Learn How to Measure Social Media Within the Context of the Competitive Landscape
Insight ⇒ Measuring Social Media ‘Likes’ is Useless
As comScore and others have aptly demonstrated, the number of ‘likes’ is meaningless, yet many brands still rely on this metric as a primary performance indicator. ‘Likes’ rarely return to the brand page so future engagement is zilch. In fact, the majority of Social Media measurement is fairly mundane and definitely out of context when it comes to highly competitive categories.
Insight ⇒ If You are not Measuring Against the Competition … You Don’t Really Know Your Social Brand Performance
Measurement in a vacuum does not provide insight into where your brand stands vs. competitive Social Media initiatives. This insight has gone largely unnoticed by agency and brand Social Media practitioners. Why? Because many practicing Social Media come from PR or out of college with virtually no media training. Social Media is Media and requires a thorough understanding of media basics and cogent media analysis … especially Share-of-Voice.
Do This ⇒ Incorporate Share-of-Voice (SOV) into a Social Efficiency Index
- To understand how a brand performs in Social Media, you must understand its relationship to SOV … how much it spends in advertising media vs. the competition. Social performance is directly related to how well a brand understands connection in the Social space and how much time & money is allocated to Social Media efforts vs. the competition
- Definition ➠ Share-of-Voice is the percentage of advertising dollars a brand spends in relation to the total advertising expenditure for the brand’s category
- i.e. if Geico spends $500 million a year and the total car insurance category is $2 billion, that equals a 25% SOV
- Definition ➠ Social Share-of-Voice is the percentage of engagement a brand earns in relation to the total engagement earned for the brand’s category. Unlike paid media, where services like Kantar easily track expenditures to calculate SOV, this is much harder in Social where paid, earned and owned media make it extremely difficult to track with reasonable accuracy
- In Social, we can take a specific channel with specific engagements and track them to make valid comparisons for a Social SOV analysis
- i.e. we can look at Facebook and easily and accurately compare follower counts for each brand and the category
- The following chart diagrams Social Efficiency for the paint category by comparing SOV in Facebook for the top brands to total SOV. While brands like Sherwin and Behr outspend the competition in TV, they were not dominant in Facebook at the time. Dutch Boy, Ben Moore and Valspar dominated in share of followers.
- Social Efficiency Calculation ➠ Dutch Boy Facebook Social SOV 1.6% ÷ DB total SOV .3% = 473 Social Efficiency Index
- Looking at a 1.6% Social SOV, one might conclude that Dutch Boy was not performing in this channel, but when compared to total SOV, the brand was actually excelling
*CLICK ON CHART TO ENLARGE
Not That ⇒ Stop Measuring What Does Not Matter
- Stop using likes, followers and other data without context to the competition
- Stop taking the easy way out by simply copying your software’s dashboard for Social brand performance analysis