Category Archives: Measurement

Online Media Monitoring

We received a visit from Stephen O’Leary, founder of O’Leary Analytics, this is an online media monitoring and analysis company, so if businesses want to know what is being said about their company, themselves, an event and competitors in the online media this is the place to go!

Stephen first explained to us what his previous work was and how he ended up founding O’Leary Analytics. He was first working for a company that sold software and he provided training for the clients, these clients tended to forget part of their training, lacked enough time to monitor their own media or found it too complicated. They requested that Stephen would look after this for them.

Stephen mentioned the process behind monitoring and explained the importance of keeping track on what’s happening on  blogs, forums, news sites and, of course, all major social networks. He explained how companies can make a difference when they listen to what their customer say and not only provide answers but also realise the improvements they can make. The objective is to find a way to change the negative comments by some  into a positive. Stephen emphasised that companies need to be actively responsive to criticism.

Brian McFadden superquinn sausagesAfter talking about collecting data, he also talked about what is the best data to analyse, how to find out who is a companies biggest influencer  and how wide their reach is. An example for this was about Superquinn sausages and how Brian McFadden generated a lot of buzz in a day by saying that the Irish community in Australia need their sausages. This message was re tweeted 91 times and the amount of people talking about it peaked greatly.

In addition to this, Stephen mentioned that almost everything can be measured, even sentiment analysis can be generated, but in Ireland this can be difficult as people tend to be a bit cynical when making comments online.

Stephen recommended a series of websites that can facilitate online media monitoring:

Advertisements

Key Performance Indicators (KPI)

KPI CartoonKey Performance Indicators (KPI), also known as Key Success Indicators (KSI), help businesses define and measure progress toward their goals. These must be quantifiable measurements in which results define the success of the business strategy (based on the business priorities).

KPI’s are useful because they reduce the number of decisions that are based solely on instinct or gut feel and make decisions based on objectivity and facts. These quantify the achievement of goals by setting, monitoring and measuring against a target. As businesses grow, it becomes harder to stick to the important achievements that are requered. KPI’s also allow brands to focus on facts when things get out of control.

ICE

One of the problems with KPI’s is that instead of identifying the information that’s needed and subsequently design the most appropriate indicators to assess performance, people often use the ‘ICE’ approach: Identify everything that is easy to measure and count, Collect and report the data on everything that is easy to measure and count and finally End up scratching your head thinking “What the heck are we going to do with all this performance data stuff.

It is recommended to focus on three or four measures that are essential to the business reaching its goals. It is important to keep the number of KPI’s small to prevent distraction. A common mistake is to measure everything when the goal is to measure just one thing that will lead to achieving the successful goal.

To sum up, KPI’s are achievable through the following steps:

  • Be specific: pertaining to the goal of the brand.
  • Make it measurable: for the brand to analise its progress.
  • Make the goals achievable and realistic.
  • Be relevant when directly linking the business and metrics.
  • Consider Time Frame: placing goal achievement in a certain time frame.