I sit on the Word of Mouth Marketing Association’s (WOMMA) Research and Measurement Council. Over the last year we had the very important task of defining key measurement models fundamental to determining Word of Mouth Marketing (WOMM) impact and ROI. I am happy to report that the first version of the guidebook was officially released at the WOMMA Summit held in Las Vegas on November 18!
Metrics run the gamut from:
· Conversation volume and share
· Reach
· Sentiment analysis
· Advocacy
· Influence factor
· Cost per conversion
· Marketing mix modeling
· Ratings and reviews
· Conversation value
· Social marketing metrics
· A special section devoted to program ROI
· Cost deflection
The Metrics Best Practices Guidebook contains definitions, key considerations, real case studies, application models and a slew of resources from industry experts, thought leaders and respected academicians. We clearly defined the role of social media and where it fits under the WOM umbrella, recognizing that WOM has many forms – both on- and off-line. My contribution focused on ROI attained through Cost Deflection.
We hope that this becomes a useful tool for both brands and agencies alike. Devoid of bias, the book was written with the intent that all marketers and businesses, big or small, can learn and benefit.
Download your FREE copy here and let me know what you think!
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Posted
12-15-2009 12:49 PM
by
Jennifer Voisard