As consumers dive deeper in the holiday shopping season, research and analytics firm Blueocean Market Intelligence has announced the results of its “2013 Social Media Effectiveness Index (SEI) for Retailers,” a global study assessing the business impact of top retailers’ social media efforts. It found retail brands with positive scores across multiple social media dimensions have the greatest potential for market leadership and influence over customer experiences.
Blueocean Market Intelligence captured conversations on social networks and online communities, and correlated their impact with key business metrics, including advocacy, revenue and brand value. It also measured business-to-consumer interactions in social media, including how top influencers on Twitter and engagement on Facebook drive site visitors and purchase behavior.
The following brands comprise the 2013 top 10 SEI Retail:
2. BJ’s Wholesale Club
7. Bed Bath & Beyond
10. Dollar Tree
The complete ranking based on the top 100 retailers (as defined by the National Retail Federation), as well as leading performers across numerous industry categories, is available in the full report and will be refreshed online every month.
“SEI goes far beyond social media usage and engagement. It explores the real business impact of social media. We’ve identified who’s doing it right, and who has room for improvement,” said SVP Anees Merchant. “It is apparent that social media effectiveness is less correlated with how many customers are reached or how product information is simply shared on different channels. Top SEI companies are using social media more strategically to disseminate the right mix and amount of information, build thought leadership and develop a strong framework around the customer experience.”
Top SEI companies, Merchant adds, utilize virtual and traditional word-of-mouth marketing, offer digital discounts or interactive contests, promote an omnichannel presence (both online and offline) and integrate their social media efforts into their Customer Relationship Management (CRM) system.
The Blueocean Market Intelligence ranking methodology is specifically designed to measure business impact by integrating social media analytics, measurement and monitoring with multichannel analytics. It measures social media effectiveness by tracking each brand’s share of voice, customer engagement rate, customer touch rate, number of brand influencers and advocates as well as net sentiment.
SEI Retail is the second edition of the study. The “2012 Social Media Effectiveness Index (SEI)” assessed Fortune 100 companies across all industries.
“The first SEI release was very well received, so we challenged ourselves to take it further and focus specifically on verticals, creating a true industry benchmarking index,” said Merchant.
Go here to download the full 2013 SEI Retail report, including a detailed explanation of the ranking methodology and a compilation of top social media industry performers within specialty categories.