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NYCU: How to Measure Social Media

The ARF’s Social Council has issued a “Social Media Measurement Field Guide” that informs about available metrics, suggests KPIs and provides guidance regarding social media impact studies. This comprehensive guide covers the metrics that can be obtained for social media measurement, the sources of those metrics and measurement challenges. It includes Paid, Owned and Earned as well as Influencers. Further, the Guide examines which key performance indicators are best suited for particular objectives and describes analyses that can be done beyond those offered by the platforms. Appendices list resources and definitions of key metrics. Takeaways include: - As the importance of social media grows, measuring its impact is becoming more important. Measuring tools have matured, but access and accuracy challenges remain. - To analyze the impact of social – which can include lower funnel outcomes – researchers can go beyond the platforms’ own metrics and obtain third-party data. - Research should consider Paid, Owned, Earned (Organic) and the role of various types of Influencers.   Source: The ARF. (2021, June 29). Top 10 Takeaways from the New Social Media Measurement Field Guide. ARF Social Council: The ARF.

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NYCU: Six Key Performance Indicators (KPIs)

One of two perspectives on KPIs in this edition of NYCU. First: Companies in the Gig Economy need KPIs, too. Here is a summary of KPIs customized for those businesses, but relevant for all. From Advertising Week 2021: Rumzz Bajwa, Digital Strategist and Content Marketer, Giggle (as in Gig Economy) Finance, reminds us that key performance indicators (KPIs) are essential in measuring an organization’s efforts in achieving its goals. She suggests considering these six:

  1. Productivity - the outcome of your resources versus the input, such as revenue per employee or the ratio of your revenue per employee to the average salary of your employee.
  1. Customer Satisfaction – a key metric since your organization’s main objective is to make sure that you are serving your clients and customers. Measurement can be a survey which also gives insights into what you need to do to improve your service.
  1. Time - measures the amount of time that has been taken from the beginning to the end of a project, indicating employee efficiency. Obviously, a shorter cycle time translates to a faster return on investment and gives your organization more room for additional projects.
  1. Cost Efficiency - the ratio of the value that your organization has earned and the cost you have incurred to obtain such value. This is an important KPI to keep finances in check.
  1. Alignment with goals - helps you determine if projects are right for your organization. A survey of project managers, leaders and business managers can help reassess the company’s strategies.
  1. Return on Investment (ROI) – a measure of return for every dollar invested, helps with cost savings, profits and increased outputs in dollars.
The Bottom Line:  If you cannot measure it, you cannot manage it. When setting your KPIs, make sure that it is relevant to your business and it plays a critical role in the organization’s overall success. KPIs should help you grow your reputation, exceed your current performance and help you make better decisions. Source: Bajwa, R. (2021). 6 KPIs to Monitor the Success of Your Business, Advertising Week 360.  AW360  

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