Earlier today the Dachis Group launched the Social Business Index, which measures and ranks companies’ social media presence. The Dachis Group, one of the world’s largest social media consultancy firms, received $30 million of Series B funding earlier this year. The Social Business Index (SBI) has an impressive beta participant list that includes companies such as Coca-Cola, Dell, Target, and IBM.
The scores of major companies continually scroll across the SBI website, displaying data in a similar manner as major financial websites. There are many filters that can be applied to the data, which is updated in “nearly real time” (every 15 minutes). At the time of this post’s publication, the top five businesses on the SBI are: Facebook, Google, NewsCorp, Coinstar, and Wal-Mart.
According to the Dachis Group website, “Dachis Group’s data services platform analyzes hundreds of millions of signals form tens of thousands of brands through the use of natural language processing, manchine learning, and clustering algorithms in near realtime.” This platform and the SBI can provide businesses with competitive intelligence, benchmark data, and analytics that can be leveraged to improve social media performance.
Although the Social Business Index is still in its early stages of product development, it is free for companies to register and is a useful tool for the analysis of social media strategies and tactics. The SBI will enable companies to benchmark their social reach before and after launching a social media campaign and thus measure success. However, the advanced features and datasets require a fee.
The SBI should be useful to businesses wanting to gather competitive intelligence and analyze the effectiveness of social media strategies.
[Sources Include: Social Business Index, Dachis Group, & ZDNet]