This posting is far later than it should have been, but my schedule has been hectic.
Things were going a bit pear-shaped at the office so I only got to see one panel discussion at Social Media Influence’09 conference. I got to see Social Media Measurement – Planning Campaigns and Understanding the ROI. The panelists were:
Return on Investment
Guillame doesn’t believe that ROI reflects the true value of social media. Instead he talked about return on engagement. People are still experimenting in this space and campaign success or failure is largely out of the control of the marketer.
Bernhard pointed out that the industry have put things back to front. The tools for measurement have been available for a number of years, however the methodology to stitch the measurement data together into something meaningful.
Michelle pointed out that marketers currently suffer from a ‘tyranny of data’ with a wealth of channel-specific metrics.
Responding to conversation is a real issue for ROI. You can’t measure everything in the world like the web.
Reach can be measured by current tools but it doesn’t measure ‘relationship quality’.
There needs to be a balance of reach versus the quality of engagement. In a business-to-business scenario reach is not that important, engagement is king, the NetPromoter score is an ideal measure. A good way to measure return on investment is SEO metrics: a key part of this process is using bucket tests to see what works.
Prediction markets as a measure of engagements
Customer relationship management has evolved so that companies can track and manage relationships with consumers at a one-to-one level of engagement.
Sites to look at: