The Value of Social Media

57% of Conversational Marketing early adopters claim social media tools are becoming more valuable, according to a Society for New Communications report. Although 27% of respondents said social media is a core element of their communications strategy, they struggle to find appropriate metrics with which to measure their efforts.
More than half (51%) of organizations surveyed are formally measuring the success of social media initiatives. Standard measurement for other online marketing tactics, such as search engine ranking and website traffic, are also perceived as being useful for evaluating social media influence, according to the report.
In determining who are the most influential bloggers and podcasters, marketers indicate quantitative data: web and blog search engine rankings; frequency of posting; page visits/site meter rankings. Yet they also value less tangible forms of measurement, like quality/relevance of content and name recognition.
According to the report, these are the industries most and least likely to use social media tools:

• Most likely: Media, internet, communication, education, leisure, computer hardware, government, telecom, nonprofit, food and beverage, health services, electronics, retail, financial services, specialty retail and consumer durables
• Least likely: Heavy manufacturing, materials management and construction

Peter Kim listed in his blog the companies using and being used by social media marketing. The list was last updated on October 8, 2008 and contains 239 brands.

Federated Media announced in June the Conversation Measurement Toolbox, which is now live in beta. The toolbox enables marketers to track and analyze their conversational media campaigns, using an open, scalable architecture that collects, aggregates and reports data from internal reporting, third-party tracking providers, and social media application developers.
The CM toolbox will be available exclusively for select FM customers, like Intel and Best Buy, but will open to more brands in early 2009.

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