Understanding Competition with the Help of Social and Traditional Media Engagement
Posted October 22, 2012
It’s more than just a fact that measuring a company’s social media engagement is as important as the implementation and execution. Also, at the same time companies still measure PR engagements too. But do we really combine both these aspects to understand which company is doing well in which media engagement? Answer would be definitely “YES”! There would be various ways to bring these two different measurements in the same page. So, from a communication perspective – it would be a good idea to have the competition measured in such a way that we can quickly figure out which company is strong in which media engagement. But my focus would be more towards a framework where can we plot competitors on the basis of their media engagement activities as well as performance.
I have thought of various aspects and have finally come up with – a very simple 2×2 matrix, in which we can plot and define companies on the basis of their performance and engagement in the Social and Traditional media in a defined competition/industry. This will definitely give a quick snapshot of company’s strength and weakness around Social and Traditional media engagements.
Media-mix Measurement Matrix (M2 Matrix)
Companies can be plotted on the basis of their composite scores derived from Social and Traditional media, considering three broad aspects – awareness, perception (sentiment) and reach. Awareness depicts the overall volume of coverage while, perception/sentiment represents the tone of the coverage. And, reach is nothing but the connect of audience (readership/viewership in case of Traditional media, while in Social media it would be Sharing, Liking and Following across Social media platforms).
Highly Engaged: A company is called as “Highly Engaged” if the composite scores, for both Social and Traditional media are above the average composite scores accumulated by all the competitors (only those which are considered for the analysis).
Social: A company is called as “Social” if the Social media composite score is above the average Social media composite scores accumulated by all the competitors (only those which are considered for the analysis). But, in Traditional media, the composite score for the same company should be lesser than the average composite score.
Traditional: A company is called as “Traditional” if the Traditional media composite score is above the average Traditional media composite scores accumulated by all the competitors (only those which are considered for the analysis). But, in Social media, the composite score for the same company should be lesser than the average composite score.
Greenhorn: A company is called as “Greenhorn” if both the Social and Traditional media composite scores are below the average Social and Traditional media composite scores accumulated by all the competitors (only those which are considered for the analysis).
I would like to see how this could be used efficiently and can be taken into the next level. For this, I urge all your inputs and suggestion. Also, I would like to see if you are able to use in any of your current requirements. I would be delighted if you can use this at your work and can share your experience here. So, keep using and commenting!
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