I had a friend ask me about quantifying social media metrics. Here’s my answer - most specifically about blogging:
Awareness -
1) Brand awareness online can be enhanced. Marqui improved from 2000 Google results to 248,000 within two weeks of launch of our “paybloggers” promotion, and climbed to more than 600,000 results while I was there.
We achieved greater brand awareness for a 24-person software company than many larger, longer established companies.
2) Thought leadership - web sites with lots of activity and inbound links are immediately valued as having ‘more authority’ than other sites. Blogging - in particular - drives activity (fresh content) and inbound links. (If you do it well).
3) Word of Mouth (WOM) - consumers trust each other more than media, and the internet is the only medium in which trust is rising, according to Forrester. If you’re having active, transparent conversations online with customers, prospects and influencers, you can generate positive WOM - or diffuse negative WOM by being publicly and immediately responsive.
Product / Market Research -
Ask your customers and prospects to give you feedback, and (because of the simplicity commenting online) you’ll gain immediate qualitative insight into your product/market expectations.
Leads and Sales -
1) Companies have built themselves and marketed themselves entirely around a blog (Clip-N-Seal) or leveraged bloggers to get the word out about their products (Stormhoek wines, etc.) in a relatively low-cost, viral manner.
2) As a result of our “paybloggers” program, we were able to establish ourselves as thought leaders in the blogosphere + “marketing 2.0″ space, and routinely generated 1500-5000 leads / month (via whitepapers and web-based presentations) for Marqui’s sales team.
3) As mentioned above, links and fresh content improve your ‘find-ability’ online significantly. As people increasingly go online to research products before they buy (online and in brick and mortar stores) your company/products need to be coming up into the top of search engine results. A blog is a great way to augment (or spend fewer) SEM dollars - because you get twice the buzz.
Customer Satisfation
Satisfied customers are given a voice, and dissatisfied customers are also given a forum to speak - and (when handled well) companies will benefit from transparency and honestly handling potentially volatile situations - it’s like the Tylenol scare. When issues crop up, you can hit them head on, instantly, and create more goodwill by being honest and straightforward.
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