Lack of defined metrics and smaller scale keep marketers from tackling measurement challenges
In its “2011 Marketing ROI and Measurement Study,” Lenskold Group found that 14% of marketers thought they were very much improved at measuring ROI, 35% said they were somewhat improved and 30% said there was a slight improvement. Only 22% of marketers saw no improvement.
When it comes to social media, there are several outcomes that marketers believe they are able to measure well. On a scale of 1 (poor) to 5 (excellent), 43% of marketers rated their ability to measure the amount of engagement or participation a 4 or 5. Marketers also reported they are good at measuring new names generated (36% rated it 4 or 5), prospects or leads generated (32%) and a change in awareness or perceptions (26%).
Lenskold also found that around half of marketers consider social media measurement a high priority. Of the 45% who consider social media measurement a low priority, 41% said it was because they were still testing and experimenting on a small scale and 19% said they did not have defined metrics or objectives.
Of those who reported that social media measurement was a high priority, most (65%) said they made it a priority because they needed to improve effectiveness. Additionally, 59% said they needed to improve integration with other marketing.
As marketers experiment with more social media elements and make a greater effort to define their objectives, measurement will only rise as a priority. As it does, marketers will learn from their work and continue to grow in their ability to measure marketing impact overall.