Perhaps it was an early prodigious talent in math (quickly lost in university) but I find when you put something in a formula, it makes more sense. So for those who disdain calculus and algebra like a kid in front of a plate of brussel sprouts, I apologize for the bracketed gobbly gook below.
What's the Online Brand Value Formula? I have seen a number of cracks at trying to define what online success is in the digital world. Many of them are noble but oftentimes, they are horribly simplified and leaning towards participation (among the social media advocates) or scale and traffic (among the ecommerce hordes). I've tried to distill both sides into a handy formula.
Online Brand Value = (Interestingness + Socialness + Authenticity + Reputation + Incentives) x (Presence + Advocacy)
Interestingness = a measure of creativity, the amount of relevance and intrigue the content you are producing, this can be an amalgam of entertainment, escape, information, design-savvy and creativity, story-telling and emotional resonance provided
Socialness = a measure of engagement, the amount of participation, social connections and community you are empowering though your digital stuff - this could be ambient (i.e. I downloaded a widget), direct (I signed up to be a member) or very involved (i.e. I produced a video)
Authenticity = a measure of trust, the real and perceived amount of genuine engagement you are engendering
Reputation = a measure of brand affinity, the equity already built up by your brand and it's digital footprint
Incentives = a measure of brand reciprocity, the explicit, intrinsic and extrinsic rewards you are providing your visitors and members
And driven by a factor of:
Presence = a measure of online scale, how wide-reaching in weight and variety is your digital activity providing
Advocacy = a measure of word of mouth advocacy, how willing are your visitors/members are willing to recommend and refer you to a friend
It would be interesting if we came up with a formula that could balance out this "blue sky" formula with something more grounded and measurable, perhaps:
How much are you attracted to this content?
Did you do anything with it socially?
Do your perceive this brand's effort as being real and legitimate?
Considering their digital activities, how much do you like this brand?
Do you share values with this brand? do they provide you a stage to express yourself? are you getting something tangible from the relationship?
How many online platforms are they on? How popular and trafficked are they on each?
How willing would you be to evangelize and positievly share this content with a friend?
Alas, if someone can come up with that formula that could work for everybody, please let me know and we'll be rich, rich I tell you.