The above video interview is from Internet Week in NYC.
Rex Briggs, CEO of Marketing Evolution, presents the notion of Surround Sound Marketing, in which multiple media are used to amplify each other for better return on investment. The elephant in the room, however, is how to best measure social media ROI.
Traditional marketing objectives include creating awareness at product launch, changing the way people think of a brand, driving a purchase consideration or facilitating an immediate sale. Briggs does not see social media metrics that readily align with typical evaluation means for those objectives.
His company recently announced TMR, a media planning tool that includes social along with other media. Surveys and sales measurement are used in combination with social media data to help pinpoint in time the influence of social media relationships on conversion. TMR is designed to quantify the impact of conversational and social media programs, comparing them with other social media initiatives, as well as other media forms.
Marketing Evolution works primarily with CMOs of large brands that spend lots of money on marketing. Briggs observes large brands generally underspending on social. Perhaps improved performance measurement will illustrate that advertising on social platforms can make consumers more receptive to a friends’ mention.
Developing programs that “surround” consumers — by coordinating advertising with engagement on social platforms — runs counter to how marketers are currently organized. As has been stated by many others, Briggs predicts those who break down the “silos” that currently exist in their advertising organization will have competitive advantages over those who fail to do so.