TotalSocial Now Provides Marketers with Faster, More Powerful Data and Predictive Analytics to Identify Social Media and Word of Mouth Strategies to Boost Consumer Sales
Engagement Labs announced the release of TotalSocial version 3.0, which incorporates an artificial intelligence (AI) and machine learning engine designed to accelerate the identification of opportunities and strategies for marketers who seek to increase effectiveness and drive sales through social media and offline word of mouth conversations.
The proprietary algorithms are powered by Engagement Labs’ AI and machine learning capability, which rapidly builds hundreds of predictive models using more than 100 variables in millions of possible combinations to identify the factors that predict sales and other key performance indicators for brands. The new automated processes can also quickly test the stability and reliability of the models’ results.
These new enhancements were recently validated in a study by Engagement Labs which found that 19 percent of consumer sales -between $7-10 trillion in annual spending – can be attributed to social conversations, and that both offline and online conversations are nearly equal in their contribution to that sales impact. The study, which was the largest ever to take into account both offline word of mouth as well as social media conversations, was conducted in partnership with Koen Pauwels, Professor of Marketing at Northeastern University and a leading authority on the intersection of marketing productivity, metrics and social media. Pauwels plans to publish the results of the research in a leading academic journal.
“Marketers need faster ways to generate actionable insights that can drive better business outcomes,” said Engagement Labs’ CEO Ed Keller. “By applying machine learning techniques to our TotalSocial platform, we can pinpoint the actions that have the highest ROI that marketers can use to improve their TotalSocial performance, marketing strategies and ultimately, sales.”
Engagement Labs provides the world’s leading brands with a unique and powerful way to drive sales and improve marketing ROI. The TotalSocial technology platform combines social media listening metrics and with the world’s only ongoing measure of offline word of mouth into a single, integrated solution, to allow marketers the ability to measure performance, diagnose areas of weakness and opportunity, and identify specific strategies and tactics to increase sales and improve marketing ROI.