Are you winning in social?
It’s a simple question, but one few brands can answer convincingly.
Your social media managers might try. They will provide spreadsheets of metrics like fan count, likes, shares, PTAT, replies, mentions, etc.
That data can tell you if you’re moving in the right direction and at what speed, but it doesn’t answer the question.
If I want to know who won the Daytona 500, telling me who clocked the fastest single lap doesn’t help. That’s how most brands measure social today.
A simple Google search tells me that Dale Earnhardt Jr. won the race.
Determining who won today in social should be that simple.
During my tenure as CEO of one of the largest social media agencies in the US, I had the privilege to partner with the most innovative brands.
I’ve had a front-row seat to see how the social marketplace has evolved from counting likes to trying to measure “Social ROI.” Reporting and metrics was always our biggest challenge, compounded by the fact that our clients represented more than 100 industries with disparate goals and success criteria.
Simply put, framing success for my clients was limited to timing laps.
It’s flawed methodology. What they needed to know is if they’re social strategy and execution is better than their competition.
Providing brands that clarity is the mission of Share Rocket. Our goal is to create a simple, trustworthy way for brands to keep score in social – a much needed scoreboard.
Keeping score in any competitive endeavor is the only way to truly determine success or failure.
Understanding where you rank against your specific competitors and peers is much more actionable. That competitive insight and context can drive strategies and tactics to improve or protect your position within your marketplace. You might be growing your fan-base 5 percent month-over-month, but you still might be in last place among your peers. That’s why adopting a share-based approach to social measurement is the key to unlocking insights.
How we keep score
How many social accounts does your brand own? 5? 50? 100? What is the cumulative impact of all those accounts on your brand? It’s an important question. Share Rocket provides a cumulative Social Equity by tracking all of your accounts. Our platform and algorithms aggregate and score your social activity based on our concept of brand tiers. We scoring them based upon performance within your market and the roll-up the scores into an overall score for your entire brand footprint in social. And provide you with two metrics to help you understand your place in the social market.
Social Share: This measures your brand’s share of the total audience, voice and engagement in your defined market. This metric tells you how you’re doing over the course of the day, the week, the quarter.
Social Equity Index: This is your long term performance score. This measures the social equity you have built over time and performance — relative to your peers. This tells you if you’re winning the war.
The key components of SEI
We collect raw metrics for all of your profiles and calculate five main component scores for your profiles based upon how well your brand compares to peers and competitors in each area. Here’s a description of each key component.
Audience: Fans and followers on social platforms. This measures your popularity. This measures your immediate ability to communicate message and value.
Voice: All of your outbound messaging activity. Not just your posts, but also the conversations you participate in. This measures how active you are.
Engagement: Likes, shares, comments, retweets, favorites, etc. This is a measure of the effectiveness of your activity.
Advanced predictive metrics
We collect and analyze millions of social engagements per hour for months. That gives us incredible insight into how brands interact with their audiences. That cache of data helps us understand how brands can expect to engage with their audiences and how often. We’ve build a predictive custom model for each profile that we track and then compare actual social performance against that profiles expected performance in real-time. In short, we track how brands perform relative to their expected potential performance.
Influence: A measure of the value of a profile’s audience. How many of your fans are active and how often? Think of this as an engagement-per-audience ratio on steroids.
Charisma: A measure of how powerful an asset’s voice is. How effective is a profile’s content at generating engagement? Think of this as an engagement-per-post ratio on steroids.
Don’t measure yourself against yourself.
Austin Dillon ran the fastest single lap at the Daytona 500.