Tag Archives: social media value

Five Social Media Measurement Questions I Hope (NOT) To See in 2014

2 Jan

I get asked lots of great questions about social media measurement. Following are five not so great ones I hope not to hear in 2014. 

How do you measure social media?

I get this question quite often and I enjoy it each time because if provides me the opportunity to make an important point about measurement and be a little snarky at the same time. Good stuff! When I get this question, my answer is always the same; “I don’t measure ‘social media’, I measure what you are trying to accomplish with social media.” This may seem like I’m playing semantic games, but the distinction is very important. Measurement is fundamentally about performance against objectives. So, we measure our performance against the objectives established in the social media plan. A lot of what passes for measurement in social media is really data collection – tracking Followers or Likes, blog traffic or consumer engagement on Facebook. Unless you have measurable objectives and targets in each of these areas, you are collecting data not measuring. What do you want to happen as a result of your social media campaign or initiative? Measure that.

QMarksHow much is a Like worth?

This question doesn’t come up quite as often as in 2012, but it is still asked and, unfortunately, answered largely based on flawed logic and/or research design. You may recall the first two ‘research’ studies attempting to answer this question came up with widely disparate values – somewhere around $3.14 in one case and over 100 dollars in the other. This alone should raise major red flags. Setting the flawed research aside, trying to assign a value to a Like happens because people are desperate to assign financial value to social media and determine ROI. Those are noble things to do, but we need to focus on the other end of the customer journey – have we created engagement, has the engagement changed opinions, attitudes, beliefs or behavior, and how those changes translate to Impact. Unless you understand the Impact created by your social media program you really can’t attribute value properly. I would argue that Likes, which can be bought or gamified, really have no inherent value.

Can I use a banner ad cost to calculate social media AVE?

This question is somewhat related to the ‘Like worth’ question in that it reflects a desire to quickly and easily assign financial value, when in fact assigning financial value is often hard and expensive. In this case, the questioner is attempting to take the highly flawed and discredited concept of Advertising Value Equivalency (AVE) and apply it to social media. Where this question typically comes up is in blogger relations where a company/brand/organization has worked with a blogger to earn ‘coverage’ on the blog and wants to assign a financial value to the post. They would like to say that the post is worth X, with X being the cost of a banner ad on the blog (setting aside, of course, that many blogs do not accept advertising). Equating cost with value is comparing apples to oranges. First, a better practice is not to assign value to each post, but to all the posts together in a campaign. Then instead of trying to say the campaign is worth say 14.35 ads, try to explain the actual impact the campaign has created on the target audience – e.g. increase in awareness, increase in purchase intent or, higher propensity to purchase more often. Once you understand the impact, decide if you have the data, time, expertise and budget to assign financial impact to the impact created.

Which social media listening tool do you recommend?

The correct answer to this question is, “it depends.” This is a bad question simply because there is no one ‘best’ social media listening tool for all circumstances and use cases. I believe you should always develop a set of platform requirements driven by the social listening stakeholders in your organization. Once these needs and requirements are understood, develop a custom RFI designed around the specific requirements you have identified. Have each of your potential platform partners respond to the RFI. Have the best respondents given you a platform demonstration according to a custom demonstration script you have developed. Pick the listening tool that best meets your unique requirements. The last three evaluations I have conducted for clients resulted in three different ‘winners’. There is no ‘best social listening tool, so find the tool that meets your requirements the best.

How many Impressions did we get with our latest social media campaign?

This is not a terrible question at all unless it is the only question asked or is perceived to be the key metric for measuring social media campaign performance. Too often, organizations use Impressions as their primary social media metric instead of engagement, influence or action-oriented metrics. Also, keep in mind Impressions represent an opportunity to see content, they are not the actual number of people who saw the content, that number is MUCH lower. Impressions always overstate the actual number of people who were exposed to your content and message.

If you plan to report on campaign impressions, please seriously consider only taking credit for those impressions that are directly against your target audience. If your target is 25 – 34 year old Males, you should only report on the impressions against this target group. Why take credit for 45 – 60 year old Female impressions when the product is not at all relevant to this audience?  Target audience impressions are really what you should be concerned about and what you should be reporting. Many people know and understand this but still persist in reporting all impressions because the number is usually much larger – meaningless but larger.

