We have a measurement/ROI fearDavid Gallagher – Cannes Lion PR category – What ROI/measurement world is this?Too many entrants mistake advertising equivalency value as a useful measurement of a result, and some as a result itself.Too many confuse a ‘like’ on Facebook with an actual shift in awareness, understanding or engagement.“The Evolution of Social Business Six Stages of Social Media Transformation.”Brian Solis / Charlene LiOnly 34% of businesses felt that their social strategy was connected to business outcomesJust 28% felt that they had a holistic approach to social media, where lines of business and business functions work together under a common visionA mere 12% were confident they had a plan that looked beyond the next year
http://uclafacultyassociation.blogspot.co.uk/2012/10/the-third-tax-proposition-39.htmlToo many campaigns don’t have an idea of what success looks like – retro-fitDevelop a measurement/ROI framework early onSeparate our your objectives – business objectives, communication objectivesLook beyond sales or conversionsStructure your campaigns for ROIInvest in measurement – put it in your budgetsIt's amazing how many campaigns kick off without any clear idea of what success looks like. Retro-fitting ROI onto a pre-existing strategy is always going to be challenging.Your measurement/ROI framework should clearly separate out your different objectives – business objectives, commercial objectives, communication objectives etc. - and the measures you are going to assign to each.Having this framework in place from the beginning will ensure that, further down the line, you know exactly what you are doing.Often this means looking beyond just sales or conversions - social media returns that have a financial impact can come from a lot of different places within a business, so don't lose sight of that.Fundamentally, the way you build and structure your campaigns will have a direct impact on the ability to measure ROI. For example, you're never going to be able to measure against an objective to sell more products if you don't have a conversion route or call to action as part of your campaignFinally, measurement itself needs investment. If you haven't got budget allocated to measurement then you need to build it in.
http://www.flickr.com/photos/chanceprojects/6372676915/sizes/l/in/photostream/Seen some crazy measurement dashboardsBe selective – aligned to objectives and goalsThe ‘so what?’ questionTechnology has a lot to answer for – not tools firstI've seen some pretty crazy measurement dashboards in my time that really do try to measure everything under the sun. You need to be selective and need to ensure metrics are aligned to your objectives and overall goals.If, when confronted with a metric you can't give a good answer to the question 'so what?', then stop using it as a metric.Technology has a lot to answer for here. Just because you have the tools to measure something, doesn't mean you should.
http://www.flickr.com/photos/bdunnette/2072709902/sizes/l/in/photostream/KPIs can be dangerousIndicators only give a suggestion as to success/ROIOften used as proof-pointsBalanced spread of KPIs tied to objectivesIt’s tempting to confuse an indicator as a proof-point rather than seeing it for what it really isKPIs are great, but they aren't the be all and end all of social media ROI. By their very nature, indicators give you a suggestion of what is or isn't working/happening.But far too often they are used as proof-points - easy ways to try and give an impression of success. They aren't tied to objectives and don't give a measure of actual bottom line impact.It's easy to confuse the indicator as a proof-point rather than seeing it for what it really is.
http://www.flickr.com/photos/zeno77/2237191182/sizes/o/in/photostream/People are unique. Businesses are unique. Every single social interaction - online and offline - is unique.Deciding what to measure is hard – it’s noisySocial media can’t be seen as a standalone entity these daysSocial business could revolutionise social and ROIPeople are unique. Businesses are unique. Every single social interaction - online and offline - is unique.Deciding what to measure and how to measure it is hard. It’s noisy out there and it's hard to cut through the crap and focus on what really matters. That's why working hard to keep your focus on overall objectives is fundamentally important.We are moving to a place where social media media marketing stops being seen as a standalone entity. Social in its broadest form is a discipline that cuts across all aspects of business. The move towards social business is coming and forward looking brands are already doing a lot of thinking in this space. We are moving to a place where the insights we gain from social interactions begin to define and shape the businesses we run.Seen in this way (and helping us make sense of complexity), social starts to play a different role, with different objectives and different ROI potential.
http://www.flickr.com/photos/theihno/4156207919/sizes/l/in/photostream/Social media is still early daysNo one has all the answersBe hard on yourselfPlan your framework and be aware of your objectives from the start, but don’t be afraid to change themAlways ask the so what questionBalance your KPIsContinuously experiment and refine – bring in people from across the business to challenge youIt's easy to forget that social media is a very young marketing discipline and none of us have all the answers.Be hard on yourself. Always be asking the 'so what?' question. Balance your KPIs to ensure you are collecting metrics that help you see whether you are meeting your objectives.By continuously experimenting and refining, you can ensure your measurement framework is really proving returns for your business.