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Richard Pentin (of TMW) has done some sterling work by teaming up with the IAB Social Media Council to tackle the hottest digital marketing potato; measuring and benchmarking social media ROI. Well, more specifically measuring social media activity that in turn impacts ROI.
Despite the very serious sounding name of the IABSMC, we feel that this provides some great thinking that in a framework could well help us all to formalise a way to manage, measure and compare social media performance.
The SlideShare presentation talks through each step of the process from establishing your intent, assigning the most relevant KPIs around the 4 As "€“ Awareness, Appreciation, Action and Advocacy "€“ and references other benchmarks in order to draw meaningful comparisons.
What do you think are it"€™s strengths and weaknesses? It would be great to hear your feedback and ideas.
Why do we need a recognized framework for measuring social media performance?
Intent - this is your intent - your objectives and the context for setting your KPI"€™s. "€˜Intent"€™ can be anything from building brand awareness, influencing opinion formers, building a prospect database to uncovering product insights or enhancing customer service
4 A"€™s - Collate KPI"€™s into meaningful groups to tell a bigger story - this is similar to our RACE framework which defines a holistic approach to digital marketing including engagement with social media :
The importance or weighting for each of the 4 A"€™s is dependent on the intent, notes Richard Pentin. So "€œbuzz creation"€ intent may be more weighted to awareness and advocacy, whereas "€œlead generation"€ would likely be more about action metrics
Benchmark - without this in place metrics, Pentin notes, are completely meaningless:
Richard suggests several ways for defining KPI"€™s:
Check out the slides from 32 onwards where TMW have put the theory into practice for a client"€™s campaign.
In summary we think this framework is a positive move forward on the quest towards a better understanding of Social Media ROI. What do you think?
We also like this approach to create a social media dashboard for its simplicity and practicality - any organisation can create this without a sophisticated social media monitoring tool. The six measures to include on the dashboard are:
By Danyl Bosomworth
Dan helped to co-found Smart Insights in 2010 and acted as Marketing Director until leaving in November 2014 to focus on his other role as Managing Director of First 10 Digital. His experience spans brand development and digital marketing, with roles both agency and client side for nearly 20 years. Creative, passionate and focussed, his goal is on commercial success whilst increasing brand equity through effective integration and remembering that marketing is about real people. Dan's interests and recent experience span digital strategy, social media, and eCRM. You can learn more about Dan's background here Linked In.
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