How do you measure the effectiveness of social media? Introducing TouchScore™
Unless you’ve been hiding behind a MySpace-sized rock for the past few years, you will undoubtedly be familiar with one of the most-asked questions in the world of online marketing: How do we measure the effectiveness of social media?
As far as questions go, it’s certainly one that has caused a lot of debate – and like most of the more perplexing questions in life, there are a lot of different answers. Which is a big part of the problem: Is there one single metric which trumps all the others, or is it a case of looking at the wider landscape? Is it all about fans and followers, or is engagement more important? Should your reputation be more important to you than the interactions of your community? And what happens when your strategy changes radically?
Everyone knows that ROI should be one of the main factors in measuring your OWN success as a brand – but how do you compare what you are achieving without a knowledge of what your competitors/peers are achieving?
Here at Tamar we know the ONLY way to measure the effectiveness of social media is by taking a holistic approach – ensuring you have a robust and future-proof measurement tool, which allows you to compare yourselves against your competitors – even if you aren’t doing the same things in the same places. After all, unless every brand in the world agrees to measure their social by the same metrics, how can you ever compare yourself fairly and accurately?
Well, we’ve got the answer – and we’ve called it TouchScore™. Here’s what it is, in the proverbial nutshell:
TouchScore™ aims to provide you and your brand with a strategic framework for measuring – and developing – effective brand/consumer relationships in digital marketing. The framework tracks almost 100 different metrics and measurements, using data feeds and APIs direct from all the major platforms and tools. Those 100+ metrics are then broken down in to five ’Touch’ components – as well as an overall TouchScore™, which is a weighted composite of each of the components – against 3 of your competitors.
Those five components are:
- Visibility – how visible your brand is to consumers online, in the places they are most likely to be looking.
- Involvement – the degree to which your brand involves themselves with customers through social channels.
- Participation – consumers’ ACTIVE interaction with the brand (beyond just buying it).
- Advocacy – the degree to which your brand is positively or negatively recommended by consumers.
- Commitment – a strong predisposition to choose your brand above other competitors in the market.
So why do you need TouchScore™?
Because it quantifies and measures the complex *relationships* that brands develop with their consumers online. By quantifying this relationship in a tangible way, it helps you to understand both how well you are achieving your goals and how you need to adapt and evolve. It also and allows you to adjust your strategy to fill the gaps.
The other big advantage of a tool like TouchScore™ is that it gives you a consistent measurement and benchmarking platform – independent of how yours or your competitors strategy changes. If you’re just looking at simple metrics like Followers and Fans, and you decide to change your strategy to incorporate a new platform, all your previous metrics are out of the window. With a composite tool like TouchScore™, you can continue to measure your overall strategy, safe in the knowledge that it will change and adapt just as you do.