In this week's social business headlines, the Dachis Group boldly goes where no company has gone before. Their new Social Business Index (SBI) measures the success of initiatives across over 26,000 brands from over 20,000 companies and over 100 million social accounts worldwide. Why is this important? Read on.
Here's the gist, straight from the website:
The Social Business Index, built on top of Dachis Group's Social Business Intelligence Insight Platform, analyzes the effectiveness of strategies and tactics organizations employ to engage the market through social channels. At launch, the Social Business Index analyzes signals from over one hundred million social sources globally and analyzes the performance of the largest global companies and thousands of those companies' brands.
Through the use of natural language processing, semantic analysis, and machine learning algorithms, Dachis Group has built a machine learning engine based on their pacesetting Social Business Design framework and leveraging their experience in hundreds of social engagements and executions as the world's largest social business strategy organization.
Essentially, the SBI gives public insight to how social a company is, and how they measure up within their industry and competitor pool. A best class break down is also available by company, subsidiary, geography, department and brand.
“The Social Business Index ﬁlls a big hole in the market, providing large global brands with a near real time quantitative data driven window into competitive, industry, and best in class social marketing adoption and social engagement performance,” said Jeffrey Dachis, Dachis Group Founder, Chairman, and Chief Executive Ofﬁcer. “Unlike the typical ‘top 100′ lists that litter software vendor and social media consultant blogs, the Social Business Index is based on deep big data analysis of a company’s engagement globally and can give insight to companies on optimizing their social spend.”
"Deep big data" includes information from companies, employees, partners/vendors, customers, and influencers. It is sourced from the likes of Twitter, Facebook, YouTube, wikies, and blogs as well as data buys, data partnerships, company contributions, and its own internal data team.
It sounds pretty cool, but as we all well know, social business is not without its challenges. Dachis himself spells out a couple of hurdles we can look forward to facing, and they're big ones:
- We need to find some way to detect the traceability of the behaviors and activities executed by a brand in social to the business outcomes that they are trying to achieve.
- Where a marketer's execution of marketing behavior falls on a scale of performance between needs to be clear.
The SBI attempts to begin to fill these gaps, but there's bound to be some other issues here. Any more you can think of? Let us know in the comments below.