Subhankar Pattanayak October 13, 2020 “You can’t improve on it unless you measure it”. This holds for the social media effort of your organization. Social Media can be categorized into 3 types of media – Owned media, Earned media, and Paid media.
- Owned media is the one where the brand operates its media – social media channels, blogging channels, and affiliate channels.
- Earned Media are the media that is generated about the brand from the customer, prospects, analyst, and even employees.
- Paid media – here the brand pays to put their content in the media channels owned by others – influencers, agencies, etc.
In this blog, we will explain:
- Some metrics to track social media.
- Deep dive into one of the key metrics on Share of Voice (SoV).
- Key Success parameters for SoV.
Social Media Metrics
Key metrics are listed below.
For Benchmarks, you can refer to this blog.
What is Social Share of Voice (SoV)?
Share of Voice (SoV) is the percentage of your organization’s social and digital mentions in not owned channels (also known as earned media) compared to its competitors. “Study shows that the brand that increases its digital SOV are more likely to grow their market share over time.”
Share of voice is an important metric for:
- Monitoring what is trending in your industry
- Monitoring what is being said about YOU (& competitors)
- Identifying & connecting with top influencers
- Gaining insight on what content to create
- Tracking the impact of Industry events and press releases
- Improving Search Engine Result Pages (SERP)
- Monitoring corporate Risk
Key Success parameters for SoV
Here are some best practices for setting up teams for effective SoV KPI.
|
Execution |
Impact |
|
Deliver Original, Customer-Relevant Thought Leadership Content |
Get Quality followers, Industry Leaders, Evangelizers. Increase your social clout. |
|
Ensure that this KPI is followed by ALL – Top to bottom |
Ensure effective training of teams on social media. |
|
Leverage the Press Relations and Influencer department to the fullest |
Effective listening. Seamless working with PR and analyst teams. |
|
Execute a strong social media management team |
Ensure smooth Owned Media operations. Remember – RT counts as earned media !!! |
|
Embed Social Media as a Key Component in Our “Digital First” Campaigns |
Ensure Social media is a key component for all campaigns. |
|
Leverage Global, Industry, and Regional Events |
Create User-generated content along with company content. |
|
Measure with Discipline to Achieve Continuous Improvement |
Identify the weakness and take corrective actions. |
|
Drive Disciplined and Proactive Keyword Management |
Ensures the education of the internal and external facing employees on |
This blog encapsulates some of the salient points of a social media metrics talk I have given. To catch the entire video, please click here.
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