There are lots of interesting efforts to make sense of Social Media Marketing which I often refer to as Word of Mouth Marketing since that is the outcome of most social media-based efforts. We are somewhere in the second third of our journey towards meaningful, shared measurement. We are in that part where we wrestle with credible yet cimbersome models and pine fo rthe simplicity that came before. Don't we all wish we had "reach and frequency" goals? Doesn't it seem like social media marketing is being held to ahigher standard than the disciplines that came before?
Recently, I have been drawn into or tracking at least 6 different efforts to make sense of soaicl media marketing measurement. It's useful to become aware of them all. Still, the question remains - are we better off with this English-garden growth of discussions, forums, white-paper symposiums, or do we need "one ring to bind them all?"
IAB Social Media Measurement
The IAB recently releasedtheir social media metrics guidelines. These tackle the space from an "advertisers" POV. They are also trying to develop meaningful KPIs that acknowledge what the space does well - foster conversations - and what marketers want - a way to place their brand in the conversation. Here is a snapshot from the Guidelines:
"Ad campaigns can target a single blog or multiple blogs by category using traditional
interactive reach and audience metrics. However, additional targeting value can also be
derived by mapping campaigns to blogs engaged in common “conversations” through the
form of shared links, referencing each-other’s content. The social connection of publisher-to-publisher relationships through these content links aggregates engaged consumers into a
desirable and topic-engaged audience.
The ability to aggregate audiences by topic is dynamic, following the dialogue consumers are having. Following these “conversations”, an advertiser or brand evangelist is able to tailor creative to incorporate the messages, language, and tone audiences are using at the current moment and effectively speak directly to them, rather than building creative which is solely based on statistical reach and audience metrics."
Their general social media metrics are nothing new. It is the list of KPIs that we have all been tracking: unique visitors, page views, visits, interaction rate, time spent, etc.. The new territory (for IAB) is their method for assessing the conversation space.
- Conversation Size means they are now looking across the social Web for relevant mentions of an advertisers campaign language. This is the equivalent of Ogilvy's Conversation Criteria which I would argue is a more relevant approach than:
"Number of Conversation Relevant Sites: The count of sites in the conversation whose content contains conversation phrases from the client’s Request for Proposal (RFP) or Insertion Order (IO)."
- Site relevance - are their a lot of relevant mentions of topics that intersect with the brand
- Author Credibility - we have been doing this for years in our Influencer Maps and includes metrics from inbound links to earliest and latest relevant posts.
- Content Freshness and relevance - IAB is suggesting that beyond earliest and latest post that the delta in between or "Mean-time Between Posts" on a subject is important.
If your primary goal is to determine which social sites to advertise on, these all seem like useful metrics. The power of social media lies in between the advertising, however. It lies within the conversation itself. It's hard to see how the IAB approach will account for the power of earned media.
Word of Mouth Marketing Association Metrics Best Practice Guidebook
Last week, WOMMA (discl:board member) released a draft of what hopes to be a very useful book for brand marketers on the fundamental building blocks of word of mouth marketing measurement. The draft will be revised between now and November. Still, it serves as a useful guidebook even now.
The WOMMA Metrics Guidebook covers the fundamentals of Conversation Volume and Share, Influencer Value and offers up examples of some of the ways companies are fashioning measurement models to guide perfomance metrics, advocacy valuation and even the ever-elusive "value of a conversation."
This will help marketers understand and share a vocabulary about what matters in measurement. There remains at least two extra steps to tackle to make this Guidebook all that it can be:
- A closer connection to the real ways marketers want to use social media. If you accept, as I do, that word of mouth marketing is a bigger tent yet inclusive of social media marketing, you must also agree that the main ring in that circus is social media. The Guidebook will be stringer if it ackoedges that marketers want to know now how to measure social media and make more direct mention of how they are doing that.
- Cast a broader net to capture more ways that more marketers are measuring social media. Our model, Conversation Impact, is not covered here and I assume that many others are not as well. Perhaps I am pining for more of a complete index than a "guidebook" but still, there is a lot of good thinking on measurement out there beyond what is currently captured in the Guidebook.
Social Media Advertising Consortium
The new kid on the block, SMAC has developed in a small corner of the social media "in-crowd" as a non-profit association determined to make sense of the value and impact of paid evertising in social media. What they will accomplish beyond what IAB sets out to do remains unclear. Looking at the membership with nary an ad agency in sight, I am guessing that they will focus on the combined impact for marketers of paid and earned media in this landscape. Here's what they say about themselves:
"In 2009, social network advertising revenues will hit an estimated $1.825 billion.* Yet the industry is still fuzzy on the details – what they’re selling, what they’re buying, and how to measure success. As a result, players, big and small, are eager to unite to find solutions for social media’s challenges.
SMAC fosters collaboration throughout the entire social media ecosystem, diving deep into critical issues and staying ahead of this constantly evolving industry. By bringing together buy side, sell side, and research professionals to develop relevant standards, comprehensive research and definitive measurement tools, our goal is to grow revenues and increase engagement."
Advertising Research Foundation
The forum for paid media modeling, ARF has been scartching in the dirt trying to find meaning behind the concept of "engagement" for a few years. There efforts led to this slightly etherial gem of a definition for engagement: "Turning on a prospect to a brand idea enhanced by the surrounding context."
They are a good forum for those of us who really care about meaningful masurement. their Audience Measurement 4.0 conference is on June 23 + 24 in NYC.
Most of the tracks in AM4.0 are not about WOM or social media. At least two of the tracks - The World of Social Media & Search Measurement & The Value of Cross-Media, Engagement & Influencer Marketing - deal directly with what we are most concerned with. Of all of the 'too many' social media conferences on the horizon, this is one that I consider essential and is likely to remain so for the next few years.
i-COM
Based in Europe, these folks are trying to bind all of the relevant Web associations internationally to come together via a series of events. They want to drive collaboration on standards and ways to measure. Their field of vision is greater than social media and includes all of what we consider "digital." They are a forum for conversation and debate not a binding body, per se. It is still early yet to know whether this will lead to more generally accepted social media marketing metrics but the intent is good - invite everyone to the table.
Conversation Impact
We have been planning and deploying social media programs for 5 years. we started by simply reporting relevant metrics. Sometimes this was like public relations "output" reporting (how many blog posts, comments, videos-posted, etc...). We graduated to a more menaingful "impact-based" model that we call Conversation Impact. We will discuss this model at the upcoming ARF Audience Measurement 4.0 summit in NYC.
We are jumping ahead to a credible and simple model that makes sense to brand marketers and can be implemented for most campaigns without requiring federal bailout dollars to underwrite the measurement plan. Using a mix of traditoinal Web metrics and new Listening Post methodology, we combine web behavior reporting and social media-based word of mouth to report against three big (and meaningful) categories: Reach, Preference and Action.
We purposely move beyond the trap of trying to quantify or value "engagement" and jump to what matters more to marketers - did we increase product preference?
Our model is open. Anyone can use it. the formulas are all revealed. we shall see how much traction it gains in the marketplace going forward.
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Lots going on from across different organizations. That seems as it should be for now. We need as many brains thinking this through as possible. Eventually, we need some 'coming together' around how to measure both the earned and paid side of using social media and, most importantly, the combineed effect of both. Will that be some combination of WOMMA and IAB working together? Will groups like SMAC step up to fill a legitimate void? Too early to tell.
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