Duke University's Fuqua School of Business and the American Marketing Association performed a study where they surveyed chief marketing officers (CMOs) to find out what are the most popular metrics for measuring and tracking the performance of social media marketing efforts.
Changes in Social Media Metrics
For the most part, metrics used one year ago are pretty much the same as those today.
Still #1 is the importance of traffic/page views/etc... so analytics and being able to report these numbers remain strong. The biggest increase in responses regards the number of follower/friends list. This jumped from 24% in 2010 to 34% in 2011.
Marketers are focusing more and more on customer relationship management, and not just pushing sales and generating revenue. In Aug 2010, roughly 17% of those surveyed stressed the importance of measuring revenue per customer. In Aug 2011, that number has dropped in half to 9.6%
Our Take about These Social Media Metrics
Hopefully, those that are performing these actions get it. To us, it is never as important for how many friends/followers you have, it is more important to have quality over quantity. Trying to focus solely on increasing numbers can be a dangerous slope. Sure it looks good in the short run, but if these are qualified or active users, it is pointless, and in fact, could lead to turning off those who are advocates and heavily active for your company. We also find it odd that marketers are less worried about the revenue per customer stat, yet still increased their importance of numbers.
This trend will be interesting to follow to see how a more customer oriented approach may result in creating more advocates, loyal customers, and lead to increased sales and revenue.
What do you think?