New York City-based startup Modern Mast has just launched SocialRank, an analytical tool that enables brands and influencers to obtain a clearer picture of who their followers on Twitter actually are, based on three complementary metrics: Most Valuable Follower (MVF), Most Engaged Follower (MEF) and Best Follower.
Back in 2012 Alex Taub and Michael Schonfeld developed a service called Most Valuable Follower (MVF), which was designed to indicate which of a brand’s Twitter ‘followers’ gave it the most credibility, rather than merely putting a number on the brand’s large band of followers. Over 50,000 people used the tool before it was withdrawn by its creators when they switched career paths and went to work for e-commerce payments platform Dwolla. Two months ago the MVF creators returned to their original idea, setting up a company called Modern Mast, which picks up on the basic idea of working out who your closest or most useful followers are and focuses on developing products aimed at businesses, advertising tools and APIs. On 25 February they launched their first product – SocialRank– an analytical tool that enables brands and individual users to learn much more about their Twitter followers.
Spotting your 'best' followers
SocialRank offers brands and influencers three distinct categories of follower who may be important to their online success: Most Valuable Follower (MVF), Most Engaged Follower (MEF) and Best Follower. In order to determine the MVFs, the tool checks their identity, calculates the ratio of people who follow them/people they follow and works out a value, which takes no account of their actual level of interaction with the brand. MEFs by contrast are those who interact most with the brand, based on their ‘retweets’, mentions and favorites, without any reference to the number of followers they themselves have. SocialRank then provides a third metric, which the company reckons is the most significant, combining the MVF and MEF scores to identify who the Best Followers have been in the previous thirty days. A Best Follower strikes a balance between engaging assiduously with the brand and having a great deal of personal reach or influence. The brand ought to keep an eye on such people as they have the capability to influence opinion – for good or ill – stresses Modern Mast. The SocialRank basic service is free-of-charge and there is also a Premium service which is also free for companies officially registered as non-profits. For other companies and individual users, SocialRank Premium costs $25 per month, enabling them to create daily and/or weekly reports and obtain individualized breakdowns of demographic and geographic data on the top 50 Best Followers, plus information on all social media accounts attached to each individual or brand.
Engaging and rewarding followers
Modern Mast is also looking to create solutions for rewarding Most Valuable Followers, Most Engaged Followers and Best Followers. In the longer term, the founders envisage building tools to help brands engage their Best Followers and recruit users who could be interested in following the brand but are not yet doing so. The underlying idea is for brands not simply to get to know who their followers are and what sort of clout they wield but also to be able to transform such consumers into brand ambassadors. In some ways SocialRank resembles the Klout Perks system, whereby users earn exclusive rewards in return for their influence, with the significant difference that SocialRank focuses on working out the real value of certain followers and rewarding them, rather than merely measuring their level of influence. At the moment the SocialRank app is only designed for Twitter but Alex Taub claims that the model could easily be transposed to other social platforms such as Vine, YouTube, LinkedIn, Pinterest and Facebook. Modern Mast is already working with a number of brands, including camera-equipment firm GoPro and recipes and fresh food delivery company Plated.