If you do report on Impressions, please consider using the emerging industry standard definitions developed by The Coalition. This will help ensure we define Impressions consistently and don’t confuse Reach with Impressions.

See things differently? Have your own pet peeve social media measurement questions to share? As always, thanks for reading. All the best in 2014!

@Donbart

Image credit: amasterpics123 / 123RF Stock Photo

What Is That Hit In The (insert major publication name here) Worth? Nothing, Unless it Creates Engagement.

7 May

A few months back someone posed a question in a Linked-In discussion group wondering how much the major hit in USA Today he had just got for a client was worth.  Obviously he is not the first PR practitioner to ask this question.  Before pondering the answer, there are several questions we should address first:

  • How many people in our target audience had an opportunity to see the placement?
  • How many actually saw it?
  • Of these, how many actually read the article?
  • Of those reading it, did it change their thinking in any way?
  • Did they forward it on to others?
  • Mention it in a phone conversation with a friend?
  • Visit a website?
  • Digg it.
  • Tweet it?
  • Blog about it?
  • Buy it?…

While one must have Exposure before Engagement, much like Awareness must precede Purchase Consideration, true value creation begins at the Engagement stage.  Using old school language, value occurs with Outcomes, not Outputs.  Seems simple enough yet the majority of PR professionals are still relying on output-oriented metrics like clip counts and ad value equivalents (AVEs) to judge success.  PR pros who are savvy about social media seem to be further evolved.  They understand that true value is not in the content (an output) per se, but in the level of engagement caused by the content.

Are you looking for value in all the right or wrong places?

Capturing the Total Value of Public Relations

15 Dec

Since public relations is a broad profession and may cover a wide variety of disciplines – media relations, online engagement, crisis communications, public affairs, executive counseling, brand building, events, reputation management, employee communications and financial communications to name a few – it is difficult to conceptualize the totality of value public relations and communication delivers to the organization.  For the most part, public relations measurement has focused on attempts to measure media relations value and is not really addressing the other areas very well.  When you are attempting to quantify the full value and ROI of public relations, taking the broad view paints a much richer picture.

The PR Value Cube is a tops-down conceptual framework for capturing all the ways PR is contributing value to the organization.  PR contributes value in one of three major, interrelated areas (Y-axis):

Marketing – Sales and other marketing oriented programs and metrics (e.g. lead generation) fit within this category.   The vast majority of PR measurement efforts today fall within the Marketing category.

Brand – PR contributes to building brands.  Value contribution in this area is usually more anecdotal than measured.  Experiential PR and many social media campaigns are contributing more to brand than sales or any other area.

Reputation – One of the primary overarching purposes of PR is reputation enhancement and protection, yet our contribution here again is usually measured more by ‘gut metrics’ than analytics.

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Within each major area we can examine value created through Engagement, Influence and Action (X-axis).

Engagement – to what degree has exposure to PR materials, activities and events created Engagement with the intended target audience?  Are they interacting with our content, creating links, forwarding to friends, talking about the brand, etc.

Influence – the degree to which Engagement has influenced perceptions and attitudes.  Likelihood to recommend the brand to a friend and brand consideration changes are two possible examples of Influence.

Action – as a result of the public relations effort, what actions if any has the target taken?  Did they visit the web site, tell a friend, buy the product, vote for our candidate, etc.

The value itself can take one of three forms (Z-axis):

  • Revenue generation
  • Cost Savings (e.g. employee recruiting costs decline due to strong company reputation)
  • Cost Avoidance (e.g. avoiding recruiting costs because employee retention/loyalty has improved)

There is one more important consideration when thinking about the total value delivered by public relations and social media.  That is time.  PR creates value on a transactional, short-term basis (e.g. the value of 10,000 potential customers reading your article in today’s Wall Street Journal) and on a process-oriented, longer-term basis.  Brand and Reputation are both examples of longer-term value.  Both are process-oriented, and build and lose value over time, often measured in years.  The other time dimension value created by PR is what I have referred to previously as the residual value of PR.  That is the value of the created searchable and archived content created by the PR function.  The residual value may take the form of influencing organic search positioning.

That’s a lot of value for one profession!  In 2009, let’s hope CEOs, CMOs and other decision makers increasingly recognize the great value and superior ROI delivered by public relations.

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