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This: You understand all the environmental variables currently in play, you carefully choose more than one group of "like type" subjects, you expose them to a different mix of media, measure differences in outcomes, prove / disprove your hypothesis (DO FACEBOOK NOW!!!), Measuring Incrementality: Controlled Experiments to the Rescue!
Some pitfalls of this type of experimentation include: Suppose an experiment is performed to observe the relationship between the snack habit of a person while watching TV. We divide participants into two groups- one group given a snack and TV and another group given no TV, just magazines and snacks. They are being secretly observed.
For the rest of this post, I'm going to use the first three to capture the essence of social engagement and brand impact, and one to measure impact on the business. I believe the best way to measure success is to measure the above four metrics (actual interaction/action/outcome). Measure all this Social Media activity.
Most companies are astonishingly blasé about data and possibilities of measurement. " Sad, unimaginative measurements of their sad, unimaginative campaigns. How good can it possibly feel to do unimaginative things that barely even worked on TV/radio/magazines/catalogs? One of my biggest learnings?
The qualitative surveys measuring unhappiness went down even more than before. You are what you measure. Bonus: Remember, you can measure profit everyday in Google Analytics! ]. Extend the above incentive purification and imagine the day-to-day behavior of your Acquisition team if you measure them based on CPH.
Spoiler alert: a research field called curiosity-driven learning is emerging at the nexis of experimental cognitive psychology and industry use cases for machine learning, particularly in gaming AI. The ability to measure results (risk-reducing evidence). Ensure a culture that supports a steady process of learning and experimentation.
How about magazines? Yes, you can get some weak demographic or, a bit better, psychographic signals from surveys TV channels or magazines did. In large measure that is because of the rise of programmatic buying. It is being hyper-conservative when it comes to creativity and experimentation because of quant-issues.
You measure bounce rate and you can find those things, then figure out if the problem is at the source (ads) or destination (your site). Because Likes (and +1s, Followers) measure a fleeting Hello. Would you measure the success of your trades based on cost per trade? Bounce rate is really useful for finding things you suck at.
You rent audiences on TV, Magazines, Search, Display, etc. Of course, measure that using the four best social media metrics !) Because all bounce rate measures is that you saw more than one page. I've also spoken about own vs. rent in context of audiences. You own audiences on your email lists, on forums you host etc.
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