The Reason Social Media Can be Difficult to Sell? It's the Indirect Nature of It, Part III

Guess this could be called Part II 1/2. Or the Need for Benchmarks.

One of the obstacles we're hearing from clients about engaging in social media programs is the lack of metrics.

Paul Gillin, a longtime journalist who has turned himself into a B2B social media guru and has a blog worth reading, was one of the first to point for the need to establish benchmarks -- and has written that several years later, we still lack benchmarks.

Traditional media has several established benchmarks, including circulation and the average time spent reading a magazine or newspaper. While time spent on a page is the basic equivalent to the second metric, it's doesn't provide the same snapshot overall.

In other words, the challenge remains: how can companies determine if they're getting any value from the social media initiatives.

In reading Charlene Li's new book, Open Leadership (disclosure: I received a review copy of the book), I came across another useful quote:

"In the absence of established metrics and benchmarks (for social media) you'll need to create them for yourself."

That's no silver bullet but the point is that companies have to experiment to determine what metrics make the most sense for them. If social media is about engaging with your stakeholders, it is also about the need to test -- and perhaps fail at first -- different approaches to reaching stakeholders.

I know that in the New Normal, getting budget or approval to experiment can be a challenge. Last night I talked with a very smart expert in small businesses, and she expressed concern about social media. But even as social media continues to evolve, it's not a fad that will fade away the way CB Radio did in the '70s.

And I know social media is not the answer for every client or organization. But at the same time, I think organizations should be asking the questions to see how they might benefit from reaching out over a new channel. Once you start doing so, you can start collecting metrics, and start figuring out which ones make sense for you.

Metrics from Online Sharing -- the numbers are not high, which is both good and bad news

If you've got a blog or a Twitter feed, or you're an online marketer (including PR), you want to drive traffic to your site, Twitter feed, etc.

And if you're an online marketer, and your client or boss is reluctant, one of the things you need to do is defend the ROI of social media.

And that has not been easy to do.

As I've discussed, each organization brings different skill sets, goals, experience and connections with their target audiences -- so the metrics that matter may be vastly different. My metrics may not be relevant to yours, unlike circulation figures for print magazines, which is an apple-to-apple comparison.

In "Share the Moment and Spread the Wealth: The Big Business of Driving Traffic Back to a Web Site," the New York Times' Brad Stone goes beyond an introductory article on the topic. (The paper of record finds itself often covering the basics so that it can then write deeper articles.)

Stone gets someone to provide hard metrics.

Ok, so Justin.TV disclosed that visitors to its site now share links from the site 6,000 times a day (up from 2,000 per day), now that it uses Meebo. That 200-percent increase translates into 68 percent growth in traffic to the Justin.TV site -- a big drop off, but a much, much better return than direct mail's typical 1-percent response rate.

What's interesting is that the CEO ShareThis reported hard numbers for retweeting. ShareThis provides sharing tools to major sites like FoxNews.com and ESPN.com. According to the Times,

When readers post a link from a ShareThis site onto Twitter, their followers often “retweet” the link to their own Twitter groupies. As a result, 18 Twitter users, on average, click on that link and visit the site. A single link to a story posted on LinkedIn, the professional social network, generates around eight visitors; Digg gets five clicks for every link posted to the site," ShareThis reported.

So, the good news: above are some metrics with which to compare your efforts. You may not be doing as badly as you thought.

The bad news: That's a lot of effort to generated 18 click-throughs, and that's for content from some very professional sites. And perhaps those 18 new visitors can help boost page view and stickiness metrics to tout to advertisers, but it still seems like a long way to go before that gets monetized.

Measuring Tips for Social Media

One of the challenges of social media, one of the reasons clients often have difficulty in being able to pay for social media is the lack of standard metrics. Remember: it's not that organizations don't want to use social media. They often don't know how to justify allocating resources towards social media.

BtoBonline ran a sidebar, "Common metrics for social media" that provides a list of metrics to evaluate. Unlike newspaper circulation or broadcast viewership, there are still no standards of success.

And some of the metrics may not apply to every situation, client or campaign.

But it is at least useful to start.