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KPIs For Social Media Monitoring: A “How-To” Guide

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Get a breakdown of how data can be acquired through social media monitoring, along with advice on how to attain actionable insights to optimize your business practices. This article is brought to you by our partners, Synthesio.

Download the full KPIs For Social Media Monitoring: A “How-To” Guide eBook from Synthesio to learn how to develop effective social KPIs for social media monitoring.

When setting up KPIs, it’s important to take stock of the different roles and objectives of each department within your organization. Establishing KPIs that are department-specific will help streamline the data gathering and delivery process, ensuring that each department is receiving data slices most relevant to its business practices.

While your marketing department may be most interested in public sentiment around its latest hashtag campaign, your PR department may want to track trends in negative sentiment for crisis response. Understanding departmental roles and functions will help drive the discussion around what each department’s KPIs should be, which in turn will promote more precise data delivery and usage throughout your organization.

Understanding Your Brand’s Social Reputation

Measuring your brand’s reputation on social media provides a holistic view of the public’s sentiment around your brand and its potential impact, as well as competitive benchmarking. Synthesio uses its proprietary Social Reputation Score (SRS) to measure overall sentiment about a brand on social media (including mainstream media, forums and blogs).

Many brands use “Net sentiment” (i.e. positive minus negative volume) as a means of measuring sentiment levels, but this does not tell the whole story. For example, a brand with 5% positivity and 1% negativity will derive the same figure as a brand showing 80% positivity and 76% negativity. SRS accounts for levels of neutral verbatim within a brand’s data set and therefore provides a more accurate and holistic measurement of overall feeling for the brand.

The calculation is simple:

synthesio-calculation

However, not all verbatim are “created equal” and the “influence” or potential visibility of any post should be factored into the equation. For example, negative may equal or exceed positive volume, but the majority of this could be generated from low-follower accounts on Twitter rather than more authoritative posts on heavily trafficked forums.

All volume is therefore weighted by SynthesioRank (Synthesio’s proprietary influence metric, expressed as a score out of 10) in order to generate a more accurate measurement of the volume’s potential impact on the online communities.

synthesio-calculation-2

Communities Analysis

It’s important to understand which communities of interest are discussing your brand. Communities analysis is an important method of understanding if your brand or product’s features are being discussed by the “right audience”.

Each forum, blog and mainstream media type Synthesio crawls is assigned a “Community” of interest. For example, Pistonheads Gassing Station is defined as automotive, while MumsNet falls under parenting.

The example below shows the community volume surrounding a revolutionary and greener engine technology developed by a certain automotive marque. The learning here for the brand was that their technology was not being discussed within environmental communities, whose engagement would be key to generating buzz and endorsement for the technology.

synthesio-community

These insights can help brands optimize the placement of digital marketing. For example, a healthcare client revised its digital display strategy upon learning that its product was being discussed across a range of predominantly male communities rather than dedicated healthcare environments.

What Are The Benefits of Using Communities Analysis?

  • Facilitates more efficient digital marketing activity
  • Acts as a barometer for cut-through of product attribute messaging
  • Provides audience profiling function to help identify social audiences to communicate with and influencers within disparate communities
  • Measures the performance of community outreach programs

VOLUME: Volume of verbatim is the standard social media currency and the metric by which most social activity is measured. However, bigger is not necessarily better and volume should be sliced and diced in a number of ways to ensure the right conclusions are drawn from the available data.

SHARE OF VOICE: Volume requires context. Measuring Share of Voice among your competitors gives an indication of your brand’s talkability within your market’s context and helps to set benchmarks and KPIs against which to measure future activity.

EVOLUTION: Enables you to see trends in your data. Long term volume analysis helps you understand patterns and understand whether your communications are having a sustained effect on volume.

Download the full KPIs For Social Media Monitoring: A “How-To” Guide eBook from Synthesio to learn how to develop effective social KPIs for social media monitoring.




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