Business enterprises may many a times get a feeling that they should get a strong urge to overcome the social media maze. Businesses are well versed with the fact that they need social media for greater penetration; they are burdened with the task of hearing out their audience over a plethora of traffic that circulates the internet cloud.
Several companies have therefore resorted to the usage of social media analytics tools to gather public chatter on various social media forums. The richer companies are hiring consultants who in turn are merely using social media analytics on behalf of the companies and reporting their findings to their clients!
Social media experts concur that Key Performance Indicators (KPIs) are an essential barometer for mining public sentiment from the social media forums. However, KPI data gathered from the social media analytics tool alone cannot determine if the desired goals have been achieved by the company. KPIs in effect are only an offshoot of the company’s business goals and therefore it is imperative for any enterprise to set the business goals first and then set values for KPIs.
Some of the KPIs that are to be borne in mind during while interpreting the data from the social media analytics tools are mentioned below:-
The Process of Dispersion – One of the biggest challenges on the social media front is that of visibility. That apart, the KPIs that require to be studied include are the numbers of people who are following the page and those who are fans among them. In addition, statistics such as mentions and the number of blog endorsers are also required to be analysed.
Synergy – Some of the pertinent KPIs include the manner in which the followers are going to communicate among themselves. The techniques may be via retweets, forwards, shares, likes and the total span of time spent on the social media site of the company.
Guiding Value – An interesting aspect about social media is that it can work to alter public sentiment and thereby transform prospects into sales. The KPIs required to be monitored to achieve the determined results are conversation with prospective customers in comparison with the competitors. Net Promoter Score (NPS) that are used to monitor customer loyalty, customer satisfaction and customer sentiment. A major factor of influence or KPI is the number pertaining to the so termed brand evangelists. These are individuals who are diehard fans of the company or the product and are vociferous in spreading positive messages about the company or product.
Return on Investment – This aspect calls for introspection since this gives a measure of the change that has been brought about with the intervention of the company’s social media page. The KPIs that would reflect these include increase in the number of downloads of the product app or any similar document, sales, users, issue resolution rate and similar such results that have a direct impact on the company’s revenue.
Internal Aspects – This pertains to the inputs provided from the within the company in the form of blogs, Facebook posts, videos etc that result in the generation of improved public sentiment for the company.