As the name implies, a quantitative KPI is basically a number that gives you instant indication of your size in a certain area.
Examples ( the examples presented here are based on post # 2 in the series. Please make sure to read it before proceeding): Social reach, Social Profile, Conversion rate, Bounce rate
Accuracy - Quantitative KPIs can be measured accurately which makes them reliable sources of information. For example, there is no way your number of Facebook page fans would be incorrect. But how you interpret that number is an entirely different story that I will touch upon later
Simplicity – You don’t have to go through a complicated process to measure the vast majority of SMA’s quantitative KPIs. You only need to open your Twitter profile to spot your followers number. So simple!
The major downside of quantitative KPIs is that they tend to be misleading as they are not directly linked to business objectives in most cases. In other words, some businesses misinterpret the implications of these numbers.
For example, if increasing sales by 20% in a certain timeframe is your number one priority, reaching 100,000 Twitter followers within the same period does NOT mean you have reached this goal. In fact, perhaps only 5% of your followers could be classified as potential customers.
Also, it can be very misleading with regards to a brand’s visibility. For example, most people are unaware that the mere act of liking your Facebook page doesn’t guarantee that your posts will appear on your fans top news feeds. In other words, if your fan visits your page every blue moon and never engages (likes, comments or shares) your posts, they won’t be visible on his top news feeds.
So, Is your Facebook brand’s visibility directly proportional to fans’ number? The answer is: No!
That’s the misleading side of Quantitative KPIs that you need to watch out for.
Although they are still numbers, qualitative KPIs reflect how far you achieved your business objectives.
Examples ( the examples presented here are based post # 2 in the series. Please make sure to read it before proceeding): Share of Voice, Brand Sentiment, Social Mention
Qualitative KPIs are very reliable since they are directly linked to your business objectives. They can instantly tell you how successful you are in meeting your branding and/or sales objectives (cutting customer service costs is another growing use of social media).
Most of the tools that offer qualitative KPIs measurement still fall behind when it comes to accuracy. The reason behind that is the complex nature of qualitative KPIs in addition to the subjective nature of social media.
In other words, your brand’s share of voice may be miscalculated, leading you to drawing wrong conclusions that can hinder reaching your goals.
The only workaround I could think of to this issue is that you should NOT take qualitative KPIs numbers for granted and you may want to do some “manual” work as well.
For example, successful conversions must be tracked backwards to see where they originated and how they progressed. You would want to assess all the interactions you had with your prospect that led to closing the sale in order to determine future best practices. This kind of manual analysis is well worth your time and effort in my humble opinion.
The following diagram lists the most common KPIs on both sides:
The Bottom Line Is…
Qualitative and quantitative KPIs are essential ingredients of social media analysis. The exact ones you will choose to use will largely depend on your preset business goals, but make sure to get the best of both worlds.
What are some examples of generic Qualitative and Quantitative KPIs that you think every business must measure? What are some of the social media analytics-related topics you wish that we cover in future posts? Your valuable contribution is much appreciated.
Warning: Missing argument 2 for wpdb::prepare(), called in D:\Hosting\5949118\html\blog\wp-content\plugins\folding-category-widget\focal_wp28.php on line 928 and defined in D:\Hosting\5949118\html\blog\wp-includes\wp-db.php on line 990