Archive for the ‘General Marketing’ Category

Not So Simple Definition of Social Market Leadership

As we have gone around the country speaking on Enterprise Social Strategy, we have struck upon a simple concept that seems to resonate with senior executives; social market leadership.

On the surface, it seems simple:

  • Thought Leadership – Stepping into the vacancy in the market
  • Market Offense – demonstrating market leadership via social media
  • Brand Defense – protecting brand reputation on social media
  • Associations – creating the forum for market best practices
  • Social Influence – building relationships with key market influencers
  • Social Marketing – influencing the market’s requirements for competitive products

However, ask we dig deeper, we realize that how you measure or even how you define what you measure is critical. We have been asking industry leaders “Who is the Social Market Leader in Your Industry?”. We get a lot of “We are…” then after we ask them “how do you know?”, we get “What do you mean?”. Then when we explain what social market leadership means to us, we get “We’re not sure…”

Our definition of Social Market Leadership… defining the thought leader in the social market with influence over public social networks like Linkedin, Twitter, Facebook, etc, as well as, industry communities, groups, forums, blogs hosted by vendors, associations, publications, enthusiasts, etc. In some industries, we do an audit and find over 100 unique platforms excluding the blogs.

How do you define thought leadership? Are you sharing your information with others? It isn’t what you say, it is what other say about you. How frequently do they interact with your information? Do they react positively? Do they tell everyone about what you say?

How do you define influence? Do you have credibility and reach? it isn’t about reaching everyone n the market. It would be nice, but for most businesses, that isn’t realistic. The brand icons already have a well established brand reach and they are considered a market “brand name” that define a standard. For the rest of the companies, there is a trade off between reaching everyone and reaching the right market cost effectively. Influencers are really about prioritization. Do the influencers have the “mojo”? Do they have the reach AND credibility? Can we hit the top 10% of the market and get them to evangelize on our behalf.

Market Leadership is not just Branding – There are algorithmic formulas out there that try to measure brand strength over social media. But, I think true long term social market leadership is really about creating a better customer experience through better engagement and interaction. With the transparancy that social media provides, companies are more and more realizing that architecting a better, holistic experience is critical to leveraging and maintaining brand equity and market share. If your social market share doesn’t represent your market share, might that be an indication of a problem in the market. If they don’t feel the same way about your company as you advertise, does that negate your market investment? Does your cost of customer acquisition go up because you don’t have brand evangelists and satisfied customers?

How do you measure Social Market Leadership? I think that this is the reason most organizations are struggling. There are simple measures from: simple Facebook fans, twitter followers, retweets, etc. To a little more sophisticated; social mention frequency benchmarking, sentiment scoring, number of influencer relationships, online community membership. To more complicated; taxonomy ownership, multi-criteria customer satisfaction, reputation management dashboarding, social lead scoring, share of customer voice, sentiment analysis benchmarking.

For those really pushing the limits of unstructured data analytics – the tools are rapidly moving towards ability to build a comparable, multi-dimensional dashboard to measure market perception differences between public social networks, online community members, and customer satisfaction surveying. Social media give such a dimensionality into buyer behavior, we think that we are only seeing the tip of the iceberg in terms of behavior analysis leveraging structured data analysis to build deeper analysis of unstructured social interactions.

No so simple an answer, but potentially worth a market.

I Have More Twitter Followers Than You

We recently got that feedback from a company that we were introduced to provide social marketing services and consulting. Struck a chord worthy of a blog post. It is a consistent theme as of late on what is the value of social media participation. How do you keep score? How do you measure ROI?

First, I will respond to the more “twitter followers” statement. SO WHAT? For all of those folks who are building massive follower lists on twitter without a relationship, are you really getting value out it in your business? Do you have a strategy to convert these “eyeballs” into business relationships and revenue or are you just collecting names to spam? Do you have a plan?

I think there is a middle ground. Despite working nationally and internationally now, I have been building a list of Atlanta based marketers because I couldn’t find one. I have published it and I am adding to it all of the time. It is my “give to get” to the community. Yes, I get followers from it and I get name recognition, but the real value to my business is that I am integrating that list into my offline branding. I am also giving back to the community.

I am interested in participating in the larger Atlanta marketing community because I live here and I want to be a part of it. I don’t get to many events due to family constraints; young kids and most meetings scheduled in the evenings or early morning right in the heart of family time. I do a fair bit of speaking so I get to talk about my favorite topic “social marketing”, but the reality is that I want to be more connected.

