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?