How to measure the effect of social media? As we move from social media being a shiny object into something more sophisticated, the larger questions are being asked. This week we saw the release of comScore’s “The Power of Like” which is focusing on three US brands and their Facebook fan base. What’s interesting is their use of the panel in addition to other data layers to bring the big questions beyond just Facebook. They overlay against other sites and also with purchasing behaviour. Smart stuff and worth watching the video.
Havas Digital takes a similiar approach however with a different data set and a wider social media slate. Instead of just Facebook, the “Social Media Attribution, beyond user engagement” whitepaper looks into ad serving data as well as social media monitoring tools. The ad serving data include search, display, email and video. Both approaches are data intensive or “big math”.
Nonetheless both whitepapers help marketers identify some very important conclusions about social media. First, social media is affecting purchasing and therefore needs funding – how much depends on your product and your ability to manage the news feeds, twitter and forums where most of the brand exposure is happening. Second, social media should not be silo-ed off from other media. With much of social media being dependant on paid media to increase fan bases and exposure being overlapped across all media channels it makes sense that the social media schedule be managed within the blocking chart. On top of that there is the important of “paid social media” such as sponsored Tweets, featured videos on Youtube and Facebook ads all of which seem to be closer to how Search marketing works. And finally we see the continued rise of live campaign data through these types of tools to determine media strategies. As this trend progresses static syndicated data such as PMB becomes less important.