On the twitter front, I don’t tend to write pithy 140 character pearls of wisdom. I write longer, more meaty blog posts. I also don’t tend to forward research reports, or other content to my contacts because I want to create a reputation as a thought leader; hence why I spend the time that I do researching and writing my own take on the market. I use twitter to send out the headlines to bring people back to my longer blog posts.

So, in summary, I blog, I participate on the social networks, I integrate my offline marketing with my online relationships. I practice what I preach. Now if I had a larger marketing engine, I would be spending more resource dollars in building a sustained presence that reinforced our expertise, gave back to the market more original content, shared case examples, and tried to help the market synthesize the large amount of noise around social marketing. I do what I can do.

But, I don’t see having more followers as a way of keeping score. I would rather see a company or individual have fewer, better quality relationships that large numbers of followers on twitter. At least on Linkedin, you can get email addresses to build into your social CRM efforts. I actually send out an occasional email digest of my latest blog topics to my social contacts via email. This serves as a reminder of what I do, makes it easier for them to get the information, and allows them to forward as they see fit. I run an opt out program on those emails and I track the clicks, forwards, etc. The point is that a good integrated social marketing program can be qualitative and integrated, but a badly designed program becomes about meaningless numbers….

Now, that being said, you are welcome to follow me on twitter directlyat www.twitter.com/mmrosenhaft if you want the occasional headlines of my blog, or just sign up for the RSS feed.  If you are Atlanta-based and in marketing, I am happy to add you to my list of Atlanta Marketers http://twitter.com/mmrosenhaft/atlanta-marketing

10 Recommendations for Socially Enabling the Customer Lifecycle

We have had a lot of discussions as of late around how to socially enable the customer lifecyle. Also, begs the question “What does that mean?”

First, we are talking about how you manage customers from awareness, through interest, purchase, delivery, support, repeat, and referral. Depending upon your market, how complicated your sales process, channels, etc. this will vary to a degree, but we are talking about managing a customer from cradle to grave ( hopefully “not” grave). Companies are paying a lot of money for business intelligence systems, CRM systems, contact center, marketing and sales technologies to try and address the challenges around the heightened customer expectations.

Customers do not want the disjointed, endless closed loop frustrations of trying to manage a relationship with a company who doesn’t understand that customers choose from whom they receive “service”. This customer experience is bleeding through into marketing and sales with the ability to mass distribute customer complaints. We have all seen the blogs, tweets, viral videos, etc.

The company that can enable a sustained and coherent engaged relationship with a customer from introduction through purchase and repeat purchases will see a decline in customer churn, increase in referrals, and a decrease in the cost of customer acquisition. Bottom line is that better engagement with your customers leads to a better bottom line. The “means to an end” in this is through social media, online communities, collaboration, web 2.0, etc. type technologies that enable individuals to engage and interact online. Huge wins in terms of brand equity, customer satisfaction, and understanding of buyer behavior, beyond streamlining the service and support processes.

To that end, we spend a lot of time working with companies to design this roadmap since many are still trying to figure out how to get started, let alone walk or run. As we do a good number of presentations on what a roadmap looks like, we thought that we would share the high-level framework in the spirit of “give to get”; which is the basis of social marketing. Here is our recommendations:

  1. Find out what your market is saying. If you aren’t, you have no idea literally.
  2. Have a plan to engage with them on social networks, blogs, video, etc
  3. Build a good “fishing program” for lead generation
  4. Identify the top places, people, and discussions that your market is engaging
  5. Build relationships online as you would a good PR or business development program
  6. Build engaging content that will educate, entertain, or influence your market
  7. Build an online community for your customers, prospects,  and partners
  8. Listen to what they have to say, measure it, and respond to it
  9. Build an online community for your organization to collaborate and to engage employees
  10. Integrate your applications, corporate content, processes, and data into the community

Every Conversation is Social

What does that mean? You ever wake up and remember a snippet of a dream? We work through problems in our sleep. If you don’t capture it, it is gone. Or at least for me. So, I wake up with this “Build it and they will come” message in my head…. “Every Conversation is Social”.

It is like my subconscious is trying to punch through to my conscious to get the message through. I am reminded of the 1960’s scifi movie where they shrunk the space ship and floated through someone’s body. If they didn’t get the host to do something, they would be trapped. What message what trying to get through?

