Hootsuite, the leading social media management platform, announced on Wednesday that it has acquired LiftMetrix for an undisclosed amount. This is a big development in the social media analytics and intelligence industry, considering the kind of solutions and integrations LiftMetrix offers to marketers.
The leading social media platform announced its latest acquisition of LiftMetrix, which is a NY-based social media ROI solutions provider for mobile, to demonstrate its willingness towards enhancing its platform’s capabilities.
Barely a fortnight since its last acquisition, Hootsuite purchased another MarTech firm to boost its ability to provide meaningful insights on investment ROI. Hootsuite had acquired ad tech company AdEspresso early this month. Like in the case of AdEspresso, the terms of the deal with LiftMetrix remain undisclosed.
Social media advertising is among the fastest growing industries and it is expected to generate $41 billion in 2017. As CMOs continue to grapple with the idea of leveraging social networks to drive B2B marketing and advertising revenues, leading MarTech companies are taking the high route to delivering ROI-success. Hootsuite is considered as the ubiquitous choice for most social media strategies.
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Hootsuite + LiftMetrix : Adding more ammunition to social media for MarTech
For Hootsuite, LiftMetrix is a “cool” addition considering the fact that LiftMetrix made it to the list of “Cool Vendors in Social Marketing” Report 2015 that was published by Gartner. Others in the list were CommandPost, Expion (since acquired by Sysomos), Traackr and Insightpool.
Founded in 2013, LiftMetrix has grown in size and stature as a reliable MarTech firm for social media analytics. It is one of the few companies to leverage natural language insights to explain every “why” behind the analytics. Marketers using LiftMetrix in their social media and advertising campaigns gain deep insights into how content should be pushed based on historical data and previous action plans. For a better brand engagement, marketers can monitor how competitors are faring in their social media efforts using the comprehensive Brand Tracker tool.
The software provider for Social ROI offers –
- Social Lift
- Content ROI
- Social Network ROI
- Tagging and Analytics Reporting
- Content Intelligence for Owned and Paid Assets
- Recommendations and Insights
- Chart Builder
- Competitive Tracking and Intelligence
“It’s critical for marketers today to prove the impact of social advertising on the company’s bottom line. LiftMetrix offers a sophisticated, yet easy-to-use analytics solution that helps our customers make sense of data to maximize social marketing results. LiftMetrix will be a fantastic complement to the Hootsuite platform,” said Ryan Holmes, CEO of Hootsuite.
Social media marketing and advertising for B2B engagements are no longer a gray area in CMOs budget. Companies are excited about building their MarTech stack to drive revenue from social ad spending, and that’s why Hootsuite’s latest purchase is a huge step towards proving best-in-class social media marketing tools on one single platform.
What is Social ROI?
According to a leading survey, social media ad spending will exceed $35 billion in 2017, which is 16% of all digital ad spending made globally. The best way to calculate your social ROI is the per-dollar ad spending. Most marketers fail to connect their social marketing budget with analytics and tracking solutions, resulting in inaccuracies while calculating actualized ROI.
By adding LiftMetrix into its social media monitoring platform, Hootsuite intends to assist businesses in measuring accurate social ROI, which is represented on user-friendly, visually attractive and customer-centric dashboard.
“Hootsuite has been a key LiftMetrix partner for several years. By joining Hootsuite, we will be able to offer increased value to our existing enterprise customers around their paid, earned and owned social initiatives. It’s exciting to be part of a company with Hootsuite’s velocity and trajectory,” said Nik Pai, co-founder and CEO of LiftMetrix.
Taking insights from the CMO survey, top CMOs emphasize the need to develop and execute social media strategies more effectively. As social media represents a key customer-facing platform, marketing teams are realigning their ROI-goals to improve social media strategies. However, they are yet to improve integration metrics between social media and marketing strategies. Between 2012 and 2016, companies gave just 0.1 metric score improvement when asked: “How effectively is social media linked to your firm’s marketing strategy”!
It is obvious that social media intelligence will enable CMOs to take a better stance in 2017 while building their MarTech stack to generate clear, consistent and sustainable ROI.