Today the market is filled with discussions about how to measure social. Last month our CEO Brad Klaus participated in the eMarketing Association panel, “Social Measurement, Metrics and Behavioral Targeting” which addressed much of the current conversations around how to measure and leverage social effectively. A common refrain centers on the value of a Facebook Like or a Tweet.
While marketers are struggling with these kinds of questions, we’re tracking and driving tangible results with our clients. Rather than forcing brands to develop a new set of metrics, our Social Recommendation Marketing (SRM) platform helps drive better leads and increase acquisitions, conversions, and sales – all familiar metrics that contribute to the bottom line.
This focus on the fundamentals is underscored by a recent study of the “value of a Facebook like” by Millward Brown, Dynamic Logic and the World Federation of Advertisers. One of the key takeaways of the study was the value that Facebook has on brand loyalty. AdWeek writes that “marketers can confidently expect to improve the level of brand loyalty among their Facebook fans as well as create an engaged audience from which to glean important customer insight.” This is a vote for social as a key loyalty and engagement driver.
But the implementation needs to be done effectively to gain these benefits: quantity is hardly quantity. In fact, the fan page with the most fans in the study actually performed the worst in the study. The best returns on social efforts came from the brands that engaged its fans the most, rather than simply acquired them.
How are you measuring social?