Metanomics Community Forum Thurs July 23 at 12PM SL

Business Metrics Part 2 - Balanced Scorecard, NPS and The Power of Negative Metrics 

Please join us for a discussion at the Metanomics studio today at 12PM SL
Thursday July 23, 2009.
This week we will continue our discussion of metrics, focusing on three core metrics topics, the Balanced Scorecard strategy development process, Net Promoter Scores (NPS) and some key Negative Metrics, all with a focus on both understanding both how each of the metrics is calculated, and figuring out how to measure these and use them in a virtual world environment. 
Before diving into the metrics themselves however, it seems worthwhile to talk briefly about "metrics gone wrong", so that we can apply these tools in meaningful ways and avoid recreating history (at least too many times!). There are some interesting questions raised by the Metrics and Accountability links below, including the question of whether some marketing metrics actually undermine long term brand value. While many of the links below appear to be targeted at now-classic web marketing, they apply, or can be applied with minimal change to virtual and full-digital product and services environments, so please read below with an open mind. Just because an article talks about web-specific metrics does not mean that they cannot be applied elsewhere!
Negative metrics can point to needed improvements, are often overlooked, and are often early indicators of upcoming problems. We'll discuss these in the virtual world context. 
Net Promoter Score (NPS) is a key indicator that has gotten much attention, as a way to determine sentiment. It is only one of those available, and has its share of controversy. We'll talk about how NPS might be used in a virtual setting, and what it might or might not be trusted to explain. 
The Balanced Scorecard concept has been around for quite some time now, and is often used to ensure that parts of a large organization are aligned towards strategic goals. Balanced Scorecards can, however also be used in smaller environments, down to a single person
SL: Joel Savard, RL: Joel Foner
(also spotted on Twitter: JoelFoner, EMail
See you soon - Metanomics Community Forum is every Thursday at 12PM SL at the Metanomics Studio. 
READING LINKS BELOW - have fun and see you soon!
Metrics, Accountability and Other Drugs, post Mitch on Value Acceleration
US Brands Lost Half Their Customers Last Year - More Misleading Metrics
Marketing Measurement and ROI Analysis - Connecting Aspirations With Realities, by Adam Needles  (research suggesting a high disconnect in corporations aspirations with regards to marketing ROI analysis and investments required to execute on these aspirations)–-connecting-aspirations-with-realities/
Do Our Marketing Metrics Undermine Long Term Brand Value?, by Augie Ray
Web Marketing Metrics, by Lee Odden
Shopping Cart Abandonment Rate
Top Exit Pages (typically a web metric, but applies just as well in virtual spaces)

On Defining A Hurt Metric (a dissatisfaction-based metric "A single metric that could convey the amount of dissatisfaction or hurt, that a
product is giving an operator due to its unreliability, difficulty in testing and maintaining, cost of repair etc"
The Ultimate Question: Driving Good Profits and True Growth, by Fred Reichheld (the book that introduced NPS - "turning customers into promoters who generate good profits and true, sustainable growth")
What Is Net Promoter Score (NPS)?
Calculating Net Promoter Score (deceptively simple!)
ZDNet's 2 and a half minute video intro to Balanced Scorecard Basics
Balanced Scorecard Concepts, by James R. Martin (a nicely done, easy to read and understand introduction to balanced scorecards, how they're used, and sample metrics)
Balanced Scorecard Examples and Success Stories, Balanced Scorecard Institute
Entrepreneurs use a balanced scorecard to translate strategy into performance measures, bLussier, Robert N.
The Three Components of a Personal Balanced Scorecard, by
Personal Balanced Scorecard
Relevance of the Balanced Scorecard on Assessing Firm Performance of eCommerce Companies, by Jamshed Mistry and Balgobin Nandram
Balanced Scorecard Step By Step for Government and Non-Profit Agencies, by Paul R. Niven
(Note that these are *not* recommendations... just three representative packages... there are *many* available)
Balanced Scorecard Designer
Strategy Map Balanced Scorecard
Spider Strategies Web Based Corporate Management Suite


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