The European social business market is maturing rapidly, and companies are looking for more grown-up measurement of their social engagement activities and results. Consequently, we are ramping up our use of social business intelligence to meet these needs.
Later this month, our CTO, Erik Huddleston, will be visiting Europe to talk to customers about our Social Business Intelligence as a Service offering, and associated products such as Social Portfolio Insights and Social Performance Monitor.
Our public Social Business Index already sucks in data from over 100 million social accounts for 30,000+ brands every 15 minutes to build a real-time picture of the success of brands and companies in their social engagement work. But it is the business applications we are building on top of this platform that are potentially the most exciting. Social media listening is now established as a way to help companies monitor conversations they are not part of, but the SBI allows companies to assess the outcome and impact of conversations initiated by the firm or its brands. In addition, our Social Portfolio Insight (SPI) tool automatically finds and links all social accounts relating to a brand (sometimes global companies with multiple brands will have hundreds of accounts) so that the company can coordinate them better and benchmark their performance against each other and competitors. Meanwhile, Social Performance Monitor (SPM) gives a deep dive into the performance of each account over time, with correlation and attribution relating to key events in the timeline. These two apps are pretty amazing and quite unique, but there are more tools for brand marketers on the roadmap, and Erik will be previewing the next of these on this visit.
Since the index has launched there has been a phenomenal sign up with registered users such as IBM, Telstra, Estee Lauder, Samsung, Dell, Levi’s, Target, Coca-Cola, Red Bull and Cisco. The SBI has enabled these brands to uncover insights, take action on those insights and measure performance and ROI of those actions. We hope to see more large European companies and brands taking up the opportunity to leverage big data to optimise their online social engagement.
Erik will be in arriving into Europe at the end of March to meet with early adopting European clients and he would also like to engage with other people and firms in the social business sector. He will be in London (March 26-27), Amsterdam (March 28) and Zurich (March 29-30) for breakfast briefings and one-to-one meetings. Please let us know if you are interested to attend.
Today we’re excited to launch a new service that helps global brands incorporate social into their return on marketing investment calculations. Social Performance Monitor (SPM) is our third app built on our big data analytics platform, and our first subscription service, following the Social Business Index and Social Portfolio Insight launched in late 2011.
Here’s a quick snap-shot. Check out the webinar next week for more.
The honeymoon is over.
When I came to Dachis Group two years ago, social marketing was mainly experimental, funded from discretionary marketing budgets. A time of “tasting, testing, and trying.” It seemed that Marketers intuitively understood the transformative potential of social, but were unclear on how to connect the dots to brand impact. The core measurement was number of “Likes and Followers.”
Today, virtually every major brand includes social as a core part of their marketing mix, and most realize that counts of Likes and Followers are no longer an adequate metric for brand performance in social. Seeing this growing need for better brand insights, we set upon a journey to harness the massive amount of social activity between brands and their constituents.
Over the past two years, we have built a big data analytics platform to help companies do three things: uncover insight from social data, take action on those insights, and measure the performance of those actions. Today, this platform quietly monitors hundreds of millions of conversations and activities related to 25,000 companies and 30,000 brands across every major social network.
Measuring brand outcomes.
Our Social Performance Monitor app correlates social activities to four main brand marketing business outcomes: Brand Awareness, Brand Love, Mindshare, and Advocacy. For each, we track a set of metrics that correlate to the outcome’s value, analyze brand activities and their impact on the engaged audience, and then provide a set of lenses (insights) to help marketers with understanding and attribution.
Marketers can dig into specific regions, subsidiaries, brands, departments, and platforms to isolate the target of the marketing activity. Want to understand how your new product positioning is impacting your flagship brand in Germany?
To level-set a brand’s performance, we provide benchmarking insights to compare a brand’s performance across regions or against peer brands. Competitive comparisons help provide apples-to-apples comparisons of brands across all our performance metrics.
Our trend insights help detect how the impact of a long-running campaign or engagement strategy is evolving and helps to uncover key trends over time. Of course, trending is in the context of benchmarking data, or optionally, industry or market averages.
We provide event correlation insights to help marketers isolate and attribute the performance of their marketing efforts in the noisy social environment. We detect external events like a product launch, merger or PR crisis, which might be influencing marketing performance (or the performance of a competitor). These events are detected from news, social, and other channels via natural language processing, semantic analysis, and machine learning and aggregated together into a single “event” providing the marketer with a simple set of events on their trend lines with easily detectable performance correlation and the ability to dig into rich supporting details and coverage of the event.
With a good handle on performance, SPM then provides content and conversation insights, which allow marketers to see their full set of activities executed in the context of a specific performance metric. Because of the unique approach to audience analysis, the app can show the long-running conversations of a brand’s engaged audience can be analyzed to both understand what aspects of content resonated but also to understand what impact a brand’s marketing activities had on the shape of a conversation.
Learning from the best.
With over 40% of the Fortune 100 as clients at Dachis Group, we have been honored to work with some of the most innovative brands in the world on the building of our platform and the launch of Social Performance Monitor. We love to talk about it.
What’s your view?
If you’d like to know more, please don’t hesitate to reach out by leaving a comment below or pinging me at @ehuddleston.
What do you think? How are you measuring the impact of social on your brand?