Your Business Scorecard for Social Media

Publishing your business scorecard in the social media provides a new way for your business to interact with your customers by communicating what matters to your organization the most. By sharing how you plan on transforming your strategy into actionable and measureable results, you will develop a deeper and longer lasting relationship with your customers. Furthermore, obtaining customer feedback on specific indicators allows you to fine tune your tactics, which will increases your chances to successfully execute your strategy.

Many organizations are still scratching their head trying to come up with a well-founded strategy on how to use social media. More often than not, social media is used as a marketing platform to promote new products and services to increase sales. Many of these strategies are short sighted and limit the potentials of what social media has to offer. Social media allows companies to develop a much deeper relationship with customers. Instead of focusing on what's currently going on, businesses have to opportunity to create long lasting interactions with their customers. Too many times, companies put too much focus on promoting new products and services instead of developing strategies around existing customers that make up the bulk of their profits.

Publishing your business scorecard on MyIndicators.com combines your customer relationship management efforts with social media and offers a unique communication vehicle. Fortunately, publishing your scorecard is not a popularity contest as there are no followers, pluses, likes, etc. to chase after. It is a simply effort to build meaningful customer relationship indicators along with comments that explain how your organization plans on achieving its planned actions.

A business scorecard for social media can be created in many different forms and with a variety of diverse performance key indicators (KPIs). It all depends on what you believe to be of value to your audience. It provides the opportunity to concisely present all the great programs your company is working on and how progress is made. Below a couple of examples:

Financial Indicators

Publish indicators that focus on customer benefits . Don't list out how much profits you made from them and what your goal is for next month as this will send the wrong message. Instead create metrics that your customers can identify with and are interested in.
  • Number of price reductions on key products or services
  • Average discount percentages granted to your customers
  • Number of successfully approved loans

Operational Indicators

Let your customers know how you are improving your operations to provide the best in class service for them.
  • Number of new lean technics employed to drive down costs
  • Planned new store locations
  • Number of key products sold
  • Number of products in the research pipeline

Customers Satisfaction Indicators

Publish indicators that outline what you do improve customer satisfaction.
  • Training programs for you sales staff
  • Quality control metrics
  • Customer satisfaction index

Community & Environment indicators

Publish metrics on how your organization gives back to the community.
  • Donations and charitable contributions made
  • Energy consumption metrics
  • Tons of recycled materials used

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By Gabrielle Braun

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