How important is it to measure the results of your digital marketing efforts? In today’s world of endless potential programs with limited resources (time, budget, attention) it is more important than ever. In fact, metrics are so important that if you’re not measuring your results you probably shouldn’t bother doing the program in the first place.
To that end, if you are measuring your marketing you’ve probably heard of Avinash Kaushik and his blog, Occam’s Razor. Avinash is a constant source of great insight into the world of measurement and his newest post on Conversation, Amplification, Applause, and Economic Value described four of the best metrics you should be tracking in the vast world of social media marketing.
As his intro describes, the current world of social media measurement is sub-optimal.
“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!”).
I want to propose a framework you can use to measure success using metrics that matter for one simple reason: They actually measure if you are participating in the channel in an optimal fashion.
Isn’t that revolutionary? Use data to incentivise our companies to do the right thing by measuring what matters, what makes this channel so unique.”
Wait… counting fans isn’t the best way to measure if we’re participating in the channel in the optimal fashion? OK, just kidding, of course it isn’t, which is why so many companies and sites like Facebook have built in metrics and insights tools. Those built in tools have provided interesting information and now Avinash describes some better ways to check progress. To go one step further, the bottom of the post also provides a simple Excel based dashboard (created by Eric Ohlen – download here: Social Media Metrics Dashboard) you can start using right away to analyze and track the four metrics he proposes.
Check out the post, download the spreadsheet and track away. Remember, the real value of metrics and measurement comes when we take the next step and actually take action based on the insights gained. Set yourself a goal for finding 2-4 simple things you can do in the next 2 weeks based on what the data starts telling you.