Warc, 2 July 2014
LONDON: Brands will soon be able to measure social media ROI
if a new platform delivers on the promises being made by its supplier.
Media holding company IPG Mediabrands says that Performly
can programmatically value a brand's social media activities by examining all
brand-sponsored Facebook and Twitter activity. It measures the earned media
inspired by the activity, calculates the value of that earned media against
both the client's paid media pricing as well as industry benchmarks, and
aggregates the overall value into a currency dashboard.
Launching the product, Eric Weaver, Chief Social Officer for
Mediabrands' G14 cluster, noted that marketers had long struggled to prove the
true value of a 'like' or a 're-tweet', while assessing the impact of social in
the overall marketing mix had been equally problematic.
"Performly answers all of these questions," he
claimed, "by showing the financial payoff of social programmes and
allowing social to be measured in comparison to other traditional media
channels."
This was becoming increasingly important, he said "as
content proliferates and organic reach continues to drop, giving marketers an
even greater need to prove which content and approach really works".
The need to understand the business return from social was
highlighted in Admap last year when Erica Buckley of Edelman Digital wrote that
"thin metrics" were too often being used to attempt to demonstrate
social ROI.
She argued that marketers needed to first develop a social
media strategy with a clear vision of what it would do for the business. Only
then should they look at creating a key performance framework with a definition
of what success looks like and how it was going to be measured.
"Defining the value of social media should come before
you have built a million fans, rather than after," Buckley observed.
Data sourced from IPG Mediabrands, Admap; additional content
by Warc staff
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