A Montreal company has ranked the social media performance of 55,000 of the world’s top brands.
Called eValue Analytics, the ranking is updated hourly based on the latest brand posts. For example, at the time of eValue’s launch, the Hudson Bay Company’s Facebook page had an eValue of 78, while Sport Chek’s had a value of 92.
The tool was created by Engagement Labs to promote the insight-based analytics it provides for clients like Grip, P&G, CIBC and JWT, as well as a paid pro version of eValue.
According to CTO Cedric de Saint Leger, each score is compiled based on how consumers interact with the brand’s content (engagement), how many consumers posts reach (impact) and how well the brand responds to consumers on its social channels (responsiveness). The scores are out of 100, with a perfect score signaling the brand is in the top 1% of all brands monitored.
The final tally is a compilation of the three scores rather than an average, de Saint Leger said. A customer service-oriented brand may have a low impact, but a high score overall, for example, while a luxury brand may do well despite low responsiveness, he said.
It currently ranks brands on Facebook, Twitter and YouTube.
Paul Allard, CEO of Engagement Labs, told Marketing the ranking system offers marketers a simplified view of the data they get from comScore and other sources, giving them an easy reference point that shows how well they’re doing in real-time.
Allard said the pro version offers a deeper view of each brand score, showing top-performing posts, extra metrics and the ability to export data for reporting. It starts at $99 to track 10 brands, while more extensive packages can cost as much as $3,000 a month, according to Allard.
Though Engagement Labs views the eValue score as a valuable benchmark, de Saint Leger said they must be viewed in the context of the brand’s category.
“Certain types of social media properties are inherently more engaging. The attitudes towards beer brands, sports teams and kittens lend themselves to higher rates or interaction than tissue brands and financial institutions,” he said. “A score of 20 may be very good for your brand and setting, likewise 90 could actually be a disappointment.
“This is precisely why benchmarking against your industry and yourself over time is important.”
Here’s a look at how some Canadian brands are faring.