Brands that focus exclusively on amassing huge social followings may be overlooking the intrinsic value of their existing audiences, according to social media analytics firm SocialRank.
The company, which launched early last year, began as a free web app for Twitter, enabling users to determine their “most valuable” followers (the accounts with the most reach and importance); their “most engaged” followers (based on retweets, favorites and mentions); their “best” followers (a mix of reach and engagement); and their most followed followers.
A brainchild of entrepreneurs Alexander Taub and Michael Schonfeld, SocialRank also allows users to filter their Twitter followings based on keyword, location, interests, activity and verification.
Now, the company is launching a comparable tool for Instagram. Available today for free, the product lets users sort their followers based on engagement, bio keywords, location, follower count and even hashtag use, according to SocialRank.
Thus far, marketers have harnessed SocialRank to many innovative ends, Taub told Entrepreneur, such as rewarding engaged fans with either physical or digital gifts, and to organize local events. The product’s geographic tool enables brands to find their biggest followers in a certain city, for instance, as well as to hone in on local press.
Having raised $1 million in venture capital last May, SocialRank is planning to monetize with premium versions of each tool for $50 per month, which will eventually allow users to execute social media campaigns inside of SocialRank, Taub said.
“We’re working to put the ‘people’ piece of the puzzle back into the marketing stack,” according to the company.