Every Conversation is Social – Possible Meanings

Consulting – every conversation that I have had lately has been around how to socially enable the enterprise; customer lifecycles, lead generation, enterprise search and collaboration. I have been feeling guilty about not blogging more, but we have been so busy since the new year with speaking opportunities and client meetings… Maybe…

Social Market Audits – we have been doing a lot of social market audits; looking at the market for companies to assess how ready their market is for social marketing and how to leverage social media for lead generation, branding, and thought leadership. Maybe a reflection of our discussions about how to identify networks, influencers, and conversations in social media.

Partners – we had a conversation internally about how to better empower our business partners to have the social enablement conversation in their respective domains; business intelligence, CRM, call center, employee engagement.

Kids – could be just simply a random phrase. I have been joking with my 4 year old that he “gets older every day”. Maybe it is just a tru-ism…

Really Important Epiphany – maybe it is a garbled thought that I can’t remember anything other than the last thought of a great idea – Like the Lassie commercial on TV lately – “Lassie, go… blah,blah, blah… Farmer Brown… blah, blah, blah… help… blah, blah… COOKIE…” Maybe it is like…“Every…. Blah, blah… Conversation… blah, blah, blah… social.

Could be a title – possibly for a great book or seminar on “Social Marketing”.

Really Bad Epitaph? – I really hope this isn’t the highlight of my life, though.

•… Or just maybe I have social on the brain and it is a random thought

What We Know About the Social Enterprise for 2010

As we wind down 2009, I have had a few moments to think about where we are going with this whole enterprise social media, online communities, social marketing, etc. So, here are my “true-isms” for 2010:

1. Marketing via Social Media is becoming mainstream. Most of it is ad hoc  and mediocre, but there are some notable exceptions and that list is growing. Finding less people saying “why” and more people saying “how”.

2. Innovators are starting to change the rules. When you see a market disruption, the early indicators are the ability to gain market share at low cost by disrupting the status quo. Doesn’t mean that twitter is your end all strategy, but you are finding companies that are leveraging multiple web 2.0, social, community applications to streamline the way they do business; either gaining new customers or efficiencies in servicing the ones that they have.

3. Customer Experience is becoming transparent – if your service sux or is barely mediocre, you need to be concerned. Social media is optimized better that static websites. This means the ANGRY blogger who writes a scathing review of their poor customer experience will get ranked higher than all of the money you just spent on broadcasting to the market.

4. Social Marketing is a “downhill” spend versus some alternative marketing channels that are “uphill” – Means that you get the snowball effect from a $1 spent in social marketing because you get the target audience, influencers, and search benefits. Alternatively, if you are having to spend dollars at trade shows, etc. you have to spend to counter the social marketing of your competitors, it is to a limited audience, and it is gone once you spend it.

5. Social Marketing doesn’t work if you apply a traditional marketing approach to the social networks. You cannot just message and broadcast your advertising or PR messaging on social networks and expect people to engage. The analogy is word-of-mouth marketing in the offline world. Do you hire a street team and then have them drive up and down the block with speakers blanketing the neighborhood with a speech? You laugh at the analogy, but that is exactly what many “interactive” major brands are doing online.

6. Social Media, Marketing, etc will extend from the public networks into the enterprise. We are having conversations with partners and CIOs around business intelligence, lead generation and tracking, customer experience management, enterprise application integration into internal communities, information architecture, employee engagement, organizational productivity gains, integration of external and internal communities, contact center integration, supply chain enabled applications, business process integration, corporate governance and compliance, MBOs, cross-functional alignment, ROI, etc.

7. Social Media is following the same path into the organization that the original “website” did… in the process became web applications, processes, ecommerce, etc. The original web solved a problem for people in aggregating and distributing information. Social Media solves the opposite problem in that it helps people with context and filtering.

8. The “Social Enterprise” is growing up. The last three years have seen pockets of cottage industry level “consultants”… but, everyone claimed to be a social media consultant. Saw the same thing in mid-90’s as everyone was a web consultant, but the difference by the end of the decade was that the real consultants figured out how to map back to business strategy and tie the web to business objectives, ROI, and core business issues. The real consultants figured out that they needed standardized, repeatable methodologies that were scalable across the enterprise (and enterprises) and transferable to their clients. The applications they developed focused on “big” problems and the size required sophistication and strategic understanding. 2010 will be the breakout year for many consulting organizations as they move from tactical point applications to enterprise solutions.

9. Organizations that have embraced the new collaborative economy and all of the challenges and opportunities in 2010 will face hurdles in converting to the social enterprise, but the smart ones will understand that the risks are too high. Smaller companies, non market leaders are looking for an edge or opening to exploit and grab market share or enter new markets. In a down economy, you have to leverage what you have better. The larger companies that cannot adjust can find that market share is a trailing indicator of performance (how we did) versus social media which is a leading indicator (what people think).

