Long story short: As a brand or marketer, the $$ value of social media activities is up to you. How much is a click worth? A 40 second video view? A post to facebook? Only you can know. coBRANDiT will be happy to collect your money. ;-]
Do you think it's tough to measure social media? It might be simpler than you think.
- Attention. The amount of traffic to your content for a given period of time. Similar to the standard web metrics of site visits and page/video views.
- Participation. The extent to which users engage with your content in a channel. Think blog comments, Facebook wall posts, YouTube ratings, or widget interactions.
- Authority. Ala Technorati, the inbound links to your content - like trackbacks and inbound links to a blog post or sites linking to a YouTube video.
- Influence. The size of the user base subscribed to your content. For blogs, feed or email subscribers; followers on Twitter or Friendfeed; or fans of your Facebook page.
So what's the monetary value of a visit, comment, link, or friend? Well, the only honest answer is "it depends." Only you know how much these interactions matter to your brand, regardless of industry, channel, or competitive results.
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On Peter's blog, I posted a comment:
"Great outline Peter-- I love reading this kinda stuff, 'cuz i'm trying to figure out how to charge for it everyday. As a professional social media producer/consultant, what i see is that right now brands just say "i have X dollars, see what you can do" and they're not paying for specific interactions. The interactions are the "viral" component that everyone wants for free. Measurement of that stuff lets the numbers guys feel good about money spent, and there are various games being played to get the number up there...
In the end I agree with C.H. above-- it's more of an art than a science, because the companies that are doing this stuff well devote ALOT of man-hours to one-on-one relationships. That's why so much credence is given to "authenticity": it's something we feel emotionally. Science is not emotional, it's cold. Not art.
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