Social analytics startup The Echo System has launched a new tool to help businesses measure and understand the impact of their social media campaigns.
Dubbed Echo Effect Analytics, the new platform brings together social data with transactional data, so brands can see in cold, hard numbers the correlation between social media engagement and revenue.
The company knows that social media marketing is like karma. What goes out must come back three-fold. The results of its June study demonstrated that online retailers with solid “social” customer engagement strategies vastly outperform laggards.
Marketing teams can use the interactive dashboard to make comparisons across multiple social media channels, looking at revenue per visit, conversion rates, and average order size. They can also see which channels drive the most referrals and the financial effect those referrals have.
The system also creates a profile for every visitor to a brand’s website, which contains information about their online shopping and sharing habits. It turns this information into a numerical score between 1 and 100 so marketers can instantly gauge a customer’s dedication to the brand.
All of this data is further leveraged to suss out customer interests, which could ultimately lead to more targeted advertising.
In many ways, it is a tool for social media marketers to justify their presence, work, and worth to the scary business guys in stiff suits. Or the bootstrapping startup founder in a hoodie. Or themselves for dedicating a career to tweets.
The Echo System which was founded in 2010 and received an undisclosed amount of investment from GSV Capital in 2011.