The second keynote of the day was from Vipin Mayar of MRM Worldwide who covered “The State of Social Media Metrics”.
Vipin started off with some basics about measurement
He gave an example of the topic of depression. There was a desire to understand when people are most depressed. Dr. Cliff Arnall did research and found out the based on factors like weather, debt, etc. declared that January 22 was the most depressing day of the year. But new data shows that based on search volume, searches on April 16 were the highest for the year for the term “depression”. So he says “data is the new sexy”, but you have to know how to use it.
What is the buzz around social media?
Many marketers today either think that social media is overhyped (69% of senior marketers) and others think it is the number one opportunity for growth. eMarketer says that it is a $1.2B market – BUT, that’s only 5% of all online spend right now. By 2012 it will reach $1.5B, but that will still be less than 5% of the online market.
Why is it important?
Where are the consumers? According to various studies, depending on the source, about 45% of audiences are in social media spaces.
What is holding marketers back?
How do you measure and learn?
Digitial Media Measurement Landscape
If you’re not doing ecommerce, what is the right metric for digital media in general? The problem is that the digital marketing space itself is lacking the right metric to begin with. None of the traditional measurments, like click through rate and others, measure engagement. He uses an appoach called the Qualified Visitor(tm).
Social Media Metrics
Measurement here is even more important because we want others to publish our content. Marketers also believe that social media drives brand reputation, brand awareness and search engine rankings. But it’s hard to measure brand. You also have to be able to measure across all of the types of social media.
So what are the right metrics for social media? The metrics framework needs to have components from exposure to engagement to outcome to ROI.
Exposure is impressions, share of voice, reach, visits, visitors, unique visitors, and audience demographics. Engagement is clicks, time spent, download, content views, comments, ratings, uploads, content sharing, advocacy, content creation (text, video, etc.) and Qualified Visitors ™. Outcome is brand awareness, reported intended behavior (purchase or activity), topic awareness, attitude shift, perceived sentiment.
It’s also important to designate KPI vs. diagnostic metrics. Diagnostic metrics help determine what is driving the KPIs.
How do you get to ROI? You need purchase data. You can get this through:
Four steps to get to ROI via self-stated information:
Some key takeaways: