Social business consulting firm Dachis Group has raised US$ 7.5 million in venture funding, and the company plans to use the cash to build up its big data social analytics capability.
The Way of Data Driven Marketing
Social listening, social measurement, marketing and analysis all work best when there's lots of data to work with. Social media usage has never been higher, and as people get more savvy with how they use it, the tools Dachis Group employs to understand customer behavior will only become more productive.
The value and impact of mass marketing is waning in the face of technological change," Jeff Dachis, Dachis Group founder said on his blog.
The influx of cash was necessary, Dachis wrote, because the company must expand its sales team and ensure it can retain its best workers. Dachis Group has sold over 100 licenses to large companies like Nokia, Bloomberg, Bank of America, Acer and AT&T recently, and now tracks over 35,000 brands every day.
Dachis Group's Social Performance Monitor measures three million brand relevant social signals a day.
Social In, Social Out
Dachis Group works on social marketing and engagement issues of all kinds, and one area it certainly doesn't overlook is the importance of getting employees to be an extension of this. The company preaches the method of getting workers directly involved in social marketing, and turning them into evangelists.
To further empower marketers, Dachis Group released a collaborative reporting tool last fall that allows people to work together on analyzing social data. Instead of building reports with spreadsheets, for example, data gets pulled right from the Dachis Social Business Intelligence suite and entered on a microsite for others to share their thoughts on.
Think social business is just hitting its stride? Tell us in the comments if you see this technology as still in its infancy or if you think the tools available now are sufficient.