Turning News Into Knowledge

e-Marketer today published a study saying that social media measurement lags adoption. The difference was quite large: while 86% of respondents had adopted social technologies, only 16% were measuring ROI.

Shocking, yes. But does this tell the whole story? While ROI is a great metric for tying efforts to a dollar value… It’s not the be-all end-all of social media measurement. In fact, if it is the only metric you’re looking at, ROI is actually poor measure of social media efforts.

If you are using it to its full potential, the real value of social media is in the relationships you build with customers and potential customers. The stronger these relationships are, the more likely they are going to turn into money–either directly or through referrals. This is what is often referred to as community building, and why many companies are hiring community managers. The downside to community building, from a measurement point of view, is it’s not an immediate gain… It’s not easily measureable and it’s definitely not easily turned into an ROI figure.

How can you measure community building? Engagement–Look at who is talking about you and how often. Sentiment–Are people talking about you positively or negatively? If you do it well and track these relationships over time, you’ll likely see them turn into dollars.

It should also be mentioned that community building is not just about posting to Twitter/Facebook, blogging and creating Youtube videos. It’s also essential you have a solid product or service and excellent customer service to succeed. This is another measurement obstacle, because you can have the best community manager in the world, but still fail if your offering is not up to par. This problem can’t necessarily be captured in ROI or any other metric unless it’s overwhelmingly obvious (it’s often not).

I can’t comment on whether or not the respondents in the study are measuring more than ROI, but I would hope so. What do you think? Should I be more worried about the lack of ROI measurement?

Have you ever jotted down an idea for a blog—then let it swirl around in your brain for awhile to get your thoughts in order? I do this all the time and quite often never get around to writing the blog in the end.  I’m trying to find a cure for this laziness, I think it’s called Twitter.

This was just the case a few weeks back when I read the first half of a feature story in the August (print) edition ofVanity Fairabout Politico–a politically obsessed news organization that reports every whisper heard in Washington on-demand.

On the first go around I had only read page one of the feature and I was already thinking about the great blog post this story was going to make about how Politico could salvage the future of newspapers.  You see, the sub-headline read as follows

Four old-media veterans may have solved the future of news with the Politico Web site, whose audience of six million obsessives and insiders consumes–and feeds–a real-time download of power data. The twist? Politico’s print version is what’s helped make it profitable.

few paragraph’s into the story I was extremely intrigued.  Four mainstream print guys had bucked the institution, created their own gig, figured out what their audience craved, and were profitable…and get this: it was the print edition that was helping them roll in profits.

They had 100 staffers, 6.7 million unique monthly visitors for politico.com, and seemed to scoop all the mainstream media on a daily basis.  What was the secret to their success that they could share with the rest of the media world? I was curious to find out and blog about it—but got pulled away from the story with something more pressing.

A week later I finished reading the article, and to my dismay, there was no secret.  There were no profits. Just projections of perhaps breaking even according to the CEO.

‘it appears….according to C.E.O. Fred Ryan, that Politico, paying its staffers at nearly the level that The Washington Post pays (starting salaries for reporters at the Post are about $45,000 per year), has hit breakeven.’

As the story unfolds we find out the online advertising wasn’t strong enough to keep it afloat, so a print version with almost verbatim copy is being produced as a freebie. The additional ad revenue from print is bringing in just enough to help keep it going.   Unfortunately, despite how much politico’s love Politico, they had not as I hoped figured out a secret business model for media to thrive.   All of their ideas have already been tried by mainstream media in attempts to survive:

• • Pay journalists peanuts. Check.
  • Build up our online audience. Check.
  • Help journalists become trusted brands. Check.
  • Scoop the competition. Check.
  • Try a freebie print version supported by ads. Check.

I’m definitely being a little unfair to Politico; building an online audience of 6.7 million people with a century mark of employees is a great success story.  But the sub-headline of the story had promised me so much more—it had sparked a good idea for the blog and I thought I knew what the message would be.  And there’s the saving grace and an actual link back to media analysis. You can never judge an article by just the headline or even the first few paragraphs.  To properly assess an article the full story needs be taken into account, and inherently that is problem with automated sentiment analysis the way it is being done today. It can take words and phrases out of context (or in this case in context) and not properly relay the right information to decision makers in an analysis report.

