Social Monetization is best personified by its own special innate DNA, earned and amplified by the brand organically, not exercised necessarily by social media marketing, nor social engagement. It manifests itself organically, a powerful green aroma spread by the winds, savored and shared by the #collectivetrust.social
A KPI to consider if the level of social maturity has been achieved, where upon Social Monetization is a firm possibility and execution is warranted.
Monetization Pursuance Initiative (MPI) = # of positive non branded posts/total net *100
The % is likely going to be more for non-regulated, than regulated. In either case no one size, fits all.
Such a KPI forecast and a watch is sure to alert you, that the goal post is in view. Keep a watch.
Ernest Paul, Head of Social Media at Cigna developed the ‘Monetization Pursuance Index’ on the 24th of January a Key Performance Indicator index for Social Media.
This specific KPI allows commercial brands to determine if their social media engagement has achieved a level, in par with a level of Social Trust with the customer, and an environment for a monetary transaction exists.
The formula to calculate the Monetization Pursuance Index (MPI) is as follows:
Monetization Pursuance Index (MPI) = # of positive non branded posts/total net *100
There exists a greater likelihood for regulated industries to score lower. This should be considered quite normal. This is very much in line with the Net Promoter Score (NPS) for regulated industries.
The % is likely to be greater for non-regulated brands as social engagement and trust is developed early.
The ‘MPI’ index serves as a watchtower to alert the brand that the social monetization goal post is in view.