Jim Hazen, Metrics and Analytics Director, Capstrat
By Allan Maurer
RALEIGH, NC – In the social media world, says Jim Hazen, the metrics and analytics director at Raleigh-based PR and marketing firm, Capstrat, “There is a lot of chest-thumping about how we can do this and that, but I don’t think anyone has cracked the code on how to measure digital channels.”
Hazen notes that a lot of software companies are working on various aspects of digital measurement, including one we wrote about last week, Argyle Social, which landed seed money for its measurement oriented social media platform, which Hazen says he uses.
But Hazen adds, “As far as understanding the what the true return on investment is, we’re still in an embryonic state.”
Hazen, who helps Capstrat’s interactive team use tools such as Google’s Analytics, Omniture and Coremetrics to analyze and maximize social marketing efforts for clients including Lenovo, Quintiles, and Strategyn, is one of more than 100 top Internet thought leaders, executives, entrepreneurs and venture capitalists participating in Tech Media’s Raleigh, NC Internet Summit Nov. 17-18. Argyle Social’s CEO Eric Boggs is another participant.
Objective necessary
One reason that digital media channels prove difficult to measure in terms of real impact on a firm’s bottom line is that they jump in without a strategic objective. Lacking an objective is an overall problem with social media, he says. “Companies feel they need to be there so they are there because they think they have to be instead of doing it strategically.”
On the other hand, some firms “Get into it to handle customer service complaints or answer questions through Twitter.” In that case, great objectives might be, “Let’s improve customer satisfaction or reduce calls to our support center.”
With those objectives, Hazen says, “You can figure ROI if costs go down.”
But all too often, he says, companies instead “Have only a vague notion of brand awareness or engagement without a quantifyable way to measure what it means.”
Regardless of the media a marketing campaign uses, whether paid search or billboards on I-40, “You need a reason for doing it.”
Staffing important
Doing a social media campaign effectively often comes down to staffing, he says. Successful companies have goals, but also have staff. It should be someone’s dedicated focus and knows how to write and communicate.
Doing it right does have benefits. “The cool thing,” says Hazen, “is that your message is amplified. You can get it to a much larger audience if you know what you’re doing. And generally speaking, it’s free except for time and energy, although that’s not to be overlooked.”
Right now, Hazen notes, most people in social media and digital analytics “Have learned by fire. There aren’t many programs to teach you how to do these things. Colleges don’t change curriculum on the fly. I imagine in thenext five years, we’ll see a lot more trained expertise in this area.”
Google Analytics ok for many
For most companies now, Hazen suggests that Google Analytics are probably enough for most needs, especially if they take the time to learn to customize it. Firms that want to import other data to add more meaning via demographics and customer profiles may need more robust solutions.
Still, he says, many companies with Enterprise analytics solutions now are “Driving a Lambergini five miles an hour.”
He says he sees a lot of companies that do not need that level of data and get away with using Google Analytics.
Again, however, he says it helps to have dedicated resources such as someone who learns to create custom reports and really acquire some understanding of the metrics available.
It’s still difficult to measure the more indirect effects of digital marketing. While he likes Argyle Social, for instance, he says it’s still limited to measuring that direct effect when you click on a link.
“What about the things going on off your site in communities and so on? How do you measure that? Someone could make a lot of money if they figure it out.”
RESTON, VA – The digital measurement and marketing company comScore Inc. (Nasdaq:SCOR) has wrapped up a $2.64 million offering, according to a regulatory filing.
