(original posted on lithosphere.lithium.com)
Anyone else feeling like New Year’s Eve was, like, 2 months ago? Seems like an amazingly fast start to the New Year.
Like you, I’m reviewing my annual business objectives as I sit down with members of my team. One of our biggest discussions revolves around which metrics are indicators and which measure business impact.
I think we’re all used to reacting to & measuring volume – views, likes, and followers. It does tell us something and we need base indicators to get a pulse of what’s going on. If you heard a video was posted last week already had a million views, you’d be very curious. Similarly, if I told you a new music service has 2,000,000 followers, there’d be a perception that they’re very popular.
But what these examples don’t show and where social strategy goes amiss is measuring impact. How satisfied are customers? Was there a jump in qualified leads or number of new customers? What was the effect on the business in terms of revenue or profit?
In the Fall of 2011, Jeremiah Owyang (@jowyang), partner at Altimeter Group on Customer Strategy, identified this
business challenge for social strategists and posted the following advice: Number of Fan and Followers in NOT a Business Metric – What You Do with Them Is. Jeremiah emphasizes that unless your focus on business achievement, you will deem yourself irrelevant. Impact comes when you measure business advances such as: customer interactions, content sharing, engagement in a meaningful (mutually beneficial) dialog, brand loyalty, customer satisfaction, or new product innovation These are more meaningful metrics because they measure a converting activity (from one state to another). The truly savvy marketers and support
So, there’s our current task for 2013 goal setting. Take a look through your 2013 commits and make sure you are confident of the following:professional map these more meaningful social success metrics into top line business metrics such as increased revenue, market share, or reducing operational costs.
- Yes, there’s a method and analytic report that can accurately capture this info.
- Yes, this will measure a converting activity, not just a base quantity.
- Yes, this measure can specifically relate to a top line business goal.
If you get all 3, you’re on your way to having a solid social strategy.
Here’s what happens when you miss…
You can also visit www.lithium.com/getserious to assess how serious you really are and get more advice on how to move the needle.
Best wishes for a prosperous and impactful 2013. It’s time to get #seriousaboutsocial.