(As I post this, I'm flying at 38,103 feet over Nevada, aboard Virgin America, on my way to San Francisco. In-flight wi-fi = awesome.)
I finally got around to reading this fascinating article from the Feb 15th NYTimes Magazine,
“The No-Stats All-Star,” by Michael Lewis, author of
Money Ball.“We now have all this data,” Alexander told me. “And we have computers that can analyze that data. And I wanted to use that data in a progressive way. When I hired Daryl, it was because I wanted somebody that was doing more than just looking at players in the normal way. I mean, I’m not even sure we’re playing the game the right way.” ... The games are games of odds. Like professional card counters, the modern thinkers want to play the odds as efficiently as they can; but of course to play the odds efficiently they must first know the odds. Hence the new statistics, and the quest to acquire new data, and the intense interest in measuring the impact of every little thing a player does on his team’s chances of winning.
If your work has anything to do with marketing on the internet, then this should sound familiar to you (if it doesn’t, 2009 is going to be even rougher than you feared).
As budgets shrink and companies demand closer accounting of every penny they spend, “measurement” has suddenly become the hot new industry buzz word. Clients are demanding a new level of accountability from their digital agencies, and it’s long overdue.
The implications of this shift, though, go well beyond a renewed interest in metrics that the client should have been getting all along. Clients are also seeking a greater level of detail in statistics across all marketing disciplines and executions. More granular statistics can uncover a world of new insights about a brand’s health online. Best of all,
tracking these additional metrics over time can give brands an incredibly deep and well-rounded long-term perspective on their overall success.Combined with standard online metrics like display advertising click-through, website visits, and length of engagement with a branded experience, new numbers from social environments will begin to give brands an idea of how relationships work together with reach and awareness to create a successful online marketing campaign.
There’s more to Facebook than fans.
- Are you counting wall posts?
- Are you counting fan photos?
- Are you counting discussions?
There’s more to YouTube than views.
- Are you counting comments?
- Are you counting subscribers?
- Are you counting embeds?
There’s more to Twitter than followers.
- Are you counting @replies to your account?
- Are you counting ReTweets of your messages?
- Are you counting mentions of your brand in the public timeline?
There’s more to blogs than mentions.
- Are you counting positive sentiment?
- Are you counting relative authority of the blog?
- Are you counting referral clicks from blogs to your website?
These details are just the beginning, and they should be thought of as the basic package.
The real fun starts when you can begin to analyze these metrics in order uncover indications of higher quality interactions, connections, and impressions.
What is the ratio of fan activity on your Facebook page compared to the total number of fans? (Is the community alive?)
What is the ratio of subscribers to your YouTube channel compared to the total number of video views or channel views? (Is you content genuinely compelling?)
What is your ratio of @replies and ReTweets on Twitter compared to your total number of followers? (Are people inviting you into their conversations?)
How many repeat positive mentions of your brand are you getting on the same blog? (Are you creating brand advocates?)
Not all brands are ready for all of this. But, all of these numbers are waiting to be counted. And in tough times like this, it’s more important than ever that companies build systems and devote resources to getting smarter. Some short-sited brands are going to blow their budget on lavish short-term spectacles. Let them. They may win the battle. Other brands are going to give themselves a view from 30,000 feet, and in the process discover their strategy for winning the war.
Comments welcome.