Optimizr | Social media data modelling
OPTIMIZR is a €1.1m EU funded, FP7 project which is dedicated to the development of an innovative analysis tool that will help SMEs, marketing agencies and their customers improve the efficiency of their social media actions.
OPTIMIZR combines information technology, social media data and modeling capabilities to predict outcomes for particular social media marketing initiatives. This will lead to a better understanding of social networks and their impact on information diffusion.
The project’s scientific objective is to understand social network structures and their impact on information diffusion, in order to develop analytical tools for campaign optimization. The project seeks to answer three key challenges:
- Unstructured Data: The largest challenge facing companies in making sense of social media data, aside from the amount of data, is the fact that it is essentially unstructured text, making it incredibly difficult to analyse.
- Information Diffusion: Learning who the influencers are in your particular space isn’t a hard task – but learning how messages filter through these influencers and out through their wider network is a daunting proposition, particularly when done manually.
- Campaign Optimisation: Even without proper measurement tools, European companies are continuing to invest millions of Euros per year in campaigns that, while can be measured in terms of volume and reach (to some extent), lack real proof of a return for clients (ROI).
ICON forms part of the OPTIMZR consortium which has been selected for its wide range of expertise within this niche area of technology. ICON is indeed a key contributor to OPTIMIZR and will assist towards the user interface development, user experience and functional specifications. As the tool nears completion, ICON will also be responsible for quality assurance and testing while assisting with market strategies to bring the tool to the end user.
The tool being built assists marketeers to identify influencers which could help improve the diffusion of messages, identify online communities to fit the intended campaign target, increase engagement and user-involvement and predict the social spread of the campaign enabling the adjustment of actions to real performance.
Mr. Ian Castillo, Director of ICON and project-coordinator for OPRIMIZR
The other partners within the OPTIMIZR consortium include Maven7 a leading Network Analysis, Data Mining, Research and Consulting Company in Hungary, Accurat S.R.L a design agency in Milan, Next Wave Europe Kft. a digital change management consultancy in Hungary, Cink Shaking Business S.L. a social media specialist firm in Spain, the University of Namur in Belgium and Ateknea Solutions in Spain.