That giant sucking sound that’s swallowing our pensions wasn’t the Goldman Sachs Vampire Squid on the Face of Humanity but Monica Lewinsky. The way I see it, there’s a straight line from Monica’s oral ambitions for the White House to the ongoing collapse of the world financial markets. And as this is a marketing blog, I’ll show you how understanding the Monica Factor will improve your ROI.
My theory goes like this: It’s early ’90s. Clinton’s eye is on over-rove and he doubles down on the intern fantasy. Republicans learn of Bill’s dalliances. Enter Ken Starr. Bill is consumed and severely wounded by this for several critical years kicking down the door for nutty Newt and the Contract for (on) America. Republicans gain a majority, trash 1933 Glass-Steagall Act. Goldman and the smartest guys downtown celebrate with Dom, cigars and their own interns. The slipperier smartest guys who call themselves things like “The Fabulous Fab” create speculative instruments using government (your) money. They have no downside risk. When there’s no downside risk, 25 year olds make millions placing phone calls and tapping on keyboards. One domino falls. Game over. So yes, Monica may soon take down all of Greece. (Which was not her speciality I understand.)
This unseeable cause and effect ‘Monica Factor’ is the core fundamental driver of the new marketing, aka social marketing. In traditional direct marketing – or “push” marketing – execs create a results-based plan, target the customer, present an offer and count the beans. After a test, direct marketers can predict with certainty how a rollout of their program will perform. Informed metric management makes ROI a safe bet.
But in social marketing, there’s the Monica Factor. You’re never quite sure what’s going to happen after you unzip your files and launch your program. But there’s a growing body of social metrics best practices that can tilt the game in your favor.
Marketing Sherpa’s survey of 2,000+ marketers shows the following three social metrics at the top of what’s being measured:
- Visitors and sources of traffic
- Network size (followers, fans, members)
- Quantity of commentary about brand or product
There are also a handful of improving metrics that should help you zero in on an ROI. Those include Social Media leads, Engagement duration, Bounce rate, Membership increase, Activity ratio, Conversions, Brand mentions in social media, Loyalty, Virality, Blog interaction.
This alchemic mix of metrics may seem an inexact science at the moment but when applied to your business patterns emerge that will help you sharpen your focus and see your ROI clearly.
Having an expert to assist you in setting up the right metrics is the first place to start. (There are many. We have SEO/Social guru Darren Ernest.) But start you must. It’s coming. The dominance of social marketing that is. And now is a good time to begin testing and get a feel for it.
As the punchline from an old Ad Agency Account Executive joke goes, “I’m only going to show you this once.” And that’s all you may need. Let us show you how to tweak the right touchpoints and watch your results explode.