Measurement! What Is It Good For?!
“Measurement is like laundry. It piles up the longer you wait to do it.”
Most things in life have inputs and outputs. You do your homework; you get a grade or, at least, the self-gratification of a job well-done. You put vegetables and fruit in a blender; you get a smoothie. You give your customers 'great' content and hopefully, get engagement and conversion as outputs.
As digital marketers, when we release this 'great' content into the ether, how do we know if it was well received or has accomplished the goals we set? That is when data collection, listening, and measurement come into play. In business, it is important to plan how we will measure the outputs of our actions, how frequently and have goals for success and failure and room for improvement. Amber Naslund, SVP of Marketing at Sysomos explains it best when she says, “Measurement is like laundry. It piles up the longer you wait to do it”, expressing the need to routinely check the results of campaigns and marketing efforts.
What is Measurement?
Measurement in digital marketing is a means of evaluating the effectiveness of the campaigns, online communities and other tactics against business goals and objectives. It is essential to be aware of your starting points (baselines), what you want to achieve (targets) and, how competitors you want to match or surpass doing, as well as your history (benchmarks). Measurement is incredibly important for being able to assess the return on investment (ROI) of your marketing efforts.
Types of Measurement
Hootsuite categorises two types of measurement, and defines them as:
Quantitative, which focuses on numerical values and their growth and decline over time. Examples include follower growth, click through rate (CTR), and conversion rate (CVR)
Qualitative, which is a more nuanced approach to collecting insights and is best done on a post by post basis. Examples include positive and negative sentiments and comments on new product launches.
When setting goals for measurement, we typically look at key performance indicators (KPIs) like conversions, engagement rates, bounce rates and sentiments.
While there are many tools you can use for measurement in digital marketing, here are a few to serve as a starting point for your exploration.
Sysomos aids in gathering insights, monitoring and analyzing data from your social media that can then be used for decision making.
Hootsuite can be used to measure and manage the performance of your social media networks.
Social Mention allows you to search for your company or keywords and gather real-time data about mentions, sentiments, hashtags and more from social media, blogs, microblogs, bookmarks, images, videos and questions.
As you can imagine, measurement is one of the biggest and most important topics in digital marketing that could have an entire blog solely dedicated to it (and there are many). I will revisit this issue, take a deeper dive into each type of measurement, and review different tools. Until then, click here for more on the topic from one of the best minds in the business, Avinash Kaushik.
What tools do you use for measurement? Comment below!
Thanks for reading!