Social Media is now becoming endemic in our PR, Marketing, and Customer Service plans. But it is still a new area and presents several challenges when it comes to measuring your success. Over the last few months as we have approached 4000 winery brands using our system, we have been continually asked “what should wineries be focused on measuring?” For starters, here is what you should NOT be focused on measuring. Anything that is a “Vanity Metric.” What do I mean?
Look, we all like to compete and the notion of achieving big numbers feels good. But the reality is big numbers are meaningless without value. Some examples of Vanity Metrics include:
I am not saying you should completely ignore them as they are some metric of success, but they do not represent reality and mislead a brand in gauging meaningful performance in these channels. As an example, consider the post, The 7 Biggest Fan Page Marketing Mistakes, which dispels popular thinking when it comes to marketing and measuring the success of your Facebook fan page. In essence it says that although having more fans increases the probability of your posts being seen, it is hardly a meaningful insurance policy. Moreover the notion of “reach” for your posts that are shared or reposted is even more outrageous. It likens to the days of talking about a press placement and the circulation of the publication. The total circulation was the aspiration of the reach of the press but the reality was that only the people who read that piece within the publication mattered and no one knew how many actually read the article.
At VinTank we have assembled an amazing Board of Advisors. I am not bragging but stating a fact that these are some of the most talented visionaries in the digital arena with a keen focus on helping our industry succeed in digital and social media. They constantly help us behind the scenes with a myriad of activities but when faced with this continual question, I went to three of them to help us bring clarity on what are the RIGHT metrics to measure in social media. So here are three of the world’s foremost leaders in social media sharing what to measure:
First, in terms of strategy, all metrics should be connected to a winery’s business plan. Overall, the most important metric in social media is engagement. In terms of “owned” metrics (e.g., on a winery’s own Facebook page, Twitter account, blog, etc., where the winery activates its own messages), the most important metrics, in my opinion, are:
In terms of “public” channels (e.g., the universe of social media, where consumers activate the messages in blogs, forums, etc.), the most important metrics, in my opinion, are:
For us, the biggest two are engagement (particularly on Facebook) and share of conversation (vs share of voice).
In sum, there are two major metrics for measuring success in social media: engagement and share of voice. With this direction, these will be key metrics that we will be focusing on adding to our upcoming reporting features. We will be developing reports like: