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Conversation, Amplification, Applause, Economic Value I am going to break one of my unspoken cardinal rules: Only write about real problems and measurement that is actually possible in the real world. I am going to break the second part of the rule. I am going to define a way for you to think about measuring social media, and you can't actually easily measure what I am going to recommend.
Please see update 2 below, you can now easily measure what's recommended in this post. Social media is evolving at an incredible pace. Most of us have no idea how to participate optimally in this unique channel — we are doing TV on Twitter breaks my heart.
The impact on the data side of the ecosystem is that massive amounts of data is being generated and much of what goes for measurement in "social media tools" is profoundly sub optimal I'm being polite. We have IT-minded people engaging in massive data puking one report with 30 metrics anyone?
I want to propose a framework you can use to measure success using metrics that matter for one simple reason: They actually measure if you are participating in the channel in an optimal fashion. Use data to incentivise our companies to do the right thing by measuring what matters, what makes this channel so unique.
So what actually matters in Social Media? Not the ridiculous Followers to Following ratio.
Not the… well there are so many horrible ones to choose from. Did you grab attention?
Did you deliver delight? Did you cause people to want to share? Did you initiate a discussion? Did you cause people to take an action? Did your participation deliver economic value? The " so what? Oh, I totally forgot to say this….
If you don't fall into those two categories then this social media measurement framework might not apply to you. I'm proposing four distinct social media metrics we should measure, and this is so cool independent of the social channel you participate in.
When I say most brands do TV on social media what I mean is that we do the same uninformed shouting and pimping on social media that we do on TV. We know little about who is on the other end of the TV set and the medium places limits to what we can do.
So to make our marketing more efficient we shout more loudly, more frequently! We don't have to do that.
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|Account Options||Conversation, Amplification, Applause, Economic Value I am going to break one of my unspoken cardinal rules: Only write about real problems and measurement that is actually possible in the real world.|
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We can measure if what we are saying connects to them in near real time! And unlike all others, this channel has the word social in it! Social as in talk and listen and discuss. So why not measure that? What to do with it? A high conversation rate requires a deeper understanding of who your audience is, what your brand attributes are, what you are good at, what value you can add to your followers and the ecosystem you participate in.
That is why I love this metric. It forces you to do the right thing right away. And it is a lot of work. So aim for a higher Conversation Rate. Build your own watering hole in the digital universe.
Have meaningful conversations with your audience. That's Marketing money just can't buy. You can always be provocative, say silly things and get a high Conversation Rate.
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