A small relatively un-noticed posting on the Facebook blog gave marketers who use social media one of the greatest gifts I have seen in marketing in quite a while.
Take a look at the original posting below …
Improving Facebook Page Insights
by Facebook Pages on Tuesday, November 23, 2010 at 7:48pm
Facebook Pages are a great way for admins to learn about their audience and view Facebook Insights about people connected to your Page. We are launching a new feature for all Facebook Page owners and Facebook Platform developers that will provide additional metrics around your Page content. All Page admins will now be able to see per post impression counts for each story posted on your Page after June 25, 2010. Per post impressions will be collected in raw format and all impressions will be counted toward the impression total. Unique impressions are not available at this time.
The true meaning of this post is Facebook has given us the ability to track the impression count of an individual piece of content posted on your Facebook Page. This was previously only allowed for Pages with more than 10,000 fans/likes.
This is significant because now you can measure impressions across all your “earned” social media such as your Facebook Page postings, YouTube Views, Twitter, Blog Impressions etc. And if you can officially measure impression data across all of these forms of media then you can attach a CPM to that number and define the Media Equivalent Value (MEV) you can get by participating in Social Media.
Some clever firms saw this and immediately launched Social Media dashboards that can derive a MEV for you such as SocialEye by Overdrive Interactive and SocialSenseFB by NetworkedInsights (both of which I am currently test driving). Which means you can now truly measure your progress daily, weekly, monthly in social media. And better than that you can report back to your executive team how much media value you were able to drive for your company by using social media, giving you a nice tidy way sum up all your media value backout the cost of your social media program and show an ROI.
Marketers have been typically looking for a tool to measure ROI in social media but because the metrics were so different (fan, followers, views of videos etc) it was impossible to “normalize” those metrics to create a single measurable metric which was why it was so hard to measure the ROI in social media. Ultimately all marketers will be heading to a place where we can monitor spending across all forms of media – Paid, Earned and Owned in order to know where to place our very next dollar of media spending. Furthermore I think you will see this type of media analysis emerge more this year. So little did we know in the quiet of an evening in November just 2 days before Thanksgiving, Facebook gave marketers something really to be thankful for on Thanksgiving!