This is a trend that will continue and increase in the future.
ICON forms part of the OPTIMIZR consortium a group focused on the development of a sophisticated system for optimising social media campaigns through predictive analysis of the social media sphere.
Alongside the growth of social networks and the ability to advertise on them is the creation of a new methodology of analysis coined ‘Social Network Analysis’ based around social analysis and graph theory. Online marketing has shifted away from a model based on Click Through Rates and Impressions and has now moved towards a less measurable model. In many cases multiple channels are now distributing the same or similar message. It is becoming much more difficult to measure any form of return on investment for these types of marketing actions.
OPTIMIZR will combine information technology social media data and modelling capabilities that enable the system to predict outcomes for particular social media marketing strategies. This will lead to a better understanding of social network structure and its impact on information diffusion.
ICON has been and will remain a key contributor to OPTIMIZR and will assist towards the user interface development and functional specifications. As the tool nears completion ICON will also contribute to quality assurance and testing while assisting with market strategies to bring the tool to the end user.
When launched the OPTIMIZR system will be available as an API so that developers can create their own bespoke market analysis tools and still benefit from the sophisticated OPTIMIZR software.
These tools will allow the end user to increase the visibility of their products services or brands by means of:
1. Maximizing the impact of social media campaigns
Based on a previous analysis of the network structure of main social network services (Twitter blogs and Facebook) and a deep content-based information diffusion analysis users will learn to:
- Identify influencers that could help to improve the diffusion of messages
- Identify online communities that best fit their campaign target and focus the actions on them
- Increase engagement with these actions identifying the factors that improve involvement
- Predict the social spread of the campaign enabling the adjustment of the actions according to real performance and contrast with expectations.
2. Monitoring social media marketing impact
The aim of OPTIMIZR will be to establish set metrics to evaluate the efficiency of an online marketing campaign (ROI) with relevant indicators of the campaigns performance. (Percentage of conversion increase of new users etc.)
The project began in September 2013 and brings together 8 European organisations from 5 different countries: Belgium Hungary Italy Malta and Spain and a mix of SMEs research organisations and universities.