Nikolaus Ong
Regional digital strategist, MRM Worldwide
I think improvements in analytics will lead to direct results. Now though, there are already many tools for social measurement, but a lot of measurement lacks integration. [Emerging tools] are able to give a lot more insight.
One trend we’re seeing today is the ‘six degrees of transaction’. Measurement should no longer be just looking at conversion, but looking at how social activities are connecting to online sales. All tools are now pointing in that direction, whereas in the past they were geared around things like buzz generation.
You’re going to have a lot more marketers demanding concrete analytics that show changes in things like revenue and customer service. We will see the quality of analytics improving. Up to now, one of the things to blame [for weak analytics] is that brands have failed to identify clear goals in the first place. Start with the right goals and we will start to see results.
Chad Warren
Senior product marketing manager, Omniture business unit, Adobe
The data that’s available is still rather overwhelming. Until recently, the emphasis has been on page views and click-through rates, and it’s been hard to sort through all the rich data to get to the point where it is meaningful.
There is still a lot of confusion, but marketers are starting to put the pieces together and ultimately want to know the effect social media is having on their business results. The key to [monetising social platforms] is tying data to business results. Historically, social media has been managed in silos, looking at things like engagement metrics, so it has been difficult to link to business outcomes. You have 100,000 followers — so what?
The key is correlating that data to processes measuring business results. On the monitoring side, using different algorithms to analyse revenue versus impact on something like Twitter can assess whether the volume of mentions had an impact on other areas of the business.
Ruth Stubbs
President, iProspect and digital media, Asia-Pacific
I don’t think we have enough data. The big opportunity with getting social right is around understanding the consumer. We are all attributing great results to our efforts in social media yet, we really don’t yet understand the impact of earned media on business results.
A lot of clients still think social media is just about tracking PR. The good news is, there are new tools on the horizon that will help us understand the impact in terms of sales. But we will need to develop specific skills in modelling this data to better explain the most effective ratio between paid and earned media. In fact, that will help many of our clients get a better grip on the role of digital as a whole.
To some clients, it’s also not all about sales when they venture into social media — it’s about loyalty and how that ultimately translates into a sale. All these things are going to translate into more data. We have to believe that the responses and behaviours that are driving that data will become more actionable or interpretive. Yes, we need more data, but more importantly we need more insight to provide more answers. Our quandary is how to create more intelligence around earned media; what it means, and how we can optimise it. We’re trying to interpret the value of what we’re earning. It is up to agencies to work out what their role in all of this is.