The industry was outraged. But who’s really at fault here? Tina Moffett and I break it down like Judge Judy.
For The Defense: Facebook
How long did it take TV to standardize measurement? The social media industry is young and a fast-changing work in progress. Lest we forget, Facebook is only 12 years old and started as a platform for people; metrics was the furthest thing from their minds. But, it’s now the biggest social network serving people, brands, and publishers and is constantly having to prove value to all three. We would be surprised if Facebook was not screwing up along the way. To build their platform, Facebook will continue to mess up and correct, mess up and correct. Instead, let's focus on how Facebook's metrics woes will impact their relationship with marketers (and agencies):
Language is evolving; the written word is giving way to visual vocabulary.
Interpersonal communications are shifting from being text-based to image-based, and you don't have to look far for the evidence: We spell using the Emoji alphabet; we comment with photographs; we engage through pictures.
Therefore, it’s no surprise that consumer adoption of visual social networks is growing and that social chatter is becoming increasingly pictorial. Forrester's Consumer Technographics® data shows that US online consumers across generations are interacting with content on Instagram and Pinterest more than before:
As consumers become increasingly versed in the language of visual content, curated images become a powerful means of expressing opinions, conveying emotion, and recounting experiences. As a result, pure text analytics no longer suffice to interpret social chatter; instead, insights professionals have an opportunity to mine the wealth of media-rich data that increasingly pervades social networking sites.
Are you looking for a vendor or vendors to support your voice of the customer (VoC) program? Or are you reviewing your current VoC vendor(s)?
Selecting the right vendor or vendors can be hard! Why? The VoC vendor landscape is hard to decipher. There are many but relatively small vendors, and they rely on an interconnected network of partners, acquire each other at an impressive rate, and regularly expand into new spaces. And companies often already have a number of vendors they work with. In my recent webinar about VoC, most of the attendees had from three to five vendors that supported their VoC program in some shape or form.
But there are a few beacons to help orient you in your quest:
The VoC vendor market is an ecosystem. What vendors are the right “lid” for your “VoC program pot” depends entirely on your internal capabilities and the characteristics of your VoC program. We identified customer feedback management (CFM) platforms and VoC specialist vendors. CFM platforms support VoC programs with a robust set of capabilities that include feedback collection, integration of feedback with other data in a centralized data hub, analysis, reporting, and closed-loop action management. VoC specialists offer a subset of VoC platform vendor capabilities. Their areas of expertise range from surveying customers in order to generate measurement data to mining your unstructured feedback with text analytics, monitoring social media data, and consulting to help establish or evolve a VoC program.
For social media evangelists, the question on everyone's mind is this: "How do we effectively measure the business value of social initiatives?"
Even when we get close, there's always that pesky issue of causation vs. correlation — can we really prove causation even for examples with high correlation between social initiatives and business outcomes? (Read Freakonomics, or watch the documentary, for insights into the challenges of causation vs. correlation.)
We listened to marketers of the world’s biggest brands when they asked, “What’s the impact of Facebook on my brand?” and we decided to take a look for ourselves. We proudly present our latest research, “The Facebook Factor.” In the report, we answer the pressing question, “How much more likely are Facebook fans to purchase, consider, and recommend brands, compared with non-fans?” We used logistic regression modeling to find out. The impact? We call it the “Facebook factor,” and I urge you to read the report to find out how you can leverage our methodology to assess the Facebook factor for your brand.
In the report, we use four major brands as case studies to assess the Facebook factor for Coca-Cola, Walmart, Best Buy, and BlackBerry(Research In Motion [RIM]). Guess what? Facebook fans are much more likely to purchase, consider, and recommend the brands that they engage with on Facebook than non-fans. As the graphic below shows, Facebook fans of Best Buy are about twice as likely to purchase from and recommend Best Buy as non-fans.