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As a starting point the following 4 Key Performance Indicators or KPI should be closely monitored during the early stages of your Social Media campaign or web application launch for your best shot at success. The 4 areas are; User Engagement, Time on Site, Volume of New Content and Sponsorship ROI. There are separate reasons for each of these key metrics. They can be described as follows;

User Engagement - How many visitors to the site are actively gauged with an account and contributing content? To get the boat moving on this daunting hurdle, I recommend invitations be extended to “active” social networkers who show a particular affinity to your specific Social Media campaign or application. Since these “power users” will be responsible for the majority of the activity early on in the site’s life (thereby populating News Feeds and keeping the appearance of the site’s content fresh), it will be important to engage them in a two-way conversation directly from management. i.e. the Community Manager.

Time on Site / Pageviews- This is an important statistic that varies widely across the competition. There are often benchmarks available for your industry (which can be found in google analytics). 10 pages per visit for example translates to roughly 4 minutes on the site per visit. Upon launch of your site or campaign you should be pleased to see 50% of the set benchmarks (i.e. 5 pages per visit and 2 minutes on average per visit). The expectation will be that these numbers can be doubled by Version 2.0 of the site once more community and networking features can be introduced.

You also need to take a look at how quickly new content is added to your network. This piece of data is crucial to your success because if you are not getting enough content, you will need to make changes so that either creating content is easier or so it is more attractive to the average user. Some users may browse but fail to contribute. What can you do to motivate this type of user to submit?

Your expansion into new geographical markets will be heavily impacted by the volume and frequency of created content. If it takes a long time to fill the pages in one city, next time, you can have different expectations when expanding into a particular region.

Sponsorship ROI - This metric is unique in that it depends largely on the time spent on site by our users. That being said, I believe that a higher CPM rate will be acceptable based on the premise that all advertisements will be sport-related which is contextually relevant to the user base. In Version 1.0 of your Social Media site you should seek to migrate current sponsors or your competitor’s sites for free or for a very low price, but expect to watch the impressions in order to attain a growing CPM price.

You may be interested in knowing that higher Cost Per Mille prices go along with niche-oriented sites compared with big all-purpose communities. Play this to your advantage if you are dealing with the former.

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