Brand’s Social Media Analytics Scorecard

5 metrics for understanding your brand’s health

How healthy is your brand? There are all kinds of indicators available. Is your revenue growing? Are your partners happy? Is your lunch being eaten by a competitor?

These are all good questions about a brand as a business. But what about your brand as a living, breathing entity that lives in the mind of consumers? When they see your brand or think of your brand how do they feel? How do they respond to your new products and campaigns? In the long run, this is probably more valuable than next quarter’s results.

To help in this process, we’ve come up with a Brand’s Social Media Scorecard to help companies track and understand their own standing.

But first we need to lay out the foundation.

Why Social Media Analytics

Immediacy, depth, accuracy and insight are four very good reasons why Social Media Analytics helps brands understand their reputations with much more granularity. It’s a breakthrough tool that fills the gap between pure numerical info on one hand and subjective research like focus groups and intercepts on the other. This is the science of emotion and perception. Social Media Analytics lets you get into the heads, hearts and minds of any group you choose.

Here’s a popular definition by a leading SMA professional. “At its core Social Media Analytics is the art and science of extracting valuable hidden insights from vast amounts of semistructured and unstructured social media data to enable informed and insightful decision making.” –Seven Layers of  Social Media, Gohfar Khan

This stream of social messaging is no longer an incomprehensible mountain of conversations so big there isn’t a single server farm anywhere large enough to contain it. Social Media Analytics makes all of it useful. With powerful artificial intelligence engines, you can examine your product category and your consumers to a previously unheard of depth. Discover who your consumers are when they’re NOT shopping for your product. What are their affinities compared to those of your competitors. There’s a long list of insights waiting in social media data especially now that we know how to find it. These conversations may not always translate into sales, but they are essential for understanding the health of your brand in the eyes of consumers.

Another important benefit of Social Media Analytics is that the source of the data is spontaneously volunteered and shared. There is no survey or moderator involved which can sometimes color research results. And of course the sample size used in Social Media Analytics is virtually unlimited.

If you’re looking to measure the reach, health and reputation of your brand, social media data is the most powerful weapon in your arsenal.

Introducing the Brand’s Social Media Analytics Scorecard

One specific way to use this technology is to produce what can be called your brand’s social media scorecard. By measuring and regularly tracking these five metrics you will have a valuable point of view on how your brand is perceived in the wild. Because your understanding of these areas is vastly improved by having a virtually global sample, as opposed to traditional research, Social Media Analytics is uniquely qualified to supply this information.

What’s your score on…

Sentiment. This is so valuable to marketers and at the same time it seems almost unknowable. Can you really, reliably measure public perception of your brand? Yes. Social Media Analytics can not only show you positive and negative sentiments about your brand, it can do so over time. Choose an interval such as year on year, or since your last campaign and you will know what people are saying and thinking throughout that time period. And by sentiment this goes a lot further than “gee I like this brand or no I don’t.” We’re talking about unsolicited emotional responses like joy, surprise, anger, fear and anticipation. All of these and more can be measured giving you a richly detailed picture of how people feel about your brand.

What’s your score on…

Social Conversation Volume. Are people interested in what you’re saying or selling? Again, a difficult question to answer without Social Media Analytics. But with it, you can simply measure the number of times your brand is mentioned on various social media channels. It’s like thinking of your brand as a keywords in a massive search of social media information.  And you can definitely add keywords! You may also want to take a look at the volume of conversation about certain features or characteristics important to your brand. The analysis doesn’t have to be solely about your brand itself. Examples:

 

  • Toyota…#brand mentions…#mileage mentions.
  • Or Home Depot….#brand mentions….#garden centers
  • Trader Joe’s….#brand mentions….#grocery prices

 

So in these examples you’re measuring the volume of conversation about your brand as well as related topics important to the category. In grocery, how often people mention price vs selection could be an important marketing guide post.

What’s your score on…

Audience Composition. Look who’s talking and find out if your actual audience on social media is aligned with your target market. Using traditional research and professional intuition, a marketer will always have a customer in mind. He or she will always be able to describe their target consumer. This time, let’s say it’s about a new home furnishings e-commerce brand that sees itself as Pottery Barn. That says a lot about style and price point. But by using Social Media Analytics, you may discover that in the in the category you’re seen more as Ikea than Pottery Barn. This is real-time marketing information you can work with. If the target you’re trying to reach is out of sync with the conversation as seen by Social Media Analytics, you need to know that. Is your message getting through? Is your value proposition resonating? Something probably needs to change.

What’s your score on…

Conversation Drivers. A product or service is designed to satisfy a consumer need. It has to solve a problem. From the ground up, features are built-in and marketing is produced that promotes these features. They are your closers. The inflection points that make your brand preferred over the competition. The question here is this: Are people actually talking about these differentiating features? You’d hope that when your product is mentioned there would be substantial content around these key features. If you have the first clothes dryer that can run on gas or electricity and it doesn’t cost any more than your closest competition, people should be talking about that. But if Social Media Analytics tells you that the conversation around your product is mostly about how it’s available in charcoal and white but not in burgundy, you have some work to do.

What’s your score on…

Share of Voice. Whether it’s vacuum cleaners or ice cream, there will always be plenty of conversation. The measuring stick here is how much of the conversation is about you. It’s simple, at first. Are people talking about your brand more than your competitor’s brand? Great. But there are more ways to use this important factor. If you’ve launched a campaign in the last two weeks, how has your share of voice changed? Enough to call your campaign a success? If your competitor just lowered prices how has that changed the relative share of voice between the brands? Enough to rethink your strategy? Share of voice is a very wide angle view of your category, but when put in context with other market factors, it’s a great example of how Social Media Analytics can contribute to the scorecard for your brand.

Conclusion

Every quarter (at least), brands report on their performance. Did they bring in more revenue this quarter than last? Are new products selling up to expectations?

Far fewer brands, however, keep such careful track of the reputation of their brand. This isn’t surprising, because it’s historically been difficult (and expensive) to do. But with Social Media Analytics, tracking your brand’s health through social media data is simple.

Next quarter, when your CEO asks you to put it in perspective, use this Brand’s Social Media Scorecard to show exactly how your brand’s reputation, share of voice and audience have changed over time.

For more information, read our guide: The Fundamentals of Social Media Analytics

Request a Demo

Ready to transform your business?

Get a walkthrough of Crimson Hexagon and learn how consumer insights can help you make better business decisions.