SOCIAL MEDIA METRICS (SMM) – Part II
A Millynneum Insight Primer

Social Media Metrics (SMM) is the “wild wild west” of marketing, the industry’s “new frontier.” Leading agencies are paid top dollar to help clients understand what makes customers tick.

Today’s MarComm execs analyze and monitor popular sites/blogs, make client ad rekos, suggest content and client-centric hyperlinks. Today’s newly minted communications pros drill for “deep smarts” to sharpen their clients’ competitive edge!

Execs from PR, marketing, customer service, interactive marketing, research and development (R&D) use social media metrics to expand market share. The most intelligent marketers amass a team of execs from cross-functional disciplines to direct social media programs.

In developing their recent monitoring and analysis survey, The Aberdeen Group developed a wonderful tool to examine your use or need for SMM:
http://www.aberdeen.com/survey/social%5Fmedia/. Survey participants receive a free summary that predicts how SMM will affect strategic decisions in the areas of:

> customer service satisfaction (including timely response to blog posts)

> customer insight

> social marketing products’ link/impact on brand objectives

> ability to predict customer behavior or determine product flaws

> customer affinity for new products/services

> monitor campaign effectiveness

> timeliness & accuracy of marketing decisions

> return on marketing investment (ROMI)

> provide research alternatives

> competitive brand info

> ability to quickly share SMM insight with key audiences/influencers

> advance warning about potential brand threats

Intelligent execs will expand budgets in this arena. If dollars aren’t available for a full-scale program, monitor social media and seriously think about a formal measurement program as you plan 2009/2010 budgets. Follow trends; plan now for the years ahead. Social media is on fire!

It’s critical E-suite execs in the engineering, electronic and IT/information technology arena have support from C-suite leaders such as the chief executive, information and technology officers. Most marketing and business pundits agree the best way for SMM to work is with a cross-functional approach, including commitments from key departments, including marketing, finance, customer service, corporate communications, etc.

If a multi-function mindset is embraced, it allows for broad thinking that can link products, trends and processes from the Americas to the Far East. Otherwise, if the right people aren’t involved, the SMM process will likely fall short.

Aberdeen Group also provides a comprehensive list of SMM analysis performance tools including: 1st2C, Attention, Biz360, Brandimensions, Buzzcentric, Buzzlogic, CIC, Collective Intellect, Converseon, Crawdad Technologies, CSC, CyberAlert, Cymfony (TNS), Echo Research, Envisional, Factiva (Dow Jones), Fluxmonitor, iCrossing, Ingegrasco, Kaava, Magpie Brandwatch, Market Sentinel, MarketClusters, Milward Brown Precis, Mindcomet, MotiveQuest, Nielsen Buzzmetrics, Onalytica, Radian6, RelevantNoise, Seer, Serph (ACS), Umbria, Verisign, Visible Technologies and Wagganer Edstrom Worldwide.

Pick what works for your company, but make sure you pick one.