ABSTRACT This study proposes a model that measures the value of audience responses to company-initiated social media posts by assessing their direct and indirect effects on brand equity. The model was tested using a content analysis of every post made by 25 different brands on Instagram, Facebook, and YouTube during September 2017. Findings demonstrate that online reach has a positive relationship with brand equity; active user responses (i.e., comments and sharing) has a positive relationship with online reach; and frequency of company-initiated posts has a negative relationship with online reach. Implications include empirical evidence of social media marketing’s return on investment; the determination that social media metrics that measure active audience responses (e.g., comments and sharing) are more valuable to a company’s brand equity than those that measure passive audience responses (e.g., likes, hearts, and video views); and that over-posting content on social media can have an adverse effect on brand equity by reducing a company’s cumulative online reach.

中文翻译：

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使用品牌资产为社交媒体营销建模投资回报率

摘要 本研究提出了一个模型，该模型通过评估受众对公司发起的社交媒体帖子的直接和间接影响对品牌资产的影响来衡量其价值。该模型通过对 25 个不同品牌在 2017 年 9 月在 Instagram、Facebook 和 YouTube 上发布的每篇帖子的内容分析进行测试。活跃的用户响应（即评论和分享）与在线覆盖率呈正相关；公司发起的帖子的频率和在线覆盖率呈负相关。含义包括社交媒体营销投资回报的经验证据；确定衡量积极受众反应的社交媒体指标（例如，评论和分享）对公司品牌资产的价值比那些衡量被动观众反应（例如，喜欢、心和视频观看次数）更有价值；并且在社交媒体上过度发布内容可能会减少公司的累积在线影响力，从而对品牌资产产生不利影响。