If you are challenged with mapping KPIs (Key Performance Indicators) to ROI (Return on Investment) and other measurement challenges, how can you measure the volume of conversation your brand generates across key social channels, blogs, forums and news sites?
It is complex to measure how effective brands are at responding to their audiences and how well social content is received across social channels. Sentiment measuring, assessing the ratio of positive to negative statements surrounding a brand online is critical to brand presence.
The Social Indices intends to assess social performance of brands across industries such as retail, non-profit, healthcare and TV networks. In the inaugural Index, Amazon, NPR, Kaiser Permanente and Netflix were hailed as social leaders in their respective industries.
Bottom of the list are: TJ Maxx, Charity Water, Asentra Health and TV Network Nick at Nite.
The Indices measure brands' social performance across five fundamental criteria: Social visibility, general visibility, net sentiment, reach growth, engagement and content. The rankings will be updated based on the most current data and social performance.
Brandwatch acquired social influencer analytics firm PeerIndex in December 2014, to add to its portfolio. It has secured $22 million in its most recent round of venture funding.
For the first release of the social indices, brands that are well-established in their respective industries have been included. More industries will be added over time.
Amazon, Tesco and Nike score well in visibility, sentiment, engagement and reach in the retail segment.
Across TV networks, Netflix, Discovery and CNN score highest. NPR, Unicef and the WWF top the list for non profits. Kaiser Permanente, Bayer and Abbot Laboratories topped the Healthcare list
"Today, there is no definitive ranking of the best social brands in the world and, in truth, without a uniform methodology for measuring human interaction there may never be," said Will McInnes, Brandwatch CMO.
"We've created the Brandwatch Social Indices to encourage brands to think about their social strategies and spark conversations about how we, as an industry, gauge social interaction."
The Social Indices are "not intended to be a perfect science" according to the company but are intended to "provide CMOs and social leaders with a measure against which to benchmark their performance and identify which criteria are most important for their specific business goals".
Marketers who are goaled on social activity and perception will welcome an index that enables them to measure their own social activities and gives them something to aspire to.