[Video] Finding social media metrics that CMOs understand
Social media is as exciting a marketing channel as it is confusing. This is particularly true when it comes to measuring the business value of social media campaigns. Organizations are spending billions on Facebook and Twitter but there is widespread confusion about the values that are being won on those investments.
In this video, Nate Elliot, Vice-President and Principal Analyst for Forrester Research, asserts that one important reason for this problem is that the whole enterprise is built on the false confidence of bad metrics. According to Elliot, the number of followers or the number of people talking about a subject are not valid business metrics. Insisting that they are will only make it harder to test and learn.
Elliot cites search and email as channels that, unlike social media, marketers positively learned to measure in terms of business impact. Doing this allowed marketers to test and learn. With email, for example, professionals tested everything from subject lines to targeting criteria to time of day to message volumes, measuring it back directly to real business results. This testing and learning is vital in the development of best business practices.
However, according to Elliot, we don’t have this in social because “we’re not being honest about the metrics we use.” We rely on metrics that don’t relate back to business value in any meaningful way. However, there is light at the end of the tunnel because social media sites themselves have started to offer free brand impact surveys. LinkedIn started this, followed by Twitter and then Facebook—to their biggest advertisers.
Marketers did not ask for these surveys but, Elliot concludes, “the marketers need to ask for [them,] the sites need to offer [them,] we need to start measuring against the kind of metrics that CMOs understand.”
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Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”