous sharing of communication amongst its community of coaches and users, social media metrics provide valuable information to help Beachbody understand what messages and programs are working and consequently what areas to improve.
At times we can all become the victims of a good trend. The next big things is always around the corner and can often times seem like the answer that we have been looking for. But is the appeal the concept itself or the popularity of the solution ? Will the solution work within the operating reality? In the world of social media the only true predictor is Social Media Metrics.
Social Media and sports are seemingly made to go hand in hand. By just looking at the social media accounts of some of the top sports teams you can see the size of their following and get a feel for the digital conversations they are starting. With millions of sports fans taking to social media to discuss their favourite teams and players, a great deal of analytical data is being created. What organizations do with that data is becoming ever more important in their ability to gain an edge on their competition and becoming a driving force in their digital marketing plans.
The Canada Science and Technology Museum opened in 1967 as part of Canada’s Centennial celebrations. The idea for the Canada Science and Technology Museum was born out of the Massey Commission. In 1951, the report recommended that the Canadian Government do more to support the arts and sciences in Canada; further emphasizing the need for a Canadian Museum of Science. Between the time the Massey Report was issued and Canada’s Centennial year, many proposals were submitted for this new national institution of science; many of which were costly in a very uncertain funding environment. Finally, at the beginning of 1967, Dr. David Baird was appointed as Director for this proposed national museum; set to open at the end of the Centennial year. Due to time constraints and funding uncertainty, Baird decided to house the Canada Science and Technology Museum in a former bakery and distribution centre in Ottawa. The bakery was meant to temporarily house the Museum; however it remained in the same location until 2014 when it was forced to close due to the discovery of mould. As unfortunate as this reality was for the museum, it finally received the funding it initially deserved. The Canada Science and Technology Museum’s facility will be renewed to ensure the continued education of ‘Canadian innovation and to inspire the next generation of great innovators’, as stated in their mission. The renewed Canada Science and Technology museum is slated to open in November of 2017; and appropriately so, as it is Canada’s Sesquicentennial year!
When Social Media was in its infancy many managers (I am guilty as well) felt, how do we limit this distraction in the workplace? Work is a place to contribute to the organizational goals and sales, in other words, to ensure there is a return on the investments being made. Well despite early avoidance there is no doubt that Social Media is a powerful tool and can contribute to an organization’s success. But how do we know? The simple answer is to calculate the return on investment from Social Media. No matter what industry that you are involved in, it is vitally important to be able to explain simply why the agency/organization should invest in any particular tool. Social Media is no different and social media metrics can help you do that. The Nottawasaga Inn is using simple metrics to track their progress. When it comes to Social Media metrics there are seemingly endless possibilities as to what you can measure. However, the key is always to identify the business outcome you are trying to achieve. This will drive determining what you should be measuring in order to identify if you are reaching that goal. In Swift 6: Measuring your social media success a number of key metrics are defined. These range from the size of your audience to the response rate to customers. Again the business objective should be identified and then the measurements you will track to provide information as to whether your activities are moving you towards that objective.
Before we are born, we are already getting measured. We enter this world with a measurement of weight and length. Through no decision of our own, we are thrust into a world where the measurement of virtually everything is embedded into the fabric of society. We measure blood sugar levels, job performance, life goals, height, intelligence, and so forth, and the list of possibilities is endless. In fact, I am even getting measured on the quality and content of this blog. “He uses statistics as a drunken man uses lamp posts – for support rather than for illumination.” Andrew Lang, Scottish Writer Today’s business world provides a prime example in which our obsession with metrics is evident on a voluminous scale. As it relates to the business world, without analytics, a company is vulnerable. However, just owning analytics tools and methods of measure is not enough. While data in business is important, being able to identify the right data that correlates to your overall growth as a company is essential to achieving your longterm goals. This too can be said of the social media for business environment.
If you are like me, you were one of those people shocked to hear Donald Trump won the American Presidential election. Chances are – also like me — you weren’t putting as much stock into the predictions of social media analysts as you were to major media outlets and traditional election polling firms. If we had been looking at the numbers and analytics we may have been better prepared. Phil Ross, a social media analyst at Socialbakers told Techcrunch.com “Analysts monitoring the social media activity of both campaigns on the major social media channels saw the outcome of this election coming months ago, and kept talking about the massive silent voter base that was forming around the Republican nominee. Social media analysts continually sounded the alarm that all of the polls were not reflecting the actual situation on the ground in the pre-election landscape.”
The media itself has been the news lately. The Trump campaign has made the press headline news. This conversation is not new. Since ancient Rome when important announcements were carved out on stone tablets and placed in busy squares, the public has measured the quality, delivery and merit of information/content. We are a society obsessed with being “in the loop” and up to date with news that is important to us. This is evidenced by the ubiquitous and near-constant use of electronic devices. I chose The Hamilton Spectator, one of Canada’s oldest newspapers and media outlets, for this week’s case study. I wanted to know how TheSpec.com measures their performance using web and social media metrics.
JustSaiyan Clothing is a company that specializes in manufacturing apparel that allows you to slip into the costume of your favourite cartoon characters. Catering to children and nostalgic adults, JustSaiyan features designs from popular television shows such as Dragon Ball Z, One Punch Man, and Naruto. JustSaiyan has built their entire business with the help of social media, and does not advertise traditionally. Active Facebook, Instagram, Snapchat and Twitter pages allow the company to stay up to date on the opinions of its consumers, and Justsaiyan takes full advantage of their active fan base. Studying social media gives JustSaiyan great insight on how to improve their products, and more effectively market their gear.
Freedom 55 Financial is a full financial security planning organization founded on the strength and stability started by London Life more than 140 years ago. Freedom 55 Financial offers financial security planning and advice, as well as London Life’s own brand of savings and investments, retirement income, and life insurance. Founded in 1874 in London, Ontario, London Life has a long history in the Canadian marketplace. In 2000, London Life rebranded its financial security planning arm as Freedom 55 Financial – a full financial security planning organization. Being an insurance business they recognize that their social media content can be boring, so they decided to increase awareness through athlete sponsorship and on April 28, 2015 – Freedom 55 Financial announced the signing of a two-year agreement with Canadian Olympic decathlete and 2014 Commonwealth Gold medalist a London born, Damian Warner. “Freedom 55 Financial is dedicated to helping Canadians achieve their goals and dreams. It’s an honour to be a part of Damian’s journey as he pursues his quest for gold in Rio,” said Mike Cunneen, Senior Vice-President, Freedom 55 Financial. This new association forced existing consumer to think of the brand differently than he or she previously had. This is effective for a consumer that already had loyalty to the brand, as it reinforces the beliefs and trust in the brand. In addition, it rapidly builds a strong association for consumers that were not familiar with the brand or product but have a strong connection to Damian Warner. Warner was selected to represent Canada in the 2012 Summer Olympics in London, England where his results ranked him second-best ever by a Canadian decathlete in Olympic competition. He earned a gold medal in the July 2014 Commonwealth Games in Glasgow, Scotland. Warner became part of Freedom 55 Financial’s #TeamFreedom, a group of young Canadian athletes striving to reach the pinnacle of their athletic dreams. “I am honoured to be part of the Freedom 55 Financial team and thank them for their tremendous support. From the first time I met with their team it was evident their goals and objectives aligned with mine striving to be the best. The fact they started here in London — just like me — is such an important factor as well.” Damian Warner