Social Influence and the SIM Score
A recent report from Razorfish released today indicates that about 33 percent of consumers are not connecting with brands on social networks. There are of course two ways to look at this. One, it could be that this large untapped audience presents a terrific opportunity for marketers. The second scenario is that brands are avoiding social media because it's difficult to measure and channel engagement is complicated. Fortunately, Razorfish provides some guidance.
The report "Fluent: The Razorfish Social Influence Marketing Report" urges marketers to change the way they build relationships with consumers by abandoning one-way messaging and engaging with them on an authentic, personal level.
"Social media has quickly become one of the most talked-about topics in marketing. We didn't want this report to just be more of the same, so instead we took a different, more scientific approach to evaluating this phenomena and measuring its effects," said Shiv Singh, VP and Global Social Media Lead at Razorfish. "Today, a brand's actions speak louder than its words and pushing out messages is no longer enough to excite and engage consumers."
Razorfish developed a new index, the SIM Score, to determine how a brand is being talked about online. Collaborating with partners TNS Cymfony and the Keller Fay Group, Razorfish measured two factors, "reach" and "likeability," to establish a brand's SIM Score relative to its competitors. Recognizing the obvious problem of discounting offline influence, Razorfish also factored in word-of-mouth data from the real world. The report determined a SIM Score of 5-6 companies within four industries- financial services, pharmaceuticals, media and auto. In the auto industry, for example, Ford comes out on top with a SIM of 31, beating out Honda, GM, Nissan and Toyota.
"We believe that in time a brand's SIM score will be just as important as other industry indexes, like a Net Promoter Score, are today," Singh said. "Being able to quantify and track a brand's relative health on the social Web provides marketers with a vital benchmark not previously considered in Social Influence Marketing."