10. From 1989 to 1999, 62 of the top 100 companies on the Fortune 100 list changed. 62 came off and 62 new ones entered the list. If you think about it, 62 of the top, most respected market leaders got caught from behind and eclipsed in one decade with the selective use of a new technology and widespread business process reengineering. 62 of those CEOs and other executives probably said, “web?”, not going to affect our business. I wonder how many of them retired early…. I wonder how many of the top companies and executives will still be on the list in 2020…

When Marketing Goes Too Far

I had coffee yesterday with John Caslione discussing his new book that he wrote with Philip Kotler called Chaotics: The Business of Managing and Marketing in The Age of Turbulence. As we were discussing the “New Normality” (www.chaoticstrategies.com), I was explaining how we did social marketing and how word-of-mouth marketing isn’t new, but word-of-mouth marketing is relatively new to the web. He stopped me and told me that I needed a better description for the new marketing model. It got me thinking so I looked on the web to see how people are describing this:

  • Social Media Marketing
  • Social Marketing
  • Relationship Marketing
  • Influencer Marketing
  • Social Network Marketing
  • Evangelist Marketing

I woke up this morning with the “right” description. It isn’t Word-of-Mouth marketing over the web, it is “Net Word Marketing”. We help companies spread the “word” over the web and social media…

Thinking that I was on to something, I decided to try it out on my wife to see her reaction. “Honey, I decided that we do Net Word Marketing, what do you think?”

Well, as I caught her as she was helping one of our sons get ready for school; so I think that she didn’t hear me very well… “NERD Marketing, I already knew that…”

Needless to say, I am still working on the better description of what we do…

Why Social Media Really Matters to Business

Now that my email is finally working, I can continue a theme that started as my big “rant” about customer service and apply it more globally to why social media matters to business. Lost at the bottom of that long post was a case example of why my hosting company did not get the impact social media was having on it market. They are the market leader in domain registration, but they were losing the war on market perception. They are opening the door for competitors.

It doesn’t really matter how many people will join a “I hate XYZ brand” facebook group. Nor does it matter that one exists. It is almost a badge of honor to have a “I hate” group. The larger point was that they did not have a group of their own. They had more employees on linkedin than their facebook group. What does that say for a leading internet company?

Additionally, I put a major “rant” post out there that was pretty brutal in the describing the poor experience. I heard nothing back. You would expect that even a counter post, or a message back on Twitter, Facebook, or Linkedin, or something, but the silence was deafening. That is the major point. If you realize that for all of the money that your company spends on “branding” can be balanced by the broadcast messaging from your disgruntled customers, what does that mean for marketing? It is becoming more telling that customer testimonials, good or bad, are displacing and discrediting marketing. All of that advertising dollars now go to getting back to a nuetral position, forget about creating a positive. That I think is the underlying issues with social media for business.

Additionally, couple customer messages with the employee or ex-employee messages out there. The most damaging Anti-brand sites are run by disgruntled employees or ex-employees. Not only are they pissed off, they have insider knowledge about your organization’s warts. The ex-employees have an axe to grind and they are using it.

So, what does that look like. You spend a lot of money on advertising, your website, direct marketing, search engine marketing, etc. At the same time, your prospects do a search and see all of the negative opinion of your service. Doesn’t matter if it is actually true or not, perception is reality…. if you don’t counter it, enough of it will be taken as a sign of larger problems. If you are a public company, it is even harder to counter that because of the communication restrictions. You have seen instances of short sellers creating rumors to drive stock prices down, right?

Well, how do you counter the negative noise? First, assume transparancy in your customer experience. What happens will get out. I would be looking at ways to strengthen my processes, bring my employees closer to the customer experience, and making sure that we are using the web 2.0/social media collaboration tools internally.

Second, I would make sure that I am systematic in my social marketing participation. For those companies that ban social media sites from corporate networks, you are running a race with one leg tied behind your back and are even farther behind.

The point of social media is engagement. The good companies are empowering employees to become ambassadors for the brand out on the web. They are anyway… everytime you tell someone who you work for socially or professionally, it represents the company. If the guy is a schmuck or arrogant, it reflects on the company. It is hard for business leaders to realize that it isn’t about them… companies are made up of people, cultures, and relationships.

