Forbes piece on the lack of metrics that are acceptable to CMOs reminds me of the ah ha moment I when talking to the good folks at the GOMEDIA Conference in PEI last week.
Essentially the concept of marketing mix modeling has been around for years and has provided many major brands with excellent measures of their marketing programs. However, with the exception of P&G and a few other brands, the majority of companies that are using MMM are not including any data from their earned or social media programs.
One reason for this lack of data is that PR has for too long relied on made up metrics like Earned Media Value and Advertising Value Equivalency which no self respecting marketer would believe reflected the value of PR. But now, with the growth of custom quality scores, and more insightful social media metrics there IS good data to put into these models. So it's time to start addign them and figuring out what the true impact of all those earned media efforts really is.