Social Media benchmarking is an upcoming field for startups and other companies to conquer. It is very helpful for brand managers to compare their brands with their rivals and figure out how to take the next step forward. Social Media Analytics firm Unmetric Inc. has hit this sweet spot. They are considered to be one of the Internet’s first social media benchmarking company tailored to Fortune 500 companies. They are going to debut their new service, the Unmetric Score today. The Score is a compilation of quantitative and qualitative metrics that the company has developed to help brands track what their competitors are doing.
According to the company, here is how the Unmetric Score works :
· The Unmetric Score is a scientific blend of 24 quantitative and qualitative social media metrics, weighted and balanced to produce a single, benchmarkable score.
· The number is normalized to give brands a score between 0 and 100.
· The best performing brand within the sector is assigned a score of 100. All other brands within the sector are scored relative to this.
· Scores are unique to each sector and cannot be compared across sectors. A score of 80 in the Aviation industry is different to a score of 80 in the Banking industry.
· The scores are updated at the beginning of each month and calculated based on the previous month’s data.
Unmetric will also announce that it has raised $3.2 million in funds in a Series A funding led by Nexus Venture Partners. The money raised will be funnelled into further development of their social media benchmarking platform and expanding their team to the US.
Jishnu Bhattacharjee from Nexus Venture Partners spoke about the funding round saying, “Brands around the world today are witnessing an explosion in opportunities to reach customers through social media. We’ve seen many social media monitoring and listening tools, but what impressed us most about Unmetric is that its technology platform uniquely mines the much-needed benchmarks from the deluge of social media data to provide firms with actionable insights on how they are performing against their competitors.”
The capital was clinched by Unmetric due to their superior technology and in depth insights to a level that has not been achieved before. Social Media Benchmarking is like a reality check for a company and helps them keep up with the latest trends. This is instrumental for a company to keep a check on their own performance over a period. Unmetric does work for big names like Citibank and Nestle.
“The Unmetric Score provides intuitive and industry-first social media benchmarks,” said Lakshmanan Narayan, CEO and cofounder of Unmetric. “With companies like Pepsi and Coke, or Ford and GMC hinging on their rivalries to drive business and engage their customers, the Unmetric Score is an intuitive, yet comprehensive way to gauge performance every month.”
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