measurement

Social Media ROI: ROI Doesn’t Stand for Return on Ignorance

My good friend Olivier Blanchard recently released his new book, Social Media ROI, Managing and Measuring Social Media Efforts in Your Organization. As he was nearing its completion, he asked if I would write the foreword and to be honest, I was flattered. I agreed to do so under one condition, that I get the opportunity to share the foreword with you here. Long story short, here we are. The book is extremely helpful and carries the endorsements of those I also respect including Chris Brogan, Jay Baer, Geoff Livingston, and Kyle Lacy.

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Everything you wanted to know about influence but were afraid to ask

Flickr: bighugelabs
Influence.

One word that seems to be getting more attention with every new Twitter and Facebook account that’s added.

What does it mean, is it important, how do you measure it and which tools and methods best reflect this ephemeral new elixir? The Social CMO Crew has now been hard at it for just over a year generating more than 300 posts and I thought this would be a great opportunity to take a retrospective look through these focusing on this theme of influence.

In looking at all the blogs we’ve created, there are four words that resonate and help us to better frame this discussion, and these are Trust, Relationships, Social Capital and of course… Influence.

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Mistakes being made trying to measure Social Engagement

The mistakes I see being made is trying to measure Social engagement with the same tools we measure every other digital touch point. In my view email, search, even banner ads, have spoiled marketers into thinking everything can be and must be measured with the metrics used to gauge success in other mediums. I am not sue of what the next stage will be but right now as we are building our Social Media audiences, and testing. I have three stages with which I measure… #1 is Audience growth, #2 is Reactivity… getting them to take an action, and #3 Stickiness… keeping them coming back, engaged and interacting.

In addition setting expectations is important. Setting goals for number of follows/fans and how you interact and engage with them and them with you, can be very useful. Growth of your audience is very important and as clearly outlined in the study by CMB, consumers engaged via social media are more likely to buy and recommend.

Five reasons corporations are not using Social Media effectively… 1. They don’t talk about anything broader than their own products, 2. They listen to customers but don’t take any action (which means they aren’t really hearing), 3. Companies can’t expect to have a strong social media presence when social sites are blocked internally to employees, 4. There is a fear that exists about jumping in, but while there have certainly been some hiccups and miscues along the way, social media has yet to be the undoing of any company, 5. When employees are more concerned with what’s in or out of their job description than doing the right thing to help the customer, that’s not a culture that’s likely to build trust and advocacy for a brand and there is no way social media efforts can be effective.

Ted Rubin

Are You Measuring What’s Important?

We often talk about social media ROI being measured differently. These are different behaviors and we should be applying new and different measurement standards, right? One of my favorite demonstrations of this is K.D. Paine’s legendary acronymn HITS = How Idiots Track Success.

A recent eMarketer article asked Is the Click Still King? To the average user, there are so many ways to engage with a site. So you would think that there would be more relevant and prevalent ways of measuring success. But take a look at the top methods that both the CMO Council and Chief Marketer respondents indicated were important:

Click-throughs and website views. How very 1999.

Although, I will give the CMO Council the edge on this one, with looking at registrations, which tells you a little bit about actions taken and level of commitment to engage. That’s a positive thing. But it seems like we’re still treating the Web like a version of television, where “eyeballs” are what’s important.

Take a look farther down those charts and see some of the interesting ways of measuring success: content download, transactions, engagement (which is a little vague), and increased knowledge. Those are all methods of demonstrating effectiveness that can determine your content strategy and marketing channels moving forward. But ultimately, each time a campaign is launched, the methodology for measurement needs to be customized to the goal at hand. Click-throughs and hits are not a universal metric for every campaign.

Some metrics that might appeal to me as a marketer include:

  • Likelihood of a customer to become an advocate for my brand
  • The spread of information across the Web – especially via social tools
  • Sentiment of comments generated by a post or campaign
  • Effective integration of offline calls to action and online actions

These are just a handful of suggestions for different types of measurement. As I said, it depends on what you’re trying to accomplish. What are some unique and different measurement standards that you’ve seen evolving?

Scott Monty

Photo credit: raneko (Flickr)