Summary
Social media are becoming ever more ubiquitous and important for marketing purposes. However, social media are substantially different from traditional or other online media due to the network structure and their egalitarian nature. As such, they require a distinct approach to management. A prerequisite for managing social media is their effective measurement. Marketing or subsumed social media dashboards, a sensible collection of key performance metrics linking marketing input via metrics to (financial) outcomes, are the tool of choice — but how should organizations design their dashboard metrics for social media? Due to the huge variety of (and still emerging new) social media and the specific needs of brands, there is no silver-bullet kind of metric or metric compilation that addresses all requirements for all brands alike. However, due to the shared fundamentals of social media there are common threads that allow at least a unified approach to the construction of appropriate metrics and subsequently dashboards. To help organizations in developing and employing such an appropriate compilation of metrics, we provide them with a tool kit consisting of three novel components: First, we theoretically derived and proposed a holistic framework that covers the major elements of social media, drawing on theories from sociology, marketing, and psychology. We continued to support and detail these elements, namely ‘motives’, ‘content’, ‘network structure’, and ‘social roles & interactions’, with recent research studies. Second, based on our theoretical framework, the literature review, and practical experience, we have provided nine generalizing guidelines that may prove valuable for designing appropriate social media metrics and constructing sensible dashboards. Third, based on the framework and the guidelines we derived managerial implications and suggested an agenda for future research. We hope that these contributions may provide a reasonable tool kit for research and practice when analyzing, understanding, and managing social media.