The Importance of Monetizing Metrics





So soon I’ll get back to the Alcohol Review Campaign, but for now let’s talk about Monetizing Metrics. I do this on the Alcohol Reviews and I think it works wonders on emphasizing what metrics are most important.

 

You might be wondering what I am talking about, it’s a pretty simple concept. You take the metrics you’re measuring, like social media interactions, and then give them a monetary value. For instance one Twitter impression equals $0.25 while a retweet equals $1.00. It’s a pretty easy concept to grasp and it helps social media marketing more tangible. A problem with reporting some social media metrics is that it is intangible, you can’t hold a Facebook like or a retweet. Giving it an imaginary monetary value on the other hand gives it a more tangible feeling. Instead of some fuzzy feel good points, it’s a more solid feeling metric.

Monetizing Metrics on Social Media
Social media platforms you might use monetized metrics. Credit to Julien Rio

There’s some other benefits too, like when working in a team (which is pretty much all the time in this modern age) monetizing metrics can emphasize what the best metrics are. Instead of having some emails back and forth about figuring out which metrics are most important if everything is monetized, it’ll simplify so much. Facebook likes or Twitter retweets? Well retweets are worth $2.00 while Facebook likes are worth $1.00. No needs for questions.

 

Even if people forget what the values of metrics are it’s simple enough to make an Excel spreadsheet or a Google Sheet. Of course with the “cloud” everyone loves to talk about, you can update these values when the need arises.

 

In conclusion, monetized metrics streamlines reporting on intangible metrics. It’s useful in group metrics or individual metrics. Next time you get the chance, try it out, experiment a little, I think you may be surprised how effective it is. I know for sure I’ll use this at my next job, maybe even shake things up a little.

Leave a Reply

Your email address will not be published. Required fields are marked *