In 2012, just about every marketer got on board recognizing the need for social marketing. More and more brands included social implementations to their marketing programs. And now, there is no shortage of “experts” making their predictions of social trends for 2013. (Okay, I added some context here as well. )
But this post is not a prediction. Social media metrics is a MUST for 2013. And I am putting my skin in the game. In the words of the great Peter Drucker, “The best way to predict the future is to create it.”
Before I share my efforts defining meaningful social metrics, let’s first review “What Successful Social Media Looks Like.” As I mentioned in that article, social marketing is not a strong channel to promote sales. But social is very strong at increasing Awareness, Consideration, Loyalty, and Advocacy. All of these attributes “tee up” sales. Thus we should measure social as a function of awareness, consideration, loyalty, and advocacy … at least as a start.
At Ryan Partnership, a full service marketing agency where I head up the social practice, I have defined the Social BrandAction Index. The Social BrandAction Index is a proprietary algorithm that weights different input parameters in each category of awareness, consideration, loyalty, and advocacy.
When I calculate the Social BrandAction Index for clients I come up with a number, say 237. The first question is “what does 237 represent? Is that good?” The number starts with a baseline and is meaningless at first look. The index needs to be looked at as a trend. You need at least four months of data to see how this number is trending. Trending is what is important. It tells how social programs are increasing (or decreasing) awareness, consideration, loyalty, and advocacy.
Certainly, the Social BrandAction Index provides meaningful information. But it must evolve, as social continues to evolve. For example, pins from Pinterest need to be added. At this time, Pinterest does not provide analytics that can be captured other than counting manually. Another case in point is sentiment analysis … it needs to improve significantly and it is part of the social metrics.
So yes. We have a start of meaningful metrics. But I will be the first to admit that they need to mature. So in 2013, I will continue to work on social media metrics modeling that provides the most accurate and telling conclusions of brand social marketing implementations. As I quoted Drucker in the beginning, “The best way to predict the future is to create it.” If you have some thoughts with regards to how we take social metrics forward, let me know. Maybe we can collaborate to improve what I have defined thus far.
Make It Happen!