Too bad I can’t record every conversation I have about performance measurement and analysis, especially as they relate to social media and social business, and post them here. Granted, we’ve had some pretty solid ones on the #measuremob podcast (see archive here), but this time around, the discussion is a) accompanied by some video (which is nice) and b) not between people who fundamentally agree with each other.
In episode 83 of the Beer Diplomacy podcast, I discuss the differences between web metrics and business metrics with Marshall Sponder, author of Social Media Analytics (Mc Graw Hill).
What you will get out of this discussion:
– The limitations of looking solely to web/social metrics to determine the effectiveness of social media campaigns and programs.
– Why web/social metrics are merely intermediate data that help connect the dots between digital activity and measurable business outcomes.
– What measurable business outcomes are, vs. web/social metrics.
– How to think about business measurement when it comes to the effectiveness of social media.
– R.O.I. is not calculated in “likes” and “follows”. It is calculated in hard dollars (or pounds or euros or yens – the same currency used in the investment part of the return-on-investment equation, in other words).
– The measurement biopsy: A simple method that any business – no matter how small or technologically-challenged – can use to test the R.O.I. of each and every marketing channel it invests in, social, digital, analog, and otherwise. This can be done as a one-time test or to monitor the effectiveness of activities and channels over time.
If clicking on the image above doesn’t take you to the video, go ahead and click here.
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And as always, if you want to learn more about how to…
– properly build a social media program for your company
– develop a social business practice for your organization
– integrate social media across all relevant departments
– establish a social business structure for your department
– manage and integrate social media activity within an organization
– coordinate social activities with outside agencies and marketing partners
– connect social communications activity to business outcomes
– properly report your metrics and analysis to the CEO, CFO and other executives
– avoid traps and hurdles common to social media / social business in the first 2-3 years of integration
… then make sure you grab a copy of Social Media ROI: Managing and Measuring Social Media Activities in Your Organization (Que/Pearson) – the definitive social business guidebook for managers and executives.
Click here for the smroi.net site (where you can download a chapter for free and choose where you want to buy it).
Click here to buy the book straight from Amazon.com