Businesses have always struggled to measure quality. The challenge in social media is no better. In fact, it’s considerably worse.
Even the best attempts at measuring quality of a customer relationship, such as Net Promoter Score (NPS), rely on numbers, in the case of NPS a ranking from one to 10, and this has always seemed somehow inadequate to convey the different values and feelings involved.
Google has done a reasonable job of measuring the quality of content published online and ranking it accordingly, yet if you search for “social media quality” you’ll be presented with a list of deeply mediocre, SEO-focused blog posts on the topic.
Perhaps Google’s Authorship will fix this, but the challenge is clear.
So what does quality mean in the context of social media?
Most companies now look at social media as a key part of their marketing and overall business strategies, according to new research by Econsultancy and Adobe.
66% of digital marketers surveyed working for companies with an annual turnover of more than £100m agreed that ‘social media is integral to business strategy’, while 67% said that social media activity was ‘integral to their marketing mix’.
Our Quarterly Digital Intelligence Briefing: Managing and Measuring Social looks at social media uses, challenges and needs from companies today. It is based on a survey of 650 marketing professionals.
Here are a few highlights from the report...
This week I overheard a major social media competitor tell a prospective client: "...well, you can't really measure social media commercially can you? It's like gravity, you know it's there even though you can't see it, so you just have to keep working on it, right?"
I hit the proverbial roof...
Firstly Einstein, (not his real name), you can most definitely measure gravity. And you can also measure the commercial value of social media too, if you engaged a brain cell or two.
Within the context of my obvious agitation with this and the sector in general, I wanted to share how we tackle this in the hope that, in some small way, we can start engaging in social media with a structure and level of respect that it deserves.
What follows therefore is a four step process to build a commercial model for social media engagement, part of a much broader internal framework, but I hope still useful to many of you.
This infographic from InventHelp looks at how brands can measure the success of social media campaigns on Twitter and Facebook.
It shows how Google Analytics Assisted Conversions can be used to correlate social media traffic with sales, as well as showing some success stories from brands.
Earlier this week a post on the average clickthrough rates for popular Facebook brand pages reminded me of an article I wrote nearly three years ago, which was all about how to measure social media.
At the time I believed that social media sat somewhere between offline and online, as far as measurement was concerned. Yes, you can measure the hard numbers, but what about the softer metrics? Doesn’t there need to be a little room for interpretation?
Well, I still believe all of that. The key to measuring social media is to track all of the usual ‘hard’ metrics, but it’s also to step back and correlate performance against the major business KPIs. That’s pretty much the key to measuring everything. If it an engagement tactic or marketing campaign doesn't move the needle in terms of sales, satisfaction, loyalty or profit then ultimately what's the point of doing it?
Deciding the right way to measure their social media investments is a top priority for the majority (56%) of marketing directors, according to a new study.
The Adobe survey, carried out by Vanson Bourne, polled 500 marketing directors in the UK, France, Germany, Italy, and Scandinavia, looking at the usage, measurement and attitudes to social media marketing across the continent.
Owing to the lack of KPIs for social media channels, businesses have struggled to define the metrics to measure return on investment. Although, measuring ROI of any communications effort is relative to the aims and objectives of your social media strategy, there are plenty of universal metrics applicable to the social channels.
This post highlights a few important metrics which help in formalising a marketing strategy for social media.
Twitter is getting into analytics. Finally. This week, the microblogging service announced that it will be updating its URL shortener t.co to help alleviate malware problems and track link sharing on its service.
By the end of the year, t.co links will be more secure, and provide more information to the people that share them. This is good news for marketers.
As more companies introduce social media campaigns, there’s often
a real lack of understanding when deciding which numbers really matter, so the default action is often to watch everything.
On the one hand,
keeping track of every tweet, post and comment is good practice. However, when it
comes to actually interpreting the piles of data, meaningful analysis is sometimes sorely absent.
Ideally you should be able to
interpret the figures so that you can both hone your KPIs and make ongoing
strategic decisions. By analysing figures in meaningful ways
you’ll receive deeper, more useful insights.
consider a few ways you can sort figurative fact from fiction:
Dell has provided further proof of the potential of Twitter for retailers, revealing that it has earned $6.5m in worldwide revenues from Twitter over the past two years.
Revealed in a blog post today, This figure includes sales from the @DellOutlet Twitter account, which now has almost 1.5m followers, and its equivalents outside of the US.
I've been looking at the figures, as well as talking to Dell's Richard Binhammer about the company's approach to Twitter and social media in general...