By Deirdre Breakenridge, Co-Author of Cyberbranding: Brand Building in the Digital Economy
If there’s one area of marketing strategy that deserves significant attention, it’s measurement. Back in the days of traditional communications, marketers were always held accountable for the results of their campaigns. We had to know if the marketing efforts raised awareness, created consumer loyalty, and moved products off the shelves or if our initiatives helped the brand’s reputation. However, much of our measurement was based on eyeballs or impressions. How much did that advertisement cost and how many people actually saw it in their favorite magazines or heard it on the radio during their morning drive to work?
Then we morphed into digital communications and were able to target our campaigns to capture activity and sales from clicks to conversations. And we became no strangers to the terms PPC and CPM. Today, as a result of social media marketing, we are focused on conversations and participation in the social sphere. Consumers are becoming more active in their Web communities and trusting the advice and word of their peers over the brand’s messages. As a result, marketers know they need to create opportunities for brands to engage with their consumers through high levels of interaction. Of course, social media engagement can lead to any of the following: awareness, perception, reputation, education, conversations, authority, leads/sales, etc.
With so much listening, monitoring, and measuring that needs to be done, how do you select the right tools to capture the metrics that show value to the brand? How can you tell the difference between the high-level/high-value interactions versus the Facebook “like” or follower on Twitter that never leads to a product sale? I’ve found a couple of different measurement techniques that show good value for any brand that takes the time to invest in these types of measurement. They are “share of voice” and “social influence marketing (SIM) score.”
If you are unfamiliar with these two metrics, here’s a brief overview:
Share of Voice
A brand’s share of voice includes any type of brand mention, which could appear in social networks, blogs, microblogs, message boards and forums, video and photo sharing sites, wikis, etc. Share of voice lets you hear what people are saying and where they are saying it, how they perceive your brand, and what they think about it. You can compare your brand’s share of voice to that of your competitors. You can also capture those communities that have a greater share of voice, allowing you to capitalize on any brand champions speaking on your behalf by building better relationships with them as they continue to be your advocates. It’s also a good practice to evaluate any weak areas where you can create stronger ties with your stakeholders and engage in more meaningful interactions.
Social Influence Marketing (SIM) Score
The SIM developed by Razorfish supports a brand’s attempts to track, analyze, and improve net sentiment by setting benchmarks against itself and also by comparing the SIM scores to that of its competitors. The SIM score is calculated by looking at the brand’s positive, neutral, and negative mentions in relation to total conversations, both for the brand and the brand’s industry. For example, net sentiment for a brand (which is calculated by positive mentions plus neutral mentions minus negative mentions) is divided by total conversations (positive plus neutral plus negative) to get a brand sentiment score. The same calculation is used to obtain the net industry sentiment score, calculating the positive plus neutral minus negative mentions, and then dividing by total industry conversations. The SIM score is equal to the total net sentiment divided by total industry sentiment.
These are only a couple of the metrics that can be used to measure the results of social media marketing. With so many conversations to capture from our consumers and other stakeholders in Web communities, we must embrace social media measurement. Whether you are using free tools (such as Social Mention and Alterian) or automated services (including Radian6 and Sysomos), it’s critical to turn up the volume on our listening/monitoring and measurement practices and show our executives that no matter where we market, there are results, and we are accountable.