44% of marketers say they haven't been able to show the impact of social at all and another 36% say they have a good sense of the qualitative, but not quantitative, impact of social initiatives. Marketers feel stuck with engagement metrics that don't tell them anything about the business impact of their social programs. And, some fall victim to thinking there is an industry standard set of KPIs that will reveal their social impact in relation to other brands.
Business impact: Show social programs' deepest value. The hardest type of social measurement is also the most important. This is the quantitative view of your social efforts that matter most to executives. Start by measuring attribution to assign a proportion of revenue to social programs or measuring social's impact on brand health.
Social marketing often feels like running a race against an unlikely competitor: your own customers. In the social media world, consumer behaviors and technical functionality evolve so quickly that the minute you feel good about your social presence and perhaps have even pulled neck-and-neck with your customers’ social media behaviors, they surge ahead and leave you in the dust. What’s your technique to keep up with this superior runner in this course-shifting race? Do you have a methodical training approach before the big race or do you improvise after you push off from the starting block? Most runners will tell you that it’s preferable to be in the former camp and not the latter.
The pace of social technology change and the volume of short shelf-life content make social networks a real-time media channel. Yet, marketers have trouble managing social content at the speed that it demands. Unlike traditional media channels (TV, print, and even digital banner ads), “social media” and “we’ve got months to do this” are rarely uttered in the same breath. As part of our new Social Marketing Playbook launch, the Processes chapter gives marketers a structure for managing social content in real-time and striking a balance between inbound inquiries and outbound messaging. Marketers ultimately need:
Forrester’s POST methodology for social marketing success dictates four steps:
Often, marketers lead with T, but they need to start with P. The $64,000 question about People is not whether customers use social media, but rather if they want to engage with brands on social media at all, and if so, how. That’s right, the first and most important question is not whether your competitors are on social media or if the latest social network has the coolest ad format; it’s what your customers want from your brand. Marketers need to know this to guide how (or if) they add social to their overall marketing strategy.