The best companies are trying to tap into that internally and externally. What if you could take your internal employee engagement and extend that to ex-employees. There are tons of corporate alumni networks. Many of them are proud of their experience and would love to advocate on your behalf. Probably for self-interest reasons in that if the company has a good brand, it translates into better marketability to be associated with a strong brand.

Also, the best way to prevent disgruntled employees and ex-employees is to improve engagement and communication. If you lay someone off via email and cut off their system access overnight before they know themselves, then you are probably going to get the same level of respect that you give out. If they don’t have a forum for communicating their emotions regarding a layoff, they will create their own.

Additionally, a layoff or a firing is a reflection of poor management. As business leaders, we have to realize that separating an employee from a company is on us. We made a poor decision that led to this situation. It may be the right decision to separate them now, but we made a bad one before. Same with business decisions. Giving a voice to that and receiving the feedback will actually difuse the situation. Hiding behind the corporate veil only compounds that situation.

As we do research into social marketing, we are seeing a pattern emerge. Companies that engage employees and treat them with respect are the ones who are winning the war in social perception. Companies that assumes that employees will behave badly or who ignore customer complaints as annoying distractions, are getting hammered online.

If you are a large player, you have a lot more to lose. Public companies get nailed for missing forecasts when they are growing market share, they get hammered when they lose it. The average tenure of a CMO is something like 2 years. Part of it is the pressure to perform, but a lot of it is the speed of market conditions are accelerating.

You see the same in College Football Coaching. You don’t get time to have a “rebuilding” year in either case. If you are doing the traditional market development and branding model, it takes a long time to turn negative brand perception around. You don’t have it. You have to figure out how to first address the fundamentals, then perceptions, and then focus on growth.

Not spend more money on flashy marketing campaigns and larger budgets to drive more customers. Not that you will get bigger budgets in this economy. You are fighting inertia in that the more you spend against negative perception, the more desperate that you look. People are intuitively discounting marketing messaging.

There is a great deal of cynacism in the market when it comes to corporate messaging. It is perceived as self serving. That is why buyers are craving social media; it is perceived as authentic. A complaint from a customer is perceived as a natural response to a poor customer experience. It isn’t seen as self-servicing, but rather a natural response to an impotent customer service interaction. Other customers can relate to that more than they can relate to a canned advertising message…

This isn’t going away.

Flashback to Web’s Impact on American Business

As part of the preparation for a recent presentation, I pulled together research on the Web’s impact to the Fortune 100. Our belief is that social media will be as disruptive as the web for a number of reasons; which will each have their own posts over the next several weeks;

  • Addresses some of the challenges with search engines
  • Represents a shift from intellectual driven purchase management to a more emotional model
  • Provides contextualization for  people to organize information based upon personal lenses
  • Represents the transition from static information management to a more dynamic model (only going to accelerate)
  • Evolving to enable people to address the challenges of information overload; ie. inbox, search, communications, etc. Social media will enable people to begin to sort through the morass of information. (Yes, it is contributing to the challenges today, but the tools are emerging to assist in attacking these problems in unique ways.)

So, as part of our research, we looked at the Fortune 100 lists from each decade going back 40 years. Amazing statistics… you can see the impact the personal computer had on business and then astoundingly, how much impact the web had… Over 60% of the largest companies in the US were eclipsed in one decade… some came back to the list, but I don’t think you could minimize the disruption to American business. And yes, if you had asked the business leaders of those businesses, who had just seen the PC revolution, on how the web would impact their business, most scoffed…. “fad, not useful, don’t get it, waste of time, etc…” sound familar?

Comparison of the Fortune 100 lists from 1969, 1979, 1989, 1999, and 2009

§1969 to 1979 – 15 new companies entered the Fortune 100 list
§1979 to 1989 – 29 new companies
§1989 to 1999 – 62 new companies
§1999 to 2009 – 29 new companies

Traditional Sales and Marketing Roles are Blurring

Reposted in full version from www.salesjournal.com blog as guest columnist

I can hear the collective groan from the Sales Journal readership, but social media is blurring the traditional lines. Sales now needs to be concerned with participating in linked-in groups, answering linked questions, participating in community forums, reading blogs, sharing tweets on twitter, sharing photos, Facebook, etc. along with their traditional lead generation activities. Sales organizations now have to worry about broadcast messaging to communicate the product value proposition and greater educations across a wide audience.

