Engagement Labs Unveils TotalSocial Version 3.0 to Enhance Predictive Analytics for Consumer Sales
TotalSocial by Engagement Labs Now Provides Marketers with Faster, More Powerful Data and Predictive Analytics to Identify Social Media and Word of Mouth Strategies to Boost Consumer Sales
A real-time social media data analytics company, Engagement Labs, has announced the release of TotalSocial version 3.0, which incorporates an AI and machine learning engine designed to accelerate the identification of opportunities and strategies for the marketers who seek to increase effectiveness and drive sales through social media and offline word of mouth conversations.
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At the time of this announcement, Engagement Labs’ CEO Ed Keller, said, “Marketers need faster ways to generate actionable insights that can drive better business outcomes. 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.”
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.
Currently, TotalSocial is a patent-pending data and analytics platform, uniquely providing leading brands with a comprehensive view of the social ecosystem and its impact on their business. It is a unique platform that combines online conversations about brands that take place via social media with offline, word of mouth conversations. Engagement Labs’ word of mouth analytics is based on a proprietary 10-year database of offline conversation.