Just as Klout has famously taken on the mission to organize and rank the influence of an individual’s social media activity, Dachis Group is now tackling the enterprise with the release of the Social Business Index. At first glance the Social Business Index looks to be the social media equivalent of the Billboard 200 music chart in which not artists, but global companies are ranked every week based on their performance across the social web. According to a press release from Dachis Group earlier this week the Social Business Index provides ongoing real-time ranking, analysis, and benchmarking, of social business adoption and performance of the most connected and engaged companies. Dachis Group, a world leader and top agency in regards to social business consulting and design, has essentially created a presentable and reference worthy catalog of some of the world’s largest brands ranked on how vast their footprint on the social web is. The SBI tracks 20,000+ companies, 26,000+ brand, and an astonishing amount of somewhere over 100,000,000 social media accounts. The exact methods in play and metrics being tracked are still part of the hidden secret sauce behind the ongoing project, but Dachis Group has stated that hundreds of different avenues of social engagement and execution are being analyzed when compiling the data.
The release of the Social Business Index is in many ways, a landmark victory in social business analytics and a new deceleration of legitimacy for the medium, not just in the eyes of Dachis Group and their clients, but for the industry as a whole. Having a benchmark not only further pushes accountability, but more importantly also drives the demand for improvement. The top performers such as the top 5 (currently Facebook, News Corp, Google, Time Warner, and Wal-Mart) may not gain much from the SBI, but companies lower in the rankings may have a lot to be gained from an ongoing commitment to monitoring their place within the standings. Fortunately organizations can be ranked by overall gross revenue and industry. Kia for example (ranked at #200) can learn a lot by monitoring the mentions around mentions and campaigns done by Toyota (ranked at#119) or even Volkswagen (ranked at #40). It’s worth noting that businesses that aren’t currently ranked can put in a request to be considered as a part of future updates.
Right now the Social Business Index is still growing and may be rough around the edges, but one can expect it to become more thorough and precise as more data and companies are added and analyzed. Right now the index can be considered more extended in depth that what Klout offers, but still just as vague in actual measurement.