Sysomos Uses Virtual Dollar Values to Calculate Social Media ROI
Sysomos, the business intelligence platform for social media, launched the beta version of its Audience service with the double ROI promise of both identifying the best prospects by prioritizing leads with a “virtual currency figure or dollar value” and by determining who on the web has the most influence on the potential customer’s decision process.
By “best”, please understand “profitable”
In fact, Audience will tap into Sysomos’ extensive social media database to take a snapshot of the ecosystem that lives around the brands — “competitors, analysts, blogs and related social sites”, it said. Then it determines where the potential customer fits into that ecosystem and how he/she interacts with it – to finally attribute a dollar value to the lead.
Engagement value and external influence
The more literature a prospect has read on a specific product or service, the higher s/he will rank. All of the prospect’s online actions on that product or service, including on competitors’ websites, are tracked and factored into their virtual value and will allow for prioritizing according to their level of engagement or “engagement value”.
This also allows Audience to tell who on line has most impact on the decision process of the higher value prospects.
Filling the gaps
Determining a prospect’s worth and their source of influence will inevitably enable brands and companies to pursue the most profitable leads and better target their campaigns. What this means is that all players across the board, from sales to community and marketing managers will be able to track their campaigns and target them more accurate measures of their ROI, including in terms of lead generation.
“Audience fills the significant gap between Web analytics services, which provide information about what is happening on your Web site, and social media monitoring services that track who is talking about your company or brand,” the Toronto-based company said in a press release made available on its website and blog.
Audience is due for full release in the last quarter of 2010 as an online service with a monthly license fee. Sysomos insists that its technology, does not use referrers or cookies although it has the ability to track a visitor coming to a web site even “several days after reading an article or blog post”.
So is privacy, again, the price to pay for such optimized campaigns ?
Hot on the heels of all such issues raised by the likes of Google and Facebook, the company stated that its technology does not infringe on privacy as it “collects only anonymous statistics”: “Like other Web analytics programs such as Google Analytics, we do track your online actions. This information is correlated with our social media database…,” it said.
What do you think ?