Marketing now has to focus on the 1:1 relationship whether out on the social networks or in the corporate community/website. Marketing now gets measured on lead productivity, the value of discussion versus broadcasting, and the effectiveness of their ability to assist the sales pipeline. This is far more intimate and front-line than many marketers have been traditionally involved. Additionally, the marketing organization has to worry about the specific prospect’s motivation and the customer experience.

Social media changes the rules as the relationship dynamics are more fluid because the buyer behavior is changing. The 1:1 conversation can now happen in a public forum or be forwarded (re-tweeted) to a broad audience. Customers are also doing buying research on social networks and blogs.

In the last few years, this research has gone from search engines towards social search where they value the recommendations from participants over the traditional advertising messages from marketing. Also, they buyers are doing their research prior to engagement with vendors. If you are not in their research, you are not on their short list. This means that you have to do education prior to engagement; which is the definition of evangelism.

This is causing a considerable amount of disruption in the market and within companies. You can see the whole emotional spectrum played out; fear, skepticism, frustration, doubt, distain, and even elation. Marketing is being held more accountable for results and Sales is being held to a higher standard for managing communications.

I see this as the natural evolution. Customers don’t want to be “sold”, they want “to buy”. That means they want education earlier in the sales process; which means you need to adjust the way you support their buying process. Hence, the shift in roles between sales and marketing to align more along stages of evangelism versus functional silos. Sales and marketing should be held accountable to the same results if they are working on the same objectives. The roles will be more fluid, but the expertise is still there and can be very synergistic if leveraged correctly.

Three Areas for Thought

On the People front, you need to assess how your sales and marketing organizations are aligned. Are they designed to optimize the business or the customer experience?

On the Process front, you need to rethink your approach to branding and content development to empower Sales to have the 1:Many conversations. Can you create component messages that can be tracked and measured?

On the Technology front, do you have the right tools to support the 1:1 and 1:Many conversations across social media, manage the library of corporate IP & marketing content, and manage the lead conversion from the social environments?

Wish List for Social Marketing Metrics

I get requests to review social media related platforms all the time; functionality, metrics, and integration. Some of these platforms are really good and some of them will die a quiet death. I make it a point to not discuss any specific platforms just because I want to stay strategic in this blog. But, I think there is value in outlining what I am looking for in the way of platform measurement capabilities that will support my social marketing strategy. Here is my wish list of activities that I want to measure and for which I am trying to collect tools; some of which is available and some is still not ready for primetime…

  1. Automatic Chatter Analysis – who, what, where, when, why, and how with comparisons, triggers, analysis, and a dashboard.
  2. Synchronization of My Social Networking Contacts – cross platform and multiple networks with the ability to start with one and find someone on another; i.e. uploading a twitter contact and have the ability to synch with LinkedIn or Facebook or email.
  3. Social CRM – then do that for all of my company’s contacts, dropped into a CRM system which I can then manage multiple contacts, campaigns, and relationships
  4. Online Community Lead Scoring – apply lead scoring to my own hosted community. I want to be able to identify when activities in the community indicated greater interest and send that into my CRM or multi-channel marketing system for follow up.
  5. Multi-Channel Reach Measurement – include social networking channels, twitter, blogs, back links, SEO, & SEM. Not just email and web analytics.
  6. Social Influencer Scoring – compare the various potential lead influencers to compare; blogs, communities, social networks, twitter, forums, sites, etc.
  7. Lead Source Analysis – Need a better way of being able to identify and track indirect sources for leads. I can use the latest web analytic tools to identify pages, but I need a way to elevate that to identify the sources of leads to compare and contract; i.e.  2nd generation re-tweet triggers a wave of people to our website. I want to be able to match the tweet to the twitter user to the lead. This would require some serious integration between social media and web analytics with a healthy dose of marketing legwork.
  8. Strength of Social Marketing Channels – Once you can track, then you can evaluate.
  9. Cost of Lead Acquisition by Social Marketing Channel – This is the Holy Grail; to measure the cost of lead generation by channel. Cross match it to revenue from leads and lead source and you have ROI.
  10. Social Marketing Brand Strength – Measurement of reach, calls to action, and actual action. There are some metrics out there with proprietary formulas, but this is still nascent.

If automatic ROI calculations are still some point off into the future, then what can we measure today and how can we justify our expenditures on Social Marketing? My answer is that it depends on the “how’s”; how big, how complex, how sophisticated, how much is your budget, and how much time? You can track a great deal with the tools currently available which is more sophisticated than much of the traditional brand-oriented mass communications channels that exist today. So, the good news is that we are moving in the right direction, but it is still more art than science. Well, at least until the platform vendors provide the above capabilities.