As with any other popular emerging trend, social media measurement is full of jargon and newly invented (and hard to understand) metrics. From measurement methods to their interpretation, everything is up for discussion and debate. I thought it would be good to focus on the basics and come up with top 3 must-have social media metrics.
- Buzz = mentions, links and positive sentiments are good for brand equity.
- Engagement = Interaction and reach, whether its through subscribers/followers/fans or clicks on your content, are the most important metrics which represent engagement. Naturally broader / deeper engagement is correlated to increase in traffic to your digital assets.
- Sales / Leads / Conversion = the traditional metrics for direct response are as important in the age of social media as they were before. However not every social media campaign includes this factor so use this wisely.
The 2009 Wetpaint/Altimeter Group ENGAGEMENTdb Report chose engagement as their main metric. Why? Their report concludes that financial performance correlates with engagement. Intuitive, yes. Is all the evidence there to correlate financials with engagement? Not yet. Thats why we believe that its important to measure both engagement and the financials separately. And keep doing it for a while as it takes time to build such databases.
One must remember the basics when talking about metrics – a Forrester Research report, “Three Steps To Measure Social Media Marketing”, provides this reminder and offers the advice that a) make measurement part of your initial planning and b) only track the metrics that match your objective.
For those who are interested in digging deeper, please stay tuned for more posts on this topic. What are the top metrics that really matter to you?