WOMMA, IAB and WFA are three coalition bodies that have, in the recent past, produced guidelines for defining and measuring social media marketing. The most up-to-date WOM metrics guidebook was released by WOMMA in November this year. A similar set of guidelines were released by IAB in May 2009 but I think WOMMA covers many more things than what IAB does. Maybe they cater to different audiences and have different goals. I specially like the WOMMA Terminology framework. It provides a great way of looking at the big picture and helps you in connecting the dots. As per the terminology framework - Every 'word of mouth' marketing tactic (WOM Episode) can be defined by two attributes: object and qualities. And every tactic has one of these 5 actions associated with it :  who, how, what, where, result. You put all of that together in a nice table and you can see the complete WOM (of which social media is  a part; in fact social media can be loosely called online WOM) system in one shot. Isn't that great? Additionally, the metrics guidebook builds on this framework and adds the much debated ROI part to it.

WOMMA - Word of Mouth Marketing Association
IAB - Interactive Advertising Bureau
WFA - World Federation of Advertisers

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