Avinash Kaushik has posted a great article on the fundamentals of measuring social media for business, and it complements our own recent rant about the need to think ahead about what your social media program should be out to achieve, and how you should measure that effort.
What’s really useful about his method is that it’s clear, simple, easy to execute, and helps cut through the enormous amount of static that’s being built up around social…as he summarizes:
We have IT-minded people engaging in massive data puking (one report with 30 metrics anyone?) and Marketing-minded people who are using lousy measures of success (”I got 158,632 Fans! Hurray!”).
His proposed framework measures four very sensible-seeming, progressive layers of engagement: Conversation Rate, Amplification Rate, Applause Rate and Economic Value.
Without the last, especially, a marketer is flailing at the wind if they’re attacking social media without any preconsidered means of measuring their result.
By following the methods he’s pulled together, it’s possible to get a real handle on the results of your social media efforts. More importantly, it’s yet another step in developing some logical and unified tools for social media metrics, instead of the scattered and often misleading methods presently at hand.