There’s been a lot of talk about standardizing measurements in the Online PR / Social Media space since the very first signs of the industry taking shape.  Failure to formalize business practices as basic as this may result in burning the industry’s credibility all together.  This debate on P2PR is the latest discussion on the topic to show up on my radar. 

The fundamental problem (IMHumbleO) is that the vast majority of the discussions I encounter usually focus on standardizing *measurements* when “measures will vary greatly on a client-by-client basis and the network in which we are communicating/participating” - as correctly captured in this Measurementcamp wiki set up by some of London’s top industry players.  The solution then may lie in standardizing the approach in which we report whatever it is that we are measuring in each individual case/campaign. 

For illustration purposes, consider this:

***in the same way that regular businesses follow an accounting framework for financial reporting on their balance sheets / income statements in order to achieve a level of transparency required by their stakeholders (investors, business community, governments, etc.),  we too must devise and abide by a reporting framework that addresses the levels of transparency required by our stakeholders (clients in particular).

FACT: Not all banks classify/measure their provisions for bad debt in the same manner.  The effect of this sometimes translates into inflated profits. 

FACT: Not all companies classify/measure their assets and liabilities in the same manner.  The effect of this sometimes translates into a skewed picture of a company’s financial health. 

Yet, companies report and explain their measurement methodology under one common set of guidelines - all in the name of ‘transparency’.***

So then, the slideshare presentation I’ve created and posted above proposes some ideas for standardizing methods of reporting on the basis of peer-to-peer / social collaboration through the creation of an industry wiki.  This wiki will serve to collate the opinion / votes of those in the industry regarding reporting essentials.  This in turn will reveal an industry consensus on ‘measurement’ issues such as the ones listed below that will allow for a proper performance evaluation to be carried out by practically anyone:

- identification of reporting metrics:

i.e. what is it that we must be measuring

- definition reporting principles:

i.e. how should the framework for reporting be set up, what metrics merit an explanation as to the methodology used in obtaining the result.

- qualification of measurement methodologies:

i.e. which measurement methodologies are most widely used in the industry, and which are other accepted methodologies

- sharing of campaign results:

i.e. post campaign results so that industry averages can be generated, thereby serving as performance benchmarks

Achieving industry-wide collaboration on the wiki will eventually paint a clearer picture about what the industry as a community considers to be reporting essentials.  The more those in the industry contribute their £.02, the more complete and fine tuned the reporting guidelines will become.

What’s more, the wiki will serve as a resource for clients to educate themselves on what the industry considers best practices, industry averages, and most common measurement methodologies.

The presentation then goes on to show an example of what the reporting framework would look like and how it facilitates decision making via in depth analysis. You can download the framework template in excel format here.

Final Thought

We must practice what we preach.  Plain and simple.  Without exception, when we talk about our work we emphasize that TRUST is the fundamental cornerstone and central to the ethos of Social Media.  So then, we must put our money where our mouth is and not only forge trust in the online space, but also commit to forging the same level of trust with our stakeholders in the offline business world - particularly, clients.  Continuing to bite the hand that feeds (i.e. burning client trust) can only lead to this: