November 25, 2010

Web & Social Analytics: Measurement vs. Monitoring

Recently, Doug Stephens of Retail Prophet attended a video panel I moderated for IT World. The video was for a Tech Learning Space course I am collaborating on the design and delivery for.

We started talking social, specifically deep social metrics and measurement.  On the topic of metrics, Doug made the distinction between monitoring and measuring; a distinction that, sadly, too few make.

Measurement

Is what we traditionally think of in metrics. We actively install systems to track these numbers. We plot them. We aim to improve these core metrics. The metrics we measure are the metrics management, founders and you should care about.

In the context of websites, it is common to measure unique visitors and time on site.

In the context of social, it is common to measure follower counts (which is the wrong play – but that’s a different entry) and message amplification.

But….

We can only measure so much. Increasing every metric is tough, and the more metrics we have the harder it becomes. In-fact, you will often be advised to focus on the select few metrics over the many.

Why? It ensures you know your numbers in depth, not on the surface. It also forces you to make key strategic decisions in driving your core business forward.

Enter, Monitoring

I’m a firm believer in the select few metrics philosophy. The problem is that too many people take it literally and only watch their select few metrics.

There are plenty of other great indicators that we should monitor, metrics we check frequently (but far less than our measured metrics) for spikes and changes but are not actively seeking. By monitoring these messages, we won’t miss out on any big opportunities due to a narrow lens.

For example, in web analytics we may monitor our referrers (where traffic comes from) and a regional analysis (the country of your visitors) for any spikes or big changes. For a content company, however, these would be ‘to measure’.

Monitoring is also where I place the ‘fluffy’ stuff that is subjective, i.e. sentiment analysis (how people feel about your brand) in social. We can’t attach a number, bt it should be monitor.

Wrapping Up

Obviously, not every metric should be measured or monitored. But to keep on top of your company’s analytics be sure to have a strong ‘to monitor’ list as well as your core ‘to measure’ list.