Dare Digital and Bauer Consumer Media are among the founding members of a new digital industry group which aims to establish a set of standards for measuring the effectiveness of social media campaigns.
The initiative, which is called MeasurementCamp, is in its early stages, but the group is looking to create a set of “open source resources”, including guides, a framework, basic tools and software to help measurement.
It is also planning to set standards on what aspects of social media should be measured.
The group has been launched by Will McInnes, managing director of social media consultancy Nixon McInnes, and has signed up 18 members so far. As well as Dare and Bauer, the group also includes members from STA Travel and E-Consultancy.
McInnes says reporting common metrics for social media campaigns “will underpin sales and market growth, and make the social media industry extra downturn resistant.”
The group is not currently supported by the Internet Advertising Bureau, but the trade body is setting up a social media council, to advise on social media marketing, at the end of the second quarter.
Jack Wallington, IAB programmes manager, says: “If a social media benchmarking initiative was in place, we would not seek to replicate it, but would be keen to work with it.”
The new group is due to meet again over the next couple of weeks.