What Happened: Brands will be happy to hear that Twitter may soon be able to tell them the monetary value of a retweet or a follower. The social network is partnering with analytics firm Datalogix to track the extent to which Twitter campaigns prompt shoppers to buy the products being advertised. Other social networks, such as Facebook, already have engaged Datalogix to the same end, but thanks to different pricing structures for advertising, they’re not necessarily measuring the same thing. Twitter, for instance, is focusing on engagement, the same basis on which it charges advertisers, rather than impressions and exposure. Tumblr, the once anti-ad channel, also is jumping on the brands bandwagon with new measuring tools, after teaming up with the data specialists at Simply Measured. The new metrics will let advertisers measure their success on Tumblr against performance on other social channels.
What This Means for Brands: Obviously, the more social networks gather data and analytics to prove their value, the better it is for brands. But advertisers need to be pushing for more standardization to allow them to compare platforms more effectively. Tumblr’s innovation is a step in the right direction. The timing couldn’t be better for brands as competition among the networks heats up—keep a sharp eye on Tumblr as it elbows its way into the brand-sphere—and pressure on social to shore up business models increases.