All too often businesses are attending conferences like this and come away thinking they need to ‘do’ social media. Which to them means a Facebook page or Twitter profile. 6 months down the line they normally start asking where the ROI is. This is when they come to Brad and ask him to ‘measure’ social meda. This is the wrong way round.
Brad cited: 26% of online discussion mentions brands. Every one of those mentions is a media impression. Just because you didn’t pay for them or generate them, they exist and they should be measured and reported. These mentions can influence how people think about your brand or product. He showed a case study on TV Buzz which, from 20,000 buzz mentions created 10 million unique views and resulted in great reach for the brand. His point: buzz does equal reach.
This is a very nice piece about the value of social media. Today for some reason I’ve been reading a lot about how everyone is going to want social media even more next year, but that they still don’t know why. Measurement is absolutely key to the ‘why’. If you can identify what to measure, and how that ploughs value back into the business, then this informs how you use social media.
In particular, I love the way Brad says he is often asked to validate existing campaigns and that this is the wrong way around. I have been asked to perform similar miracles, such as “We’ve created a blog, what can we do with it?” Well, short of coming up with reasons for what you just did, I’d say you should have thought of this before you did it!
Anyway, read it. It lays out the issues nicely and shows how we’re still dealing with models that can be measured, and that can affect the bottom line. They’re just different models.