Building a Balanced Scorecard for Social Media

Social media has seen a shift from experimental to mainstream over the past decade and businesses are seeing the importance and the crucial need to venture into the digital world. The roundtable discussion between industry players revolved around the major question, “How” to measure social media ROI on videos, tools such as Facebook or twitter can be measured by the number of followers, number of tweets and re-tweets or the number of likes and fans to the page but video is a new concept to social media. So how do we go about in finding a viable metric to see the value of vlogging (video blogging)? Why Vlogging is better than Blogging? Seeing someone, hearing them and being able to hear the tone in their voice gives a bigger impact than reading words on a press release or a blog. Even though blogs are important, vlogs give bigger impact. Video provides to the public an authentic view of the company or brand represented and it shows the transparency and credibility of the company. Video truly shows that it is not just a press release; it demonstrates the will of an organization to come forward and speak directly to its stakeholders. Video is a dynamic tool that engages people and help drive business value. “People who consume video tend to become customers at a much higher rate”, said Judy Gern, Director of Conversion Marketing for Constant Contact. How to we measure Social Media ROI on Videos?

ROI – An analysis that looks at the benefits, costs and value of a technology initiative over time. The question is what are we precisely looking for, return on impact, investment, interaction or insight? In terms of video blogging, there is a great challenge in finding the right metric to analyze video posted on blogs or company profile and reap the benefits of such initiative.  A suggested and meaningful metrics for video include view counts and knowing through measurement what people do after they view the video. On a financial standpoint- Video brings an increase in sales and revenues. On a non-financial standpoint- Video reinforces brand awareness and increase the engagement with media and customers as well as provide a platform for “share of voice” Video on the long-term basis allows for brand loyalty to be established and reinforces trust between parties as well as provides thought leadership. On a short-term basis, it is more focused on number of views and a call-to-action or participation. The roundtable discussion emphasized on the necessity to have a metric to evaluate the social media ROI on videos and the benefit of doing video blogging. Ricky Law, ASEAN PA Manager for DuPont said, “Communications department are not geared for such measurements”. Mr. Law also acknowledged that companies should work harder in finding a metric that is also acceptable and agreeable by industry people and the management. Participants in the roundtable also included Sarah Lee, Marketing Manager South East Asia, Amdocs, Dinesh Saparamadu, CEO of Hsenid Mobile and Melinda Lee, Senior Executive, Reed Exhibitions. The participants discussed about the necessity of doing a video and what is the possible benefit the video will have on their organization. The participants agreed that tools and metrics to measure social media ROI have to be devised to act as measuring platforms for organisations to have a template from which they can analyze if their social media work is functioning and reaping benefits. Off the recordInteresting piece of trivia from the Singapore Business Times dates 21-09-2010 40 % of Asian buyers use social media to check on products. Survey showed that 40 % of Asian consumers are more likely to use social networks for research “at the start of the purchase journey” Survey commissioned by Microsoft advertising and Aegis Media, undertaken independently by London based essential research. 19,000 shoppers across 17 countries in north and Latin America, Asia and Europe were polled. Currently there are almost 800 million Internet users in Asia pacific region alone. It is apparent the Internet is playing a pivotal role in their purchase decisions. The survey found 59 per cent of Asians used the Internet before purchasing compared with 28 per cent of Americans. During an in store purchase, 45 per cent of Asians used a mobile phone compared with 5 per cent of Americans. And 19 per cent of Asians used digital media post purchase, compared with 12 per cent of Americans. Nick waters, CEO of Aegis media Asia Pacific said, “We are now in an internet connected environment where consumers seek information from a variety of sources regardless of a brand’s involvement. This makes it tricky for marketers. We need to listen more carefully and more frequently and be able to adjust our approach in real time”. – Asia has become a breeding ground for social media activities and the need to leverage on this social media penetration is becoming more and more important.

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