October 28, 2010 / by Eric Forst

Last week I participated in the fall Digital Hollywood event in Santa Monica, CA. This event is one of the top entertainment and technology conferences in the country.  I was on the Advertising Accountability: Metrics and Analytics around Video, Social Media, Broadband and Mobile panel.  I was joined by an amazing group of fellow panelists (William A. Lederer – Kantar Video, Charlie Rahilly – Clear Channel Radio, Craig Macdonald – Covario, Mel Carson – Microsoft Advertising, Kenneth Papagan – Rentrak Corporation, and Patrick Hayes –  CSMG Global) where we addressed questions about how best to measure and quantify results from digital media and advertising.

The key takeaways from our discussion were:

Adverting and Media Spend

  • Most ad dollars are being spent on traditional media, but that will soon change when younger tech savvy generations dominate target audiences.
  • Beware of too-targeted ad backlashes – banner ads that focus on people’s online activity and serve up ads based on their searches sound great but in some instances can generate a consumer backlash. For example, someone searching for information on a medical condition or serious disease like cancer may not want to see an ad that reminds them of their condition.

Social Media

  • “Social currency” has value even if online conversations about your offerings is negative.  There is still the potential to turn the situation around online and make a bad experience good for all to see.  To help increase customer service be sure to integrate efforts with Facebook and Twitter.
  • Social media has tremendous value as bloggers and those who comment on posts, write reviews, etc. have incredible influence over consumer behavior
  • While social media is now the most cost-effective form of advertising it is also the hardest to measure and quantify.
  • Comparing the value of social vs. traditional media is still a struggle e.g. which has more value a blog post or a banner ad?

The questions and discussions during this panel revealed the advertising and media industry’s continued struggle to quantify and measure the value of digital media as it relates to traditional channels.  I’d be interested in know how your organization is measuring your social and digital efforts – please share your thoughts.

Tags : social media

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