The Value of Social Media Mentions

The past week has proven that the rise of social media presents a unique set of both challenges and opportunities for brands. As evidenced by the Domino's crisis, companies recognize, now more than ever, that social media sites such as YouTube and Twitter add an entirely new element to crisis management--negative comments and damaging videos can now spread like wildfire.

Likewise, social media also creates forums for consumers to share positive ratings and testimonials and exponentially increase awareness through online word-of-mouth marketing. Without the presence of social media sites, Susan Boyle, the woman who shocked the world with her singing on Britain's Got Talent, would have never become the online sensation that she is.

With the ever increasing number of social media sites comes the increased importance of monitoring your brand's presence in online forums. In a recent issue of PRWeek, research by Aberdeen Group showed that 63% of companies have already had an increase in social media marekting spending from '08-'09. In fact, the research pointed out that 68% of companies surveyed have a process for monitoring social media, and that 58% employ dedicated resources for social media monitoring.

The escalating use of social media by companies around the world creates an interesting issue for PR professionals whose job is to show their clients the value of their work. Monitoring press coverage and calculating ad values has, until this point, included only print, television and radio.

So, the question on everyone's mind -- how exactly do you calculate the value of social media mentions?

I recently presented this question (via Twitter, as it would happen) to Frank Washkuch, media reporter for PRWeek, and he provided some insight on the matter that I believe is key for any company to keep in mind when discussing this issue. Frank argued that there is no concrete way of assigning value to these mentions, but perhaps most importantly, he brought the two most important elements of any PR/advertising/marketing campaign back to focus--the target audience and the goals of the efforts.

It's important for companies to recognize that social media mentions, much like traditional press mentions, are only beneficial if they advance the goals of the campaign and reach the right audience.

It's an exciting time for companies, as they now have new venues for promoting their brand. In the long run, only those that keep these two key elements in mind will succeed.