Marketing’s new key metric: Engagement
The marketing funnel is a broken metaphor that overlooks the complexity social media introduces into the buying process. As consumers' trust in traditional media diminishes, marketers need a new approach.
We propose a new metric, engagement, that includes four components: involvement, interaction, intimacy, and influence. Using engagement, you get a more holistic appreciation of your customers' actions, recognizing that value comes not just from transactions but also from actions people take to influence others. Once engagement takes hold of marketing, marketing messages will become conversations, and dollars will shift from media buying to customer understanding.
On their blog, they go on to describe the four components:
- Involvement – Includes web analytics like site traffic, page views, time spent, etc. This essentially is the component that measures if a person is present.
- Interaction – This component addresses the more robust actions people take, such as buying a product, requesting a catalog, signing up for an email, posting a comment on a blog, uploading a photo or video, etc. These metrics come from e-commerce or social media platforms.
- Intimacy – The sentiment or affinity that a person exhibits in the things they say or the actions they take, such as the meaning behind a blog post or comment, a product review, etc. Services such as brand monitoring help track these types of conversations.
- Influence – Addresses the likelihood that a person will recommend your product or service to someone else. It can manifest itself through brand loyalty or through recommendations to friends, family, or acquaintances. These metrics mostly come from surveys (both qualitative and quantitative).