Archive for January, 2013

Social Media Metrics are the (or at least “a”) new black. As a CMO I get at least two calls a week from some start-up that is tracking, researching or trying to cook-up some new way of measuring social.

Most efforts are muddled. Here’s why. They muddle tracking and monitoring (critical if you are looking to listen, understand your reputation and serve customers better) with measuring the performance of marketing investments in social. The reality is that most of these investments are a fraction of the total marketing spend. Think less than 2%. So why bother?

Ron’s most recent blog is right on the mark:

The most important question to address isn’t “what social media metrics should we be tracking?” but “should we even spend time and money developing social media metrics to track?”

Assume that a company’s marketing budget is $100 million, and that 50% of it is spent on TV advertising, 20% on print advertising, 20% on direct mail, 5% on online advertising, 4% on events, and 1% on social media. 

Of the six approaches that marketing invests in, which of the six would you want to have the most accurate marketing ROI metrics?

My top three would be TV, print, and direct mail. Cuz that’s where 90% of the marketing dollars go. 

If the CMO of my fictional company doesn’t have the “right” social media metrics in place, so what? Does it really matter that much? 

Not really.

That doesn’t mean social isn’t important. I’d argue it is THE MOST IMPORTANT PART OF THE MARKETING MIX.

Here is what marketers can’t ignore. We need to be clear on how we are creating value for our respective businesses. Social can significantly reduce the number of calls to call centers saving millions. That is value creation. Marketers can use the power of social networks to win new customers fast and at a fraction of the cost of other mediums. That is value creation.

Perhaps the HBR story that Ron takes issue with is semi-right here – although I am with Ron, you can’t just assume that social impacted sales. Correlation is a lousy means of proving impact.

The key here is to do social with intent. What this means is running programs and iniatives that are specifically social and at scale. Programs that lead with social.

Start measuring what you create for the business and you’ll be on the right path. Get caught in the social media measurement muddle and you’ll end-up going nowhere.

Critically, just do social. Do it now. The most effective social programs I’ve seen never started with a metric – they started with a great idea that got executed well against a clear customer need and social opportunity. The rest is history.

What gadgets are you using to track your fitness. Here’s a good list form over at TechCrunch. Here are mine, and some I’ve retired:

1. FitBit – small, accurate, easy to carry. Doesn’t do cycling well but great for everything else.
2. MyFitnessPal (app) brilliant tracker and food logger
3. Garmin Edge 500 (for the bike) – brilliant and essential for tracking rides
4. Strava (app) great for tracking rides. Garmin does much of the same for me but this is a handy back-up.

Retired:

• Nike FuelBand: too big and bulky. Not accurate. And I lost it.
• JawboneUp: Liked this. was a 1st generation unit and lost faith in it after all their issues with it.

So, there you go. What are you using to track your fitness progress?

Have always thought these were great pointers – although so hard to do — from a memo crafted by David Ogilvy on September 7th, 1982:

The better you write, the higher you go in Ogilvy & Mather. People who think well, write well.

Woolly minded people write woolly memos, woolly letters and woolly speeches.

Good writing is not a natural gift. You have to learn to write well. Here are 10 hints:

1. Read the Roman-Raphaelson book on writing. Read it three times.

2. Write the way you talk. Naturally.

3. Use short words, short sentences and short paragraphs.

4. Never use jargon words like reconceptualize, demassification, attitudinally, judgmentally. They are hallmarks of a pretentious ass.

5. Never write more than two pages on any subject.

6. Check your quotations.

7. Never send a letter or a memo on the day you write it. Read it aloud the next morning — and then edit it.

8. If it is something important, get a colleague to improve it.

9. Before you send your letter or your memo, make sure it is crystal clear what you want the recipient to do.

10. If you want ACTION, don’t write. Go and tell the guy what you want.

~David

Loved my first read of Egan. It’s been sitting beside the bed for too long. The passage of time is incredibly fluid in this one – and a theme itself. Thought the .ppt chapter was indulgent and confusing. Didn’t do much for me.

The rest of the story was great. Well worth the read.

_****