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WIKIBRANDS Chapter 14 Executive Summary

Measuring

Traditionally, marketers have measured effectiveness based on how much activity was generated, and fluctuations in awareness and brand equity.  These metrics only provide a measure of passive interest in a brand.  The more we learn about the measurement of brand power in the digital age, the more we recognize the degree to which engaged customers hold the key to brand success.  The investment in these users has led to a new definition of ROI – return on influence.

If you can identify a benefit you’re seeking to get out of the community – reduced support costs, lead generation, increased loyalty – you can tie activities and metrics within the community directly to them.  Be careful with metrics such as the number of followers.  Unless Facebook “likes”, Twitter followers and LinkedIn connections are actively engaged in your brand, merely collecting them is ineffective and likely to be misleading.

Anytime a Wikibrand strategy advances a customer along a purchase cycle or improves the after purchase experience, there is a return on investment.  Marketers should consider measurements that adequately track brand engagement, differentiation, participation, customer value and influence.

Measuring how excited customers are about the brand becomes easier with social media technology and there are some great tools available now!

For further information visit: http://wiki-brands.com/