INTRODUCING SOCIAL HIVE INDEX BY MSLGROUP
Social Hive Index is named after Social Hive, MSLGROUP’s global social media offering, with 150+ dedicated experts, and deep capabilities across Plan, Build and Engage. It is our second proprietary product after People’s Lab, our proprietary software and approach for crowdsourcing insights and innovation.
The effectiveness of social engagement is not universal, but contextual — relative to a geography, industry, topic or peer group. However, social listening and analytics tools don’t benchmark social engagement around a topic, relative to peers, with a single score. And, tools like Klout, Kred and Peerindex that do measure social engagement with a single score don’t allow customization around specific use cases.
Our solution is to create a single dynamic score to benchmark how organizations and influencers are engaging their community members on social media around a specific topic, relative to their peers. The Social Hive Index normalizes quantitative social data and qualitative scores into a single dynamic score between 1 and 100. The index benchmarks organizations and influencers against relevant peers, from the same geography, industry, or topic, to add context. Finally, the index provides a number of customization possibilities to meet specific needs and use cases.
The index uses a combination of automatically updated social data, qualitative research waves, and our proprietary normalization algorithm to create a single score between 1 and 100. In the qualitative research waves, our analysts define the universe of entities and their social media properties, assign weights to each property based on fit with theme, and score each entity on storytelling and engagement, based on benchmarks. Then, our software automatically pulls in daily updated social data from Facebook, Twitter, LinkedIn, YouTube, SlideShare, Klout, Kred, Peerindex and SEOMoz. Finally, our proprietary normalization algorithm converts social data and qualitative scores into a single score between 1 and 100.
THE USE CASES
Social Hive Index can be used across a range of use cases, from public topic leaderboards for thought leadership, to research report to benchmark best practices, and private company dashboards for campaign measurement. For instance, the index can be used to create a public leaderboard of the most engaging “Fortune Global 100 companies on sustainability” or “UK influencers on beauty”. Or, the index can be used to create a research report to benchmark best practices on storytelling and engagement in an industry, geography, or topic. Or, the index can be used to create a private dashboard to benchmark a company against relevant peers in the same industry, geography, or topic.
MSLGROUP has already used the Social Hive Index software and approach to create MSLGROUP’s PurPle Index, to be launched in January 2013. PurPle Index measures how effectively the Fortune Global 100 firms are engaging people on social media around their purpose, in the areas of environment, health, education and human potential. We are also speaking to a number of clients across the world, to help them benchmark their social engagement on a topic, with relevant peers.
Social engagement is more important to our clients than ever before, and our investment in proprietary products like People’s Lab and Social Hive Index shows our commitment to help our clients not only create social engagement, but also measure it. To start a conversation on how we can help you create and measure social engagement, write to [email protected]
Pascal Beucler, SVP and Chief Strategy Officer, MSLGROUP
Gaurav Mishra, VP of Insights, Innovation & Social, MSLGROUP