Which Social Metrics Have Value?

Nigel Fenwick
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.) 

Every day there is a plethora of "social media experts" offering advice on how to win using social media (and nearly all of it is posted on social media). In just a single edition of SocialBizBuzz on Dec 5 21012, you could read: Alistair Rennie from IBM writing in The Huffington Post on the differences between social media and social business; Francis Gouillart writing in the HBR Blog Network on the value of co-creating through social; and Mashable's Todd Wasserman opining on how most social media marketing is a waste of time

The wonderful parody of social media expertise produced by The Onion (see video) hits the nail on the head ... without real metrics how can anyone claim social initiatives deliver value?
  
 
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