You should read the Occam’s Razor blog’s post about measuring social media. It suggests that you try to measure social media interactions as conversations, amplifications, and applauses from your readers.
We’re all trained to view Media as a place to broadcast our messages. But if we start measuring a two-way dialogue like this post suggests, it’d be a fundamental shift of marketing — and business in general — for the better.
PS: The good news is that your competitors haven’t gotten there yet — the metrics Avinash’s post suggests aren’t readily available. If you’re really luck, maybe your competitors are still wondering what the “economic value” of social media is!
I find it extremely hard to measure social media for my business. I mainly use it for a channel of communication to my customers, not necessarily a way to sell or market to them…
I think that is the right approach, and we should not overdo the “measuring.”. Every successful company, and I mean “success” in the strictest financial sense of earning an above market return on invested capital (ROIC), has historically depended on unmeasurable offline social interactions — people talking about it with each other. Social media has taken social interaction online. Great. But that shouldn’t straightjacket us into thinking that it has to be measurable, when in fact it should just be second nature.