Page 160 - Free the Idea Monkey

MEASURABLE RETURN
As for the last objection, that there is no way to measure the

impact social media have on revenues and profits: that is just wrong.
A quick Google search on measuring social media turns up over
seven million hits. A more in-depth search finds over 120 tools that
have been developed to do the same. A still deeper search reveals
this: we’re gaining on it. Tools and metrics are becoming more accu-
rate even as new social media platforms arise.

In every circle there are influencers. These people are the
Holy Grail of advertising. Social Media finally gives us a way
to find them, learn from them, respond to them, and let them
inspire their circle. What we have always dreamed of is now
possible. —Smart Person

(Ironically, if we probe deeper, invariably the executives sug-
gesting that social media impact is not measurable don’t have
many metrics or ROI in place with most of their other marketing
efforts either. Our point here: you should align all your marketing
with key financial outcomes/objectives and measure it in the con-
text of those objectives.)

But knowing you can measure the bang you get for the buck is
not the end point when it comes to social media. The real question
to ask is: “Are we getting what we want out of the conversation?”
Without focusing on measurable objectives, it’s difficult to justify
further investment. Or as the philosopher George Harrison put it: “If
you don’t know where you are going, any road will take you there.”

Then again, just because you can measure something doesn’t
mean it matters. Sure, you can discover that 436,315 young women
have commented on your blog about the latest in skin care, but if
that activity isn’t moving the sales needle, it isn’t helping you. The
only metrics that matter are the ones that support your objectives.
(Typical goals include increased brand awareness, increased sales,
accelerated new product adoption, enhanced organic search ranking/
visibility, customer retention and real-time insight.)

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