While social media has been around for a long time, marketers are still struggling in tracking the performance on social media platforms—all the while sinking hundreds of dollars into social media analytics tool giving complex data and graphs. Most of them stumble while translating available data into meaningful insights and assimilate them into their marketing strategies.
According to a report published by LUCY HITZ, 20.8% of marketers in 2017 are facing the challenges with using social media data to inform strategy, 16.7% are struggling with monitoring competition, and 17.6% of marketers are not able to understand performance across social media channels.
This is the problem a young team of four people is trying to solve and tap market worth 2.71 billion dollars. They have developed a social media analytics tool that not only talks in graphs but insights, Vaizle. It gives you actionable insights from your social media data and daily tips to manage social media. The idea was not just to make a social media analytical tool but “Your own social media analyst”.
With the help of VAIZLE, you can analyse thousands of posts in seconds, delivering key insights into your own content as well as that of the competition. Features that VAIZLE offers:
- Social media analysis– Get analysis and interpretation of your social media data and what it means for your business. Know how consistent you are against your competitors.
- Competitive analysis– Create context for your social media marketing analysis by comparing your performance against yourself and your competitors. These metrics can be used to compare future activity to past results, quickly, effectively and simply to highlight areas of progress.
- Hashtag analytics– You can see which brands are using popular hashtags the most and compare it with your own hashtag strategy for better future performance.
- Industry reports– VAIZLE doesn’t come alone. When you hire VAIZLE as your social media analyst, it brings along periodic social media industry reports worth thousands of dollars.
- Content analysis– Know which content type is working for you and your competitors and on which social channel. See whether YouTube or Facebook is suitable for your business to post video content.
- Save your time– Save your time on analysing social media charts and graphs. With insights from your social media data, you can spend time on activities that matter—building and executing data-driven social media marketing campaigns.
- Personal social media analyst– When VAIZLE joins your team, it will cater to all your social media analysis requirements and back your social media team to operate efﬁciently.
- Alerts-If you or one of your competitors sees a lot of engagement on a speciﬁc post, you can know about it instantly using VAIZLE instant alert feature.
One can easily find researches and reviews where people ridicule social media analytics tool for being complex.
Sharing his motivation on what prompted him to start Vaizle, Nitan Jain, CEO of Vaizle, shares, “Whenever I used a social media analytical tool, all I got was a screen full of graphs and complex data with no insights. I had to hire an expert to deduce the insights out of those complex graphs and assimilate in social strategy.”
Initially, the tool was developed for in-house use. They were intending to use the tool for doing social media audits until one day, the CEO, decided to publish a digital marketing report on Indian Premier League. It was a first of its kind report downloaded by brands all across India. Since then the team has been publishing digital marketing and social media reports covering major Indian sporting events especially Indian Premier League and Pro-Kabaddi league.
But they wanted to explore more applications of social media analytics. And what could have been better than the age ol’ politics! They tried to predict Punjab state elections in India using social media and predicted results with high accuracy—better than major Indian media networks. It was only one of the few predictions which stated that Aam Aadmi Party (AAP) will not have majority in the state. Their prediction was close too.
They have also tried to create a system to track social media performance of 100 major Indian start-ups whose quarterly social media reports are published.
These reports have been downloaded by over 500 companies including Coca-Cola, Yes Bank, Ola Cabs, CEAT tyres, and VIVO. It was covered by Business Standard, WARC, and Ad Age India. And that’s not it, they put their report in their paid section. The report built them good traction. They also helped DAMAC Properties in doing competitive social media audits in middle east region.
Competitors and positioning
Vaizle is not the first social media analytics tool in the market. They are going to compete against the likes of SocialBakers, RivalIQ, Qunitly, and Agora Pulse who are already way ahead in the race.
But startups like to challenge, don’t they?
They have come up a unique pricing model in the market that according to the team can be game changer for them. It’s called Pay What You Want.
“Pay what you want” is a value-based pricing model where the user will have an opportunity to pay for solutions without burning a hole in their pocket. The idea is to enable them to harness the power of social media analytics which is easy to understand and incorporate into their marketing strategies.
The idea behind “Pay what you want” pricing model is to empower the segment to use social media analytics at a price they can afford and at the same time leveraging the benefits of social media analytical tool. There is large pool of market which is still untapped and struggling with analytics. Vaizle will serve the above segments to take leverage of social media analytics in a simplest possible manner.
This pricing model has been used in the past by music and entertainment companies. In fact, non-profit organizations and charity organizations still use the model widely. But never before was this model used in social media marketing tools. And maybe not even in a SaaS tool.
Now that the tool is developed, it is scheduled to be launched this New Year Eve (December 31, 2017) with a unique offering for early access signups “Pay what you want.”
This is going to be interesting since no SaaS startup in India except Freshworks (earlier FreshDesk) or tools from Zoho have shown a promise to compete in Western markets.
Hope you learned in the last few minutes with me. Write down your questions or comments about SaaS, startups, or even Vaizle. I will love to answer them!