Metrics for Social Media

Marketers are in two camps when it comes to social media: those who believe social media is THE answer and tweet about everything and anything, and those that believe FaceBook and Twitter will soon join other irrelevant fads. Time will tell.

I happen to believe in social media. But that's not the point of the article. It's the age-old problem in marketing: how do we decide the level of investment to devote to social media and how do we determine if that investment is worthwhile?

I believe it's the message, not as much as the following. The message will get you the following. For example, the blogger down the street providing relevant information to his target audience is more likely to influence behavior with his 100 readers versus Ashton Kutcher with his million Twitter followers.

Let's look at traditional media. There we have been able to determine what matters: the credibility of the source, audience reach, and opinion leadership that can be quantified with useful metrics that ultimately allow us to make educated investment decisions about advertising and PR programs.

Most of the commonly used metrics for social media are: unique visitors, members, posts, pageviews, number of groups, comments & trackbacks, time spent on site, contributors, completed profiles, connections between members...you get my drift. These are a victory in themselves.

However, while we can measure the ability of sites like the Huffington Post to reach and influence an audience, it's nearly impossible to measure the reach or influence of blogs. The tools that allow us to become a citizen journalist through blog posts or Tweets fragments the communications streams to the point that we no longer have the ability to measure the impact of most bloggers.

Why I'm a social media believer: Through collective force, it can be a great influence. It's a great tool when you want a focus group. The value for me is using social media to help me understand the conversations and issues surrounding brands and topics.

For now, I suggest following three rules for social media:
1. Measure the value by the insights it provides, not the numbers it delivers (the medium may change, the message does not)
2. Just because digital media is easier to measure, don't confuse that with it being the end all be all.
3. Use social media as one component of your communications.

That's my two cents.