What Other Social Media Rankings Are Missing Can Be Found With SEI
Social media, mobile technologies and cloud computing have disrupted traditional business environments and operating models. Corporate leaders across the world, in different industries, are searching for innovative ways to interact with customers and drive company growth levels.
Social media has already changed the game for CMO’s and become an essential part of the marketing toolkit due to its response speed, low entry costs and audience reach. The significant return on investment means presence on social media goes from ‘optional’ to ‘must-have’ in 2014.
A successful social media campaign requires planning and management. Unfortunately, due to the space’s disjointed nature, it becomes difficult to harness its power to achieve business objectives and drive superior performance.
Establishing Twitter feeds and branded Facebook pages is a start but only a few understand how these outlets interact with customers to expand product and brand recognition, drive customer acquisition and retention and engender loyalty.
Introducing Social Media Effectiveness Index (SEI) Model
blueocean market intelligence conducts the only truly global study designed to evaluate social media effectiveness and identify top performers.
Our proprietary Social Media Effectiveness Index (SEI) measures impact by integrating social media analytics, measurement and monitoring with multichannel analytics. The first of its kind, it blends research and analytics to help benchmark against competitors and better plan and measure outcome of social media campaigns.
The robust and scalable SEI framework is based on five parameters – share of voice, identification of influencers and advocates, engagement rate, touch rate and net sentiment – linked to key metrics like social media market share, marketing strategy, customer experience and brand awareness and perception. It captures conversations on social networks and online communities, correlates its impact against key metrics and measures outcomes of business-to-consumer interactions on social media, including how top influencers on Twitter and engagement on Facebook drive site visitors and purchase behavior.
SEI is the most comprehensive model for CMOs to measure impact of social media.
Traditional Analytic Tools and Ranking Methodologies versus SEI Model
Companies looking to measure social media effectiveness rely on popular social media analytics tools. The problem with that is unreliable data, inaccurate sentiment analysis, loss of time via knowledge transfer and lack of depth. If use of social media is geared to increasing brand awareness and reputation, superficial results or ‘vanity metrics’ do little to help.
SEI addresses the challenge of defining effectiveness as a number with a singular score. Unlike other popular ranking methodologies such as Klout, Kred, Altimeter, Headstream and Expion, which consider only a few parameters to measure social media effectiveness, SEI includes five parameters and offers a holistic view based on metrics that matter. It goes beyond basic data and equips companies with actionable insights via a strong integration of analytics, measurement and monitoring.