Over the years we’ve relied on our analysts to provide clients with a human touch–including toning and sentiment analysis. I’m a big believer in automation – and I think there are strides being made to increase accuracy and insights – but any proper media analysis program needs to have human intervention at various checkpoints to ensure the information being shared can be trusted and acted upon.  Otherwise you might just think that the solution to the newspaper industry’s woes have been solved…I’m still waiting, but hopeful.

One of the great dangers of social media is not saying too little, but saying too much.

Being a decision-maker and founder at MediaMiser, not only do I have intimate knowledge of where my company is going, but I also feel I have intimate knowledge of where the industry is going.

MediaMiser has a lot of credibility in its space and that opens the door to many different relationships. Plus, since a lot of my time revolves around technology and the operation of my company, I’m exposed to many leading-edge concepts.

There is so much I would love to communicate, but can’t. If I did, I could alienate partners and clients, and provide our competition with an edge.

This should not be just my dilemma, this should be everyone’s.  “Keep your cards close to your chest!”

So the question is, how do you give back and provide value so you are relevant?

The answer is there is no right answer.

It’s a tight rope walk that you need to struggle with and there maybe times where you make a mistake.  Hopefully, it’s not a big one. Keep in mind, when you say too much, you are not just hurting yourself, you could be hurting coworkers, partners, investors, etc.

Tips to avoid saying too much:

1. Don’t get emotional and always keep your ego in check: This is tough, especially if you are naturally competitive like most entrepreneurial people are.
2. Think of the consequences of communicating something and remember you can’t take it back.
3. Try to vet your information through someone else, especially if you are unsure. I personally do this a lot. It is not a weakness to know your limitations.
4. Provide a reason ‘why’ or an objective to posting information. If you can’t answer why, maybe it’s not a good idea. Warning: if you have a reason, make sure it doesn’t conflict with point 1, ‘don’t get emotional’. Some ideas seem good at first. Also, when justifying something, deploy point 3.
5. Wait a day before communicating something. This helps flush out ideas based on pure emotion.
6. Have a clear idea what your target medium is designed for. This may also aid in preventing abuse.
7. Develop a social media usage policy for your organization.
8. Develop internal social media networks. This has the potential of also creating a new set of problems, but at least in theory the damage will be limited internally. This also allows people to get familiar with social media. Practice makes perfect.

These tips aren’t designed to remove spontaneity or to stifle creativity.  However, it may be a side effect. This is why I wrote, “it’s a tight rope walk.”

First-if you’re an RSS subscriber, please click through and check out our blog re-design!

However, this is more than just a “come look at what we’ve done” post. Although this is the first time MediaMiser has re-designed this blog, I’ve been through the process several times before at previous jobs. I’ve also re-designed my personal blog many times. So I thought I’d go through some of the reasons why you should re-design a blog, or more specifically, the benefits of a re-design… In no particular order:

1. Usually leads to an increase in traffic and/or subscribers
   I’m not exactly sure why this is, perhaps because when you re-design, you may consider new or updated SEO tactics that help drive traffic or perhaps you’re so excited about it that you start pumping out great content that gets people interested. Whatever the reason, more traffic and subscribers usually follows!
2. Re-energizes your company about the blog
   Especially if it’s a multi-author blog, a re-vamp can get contributors excited about blogging again. Complacency is social media’s worst nightmare and it’s no different on your blog. Also it gives you the opportunity to promote it internally and get employees excited about your corporate blog. This, in turn, could lead to point # 1.
3. Helps you keep up with the times
   Things change so quickly online… Re-designing the blog helps you stay current by thinking about what could and maybe should be present on your blog. For example, we’ve now integrated our @MediaMiser twitter feed in the sidebar. We’ve also put the option to re-tweet posts, and to follow the individual authors on this blog.
4. Creates some buzz
   If people like what you’ve done, they may talk about you! While it’s no guarantee, it’s got a better chance of happening vs. not re-designing!
5. It’s a lot of fun!
   Maybe not for everyone, but at least from a PR or marketing perspective, it’s an opportunity to look at your brand and be a little creative. We believe the look of a blog should be inspired by the company web site and brand, but not identical, so it’s a great opportunity to have some fun and experiment with your branding.

So that’s it! Please let us know, either via comments (or email me directly) what you think about our re-design or share some other ideas about why it’s great to re-design. Or what about the other side of the argument, is there a downside to a re-design?