At Zoomph, we live and breathe to be the smarter way to measure partnerships. Measuring the impact partnerships have with sports teams, athletes, brands, and beyond is what we do best. However, how we do that is not always clear to those unfamiliar with social media measurement.
One metric we use often for our customers and in our social media highlights is social value. Social value is just one of our baseline metrics to show impact, but in the world of business, it can be one of the most impactful as it can help measure ROI.
In this blog, we want to address for those unfamiliar with what social value is, what it means, and how Zoomph calculates social value.
WHAT IS SOCIAL VALUE?
One of the most frequent questions we are asked when speaking to the market is what is social value? And it’s a fair question. When people see a dollar amount, they often want to know what it means and how tangible that amount is. What we can answer first is that no, social value is not a true dollar amount that one gets paid for a social media post. But let’s get into it more.
By definition, Zoomph establishes the metric “Social Value” as the full equivalent media value of a social post or group of posts based on applicable impressions, video views, and engagements by using industry-standard or customized CPM, CPE, and CPV values.
What Does Social Value Mean?
To break down that definition, social value is a metric that helps contextualize the value of exposure of a post or posts and what the equivalent advertising spend would’ve been required to reach the equal level of performance in an advertised post as opposed to an organic post.
For a practical example, if you are a brand and you want to reach 1,000,000 people on social media, you have two ways of doing it; 1. Paid content on social media or 2. Partnering with another organization or individual to promote your brand more organically. The social value measures the performance of posts to a dollar amount to understand how to reach those 1,000,000 people and compare that to what you are actually spending to help organizations measure a true ROI for their social.
HOW DOES ZOOMPH MEASURE SOCIAL VALUE?
Zoomph is in real-time always pulling in any posts that a feed is configured to gather and simultaneously in tracking the metric performance of that post with impressions/views and engagement numbers provided via partner APIs. As these numbers are gathered, they are applied to either industry-average or customer-set rate values to assess a social value to the post for performance. Like all other metrics, this happens in real-time and updates as other metrics update.
how can you use social value?
Now that we have addressed what social media value is and how it’s measured, the crucial question is how can it be used. Zoomph customers all use social value in their own unique ways. Some use it as a strict reporting metric for themselves and partners they work with. Some also use it to develop their rate cards for social content sponsorship. Others treat it like other performance metrics and simply use it another measure of success without holding a tangible credit to the dollar amount.
However you choose to use social value, hopefully, now you have a more clear understanding of what social value is, what it means, and how it is calculated. If you would like to understand the value of your social content, schedule a free demo with us today!