How It Works
The model we use to develop our Social Media Index is one that’s not only unique and proprietary, but revolutionary in how big data is relevant to context within industry verticals. We currently house the largest culinary, restaurant and hospitality term database in the business, built over 20 years of industry and domain expertise. This expertise and data understanding positions DigitalCoCo as the go-to source for social consumer and brand intelligence in restaurant and hospitality.
Our proprietary Social Insights and VenueTrak tools are the heartbeat of the RSMI, and reveals the overall scores that helps comprise the RSMI into four major parts
Sentiment scoring with the RSMI is a very special process. Multi-variant sentiment is based on a variety of terms and locations relative to Food, Service, and Overall Brand Experience, providing a much more accurate consumer sentiment score than any other system in the market.
Influence is a cross measurement tracking system that combines influence scores from leading sentiment tracking companies like Klout and Peer Index. Our own Social Insights Restaurant & Hospitality Sentiment, as related to industry context, is also added into the influence equation.
Engagement scoring looks into how a brand engages with its current social audience, as well as those who may not call themselves ‘fans’ or ‘followers,’ but still interact with the brand. Engagement scoring also reveals social audience growth and effectiveness of engagement within that audience and extended reach audience.
New to the RSMI in 2013 is Location-Based Action (LBA) tracking, a vital component for businesses to begin measuring Social ROI. As the RSMI reaches critical mass with brand and locations, location-based data is large enough to establish a scoring model that will enhance the RSMI with one of the first ROI measurement models in social media.
Each of the four parts has the ability to achieve a maximum score of 100 points, with a score of 400 as being perfect. The proprietary model for the Social Media Index is one that levels the playing field for businesses of all sizes. It’s a tool for brands to enhance areas that may need improvement, and to develop better social consumer connections, which results in overall business performance.
Industry Data Sphere
The Data Sphere by DigitalCoCo is a complex model that incorporates multi-variant data that has identified tens of thousands of key terms, phrases, and menu elements used by more than 150 million restaurant social consumers.
Tracking more than 60,000 terms and growing to over 100,000 terms by 2014, the DigitalCoCo Data Sphere is a critical part of the Social Media Index to ensure relevant context delivery based on relevant industry-based terms, brands, and actions.
Credentials are our own set of business intelligence units that result in report building targeted to your business, its consumers, and its competitors. Credentials fall into more than a dozen categories, like Demographic, Geographic, Psychographic, Cross-Competitive, Location, Mobile, Platforms, and Interests. DigitalCoCo identifies more than 100 Credentials that robustly illuminate SWOT analyses available to clients.
Here are a few examples:
Key Term Analysis - Clear key term analysis or discovered key terms is a revealing process that helps your brand understand and learn what terms and interest areas are being explored by your audience, as well as those of your identified competitors.
Platform Analysis - Understand which social platforms may help you focus, as a brand leader, on what areas are best for your brand to explore. Platform Analysis allows you to identify the platforms in which you need the most help for improvement.
Frequently Asked Questions
Q: How often does the RSMI score brands?
A: We review brands every 24 hours with a measurement mark each quarter to evaluate progress.
Q: We have great audience growth and high engagement scores on Facebook, why are we not higher in the index?
A: Though Facebook is a significant social media platform, it is still only a small part of the Index as we track much more than just fan growth and engagement on Facebook.
Q: What do you mean by multi-variant sentiment?
A: Most sentiment tracking is general sentiment that does not include context to the business with our multi-variant model we look not only as sentiment but more importantly sentiment that is relative to your specific business.
Q: How do you index social consumers?
A: We are not just monitoring how consumers interact with brands but actually index these actions, as related to brands we index, and as they relate to digital and social actions.
Q: I am not in the Top scoring lists, am I included?
A: You may be but for safety you can submit your business easily and free! Remember that we currently have over 4,400 brands in the index and only report on the top 1-3% pending on the tracking focus. If you are interested in learning more about your specific brand score you can email us at RSMI@digitalcoco.com for a detailed fee based report.
Q: Can I check for my RSMI score real-time?
A: Though we have real-time backends at this time, the availability of this service will be coming to a real-time dashboard with real-time competitive analysis in 2013. This service is available by monthly reporting currently.
Q: How is it that you track location based actions to develop Social ROI reporting?
A: Our VenueTrak system is a proprietary social eco system that reveals much more than just your business mentions across sixteen platforms and growing. VenueTrak is a model that looks at linked brand conversations around location based credentials of on-site, intent to visit and return & refer actions by consumers.