The CMO Site reports on Internet marketing and metrics expert Jim Sterne's talk at CMO University. According to Sterne, you should measure your social media marketing programs for both their social value and their business value. Social media has value beyond traditional ROI measurements.
Sterne advocates goal-based measurements: ""If I measure everything toward the three goals of making more money, spending less money, and making customers happier, then I will be successful in business." The important goals of social media engagement:
- Social media is a channel for increasing reach and frequency.
- Social sentiment analysis allows you to see what others say to one another about your brand.
- Social media allows you to find people who can change opinion about your brand.
- Social sentiment analysis allows you to compare your brand to your peers'.
Getting People to Take Action
- Actions can now be social (retweets, Likes, blog mentions) or business (clicks, subscriptions, purchases).
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- Compare traditional media spending to social media campaign for an equivalent level of exposure.