The Business Index just released by Sprinklr (the SBI) is a great way to see how your brand compares to 35,000 other global brands, rated by performance in social media. Not only that it is publicly available for free. We examined 3 iconic Australian brands.
Benchmarking social performance
The three brands we examined are Telstra, Commonwealth Bank and ANZ – the top three most valuable Australian brands.
The data in the public-facing Business Index all derives from the Benchmarking Module of the Sprinklr social media management platform. This module provides the means to compare social performance against competitors and leaders and to see what is working best in the total media and content mix. Contact KINSHIP if you would like to know more about how to benchmark and improve your social media performance.
The Benchmark includes ranking against industry peers, content insights, audience insights and performance insights, social care insights, plus additional volumetrics.
Let’s get down to business.
Telstra ranks 37th amongst its global peers
Compared to the other telcos in the database of 35,000 brands (and growing as brands can request to be added) Telstra ranks 37th for performance with a Brand Score of 6.6.
The Brand Score of 6.6. compares to the number one ranked brand Telcel’s score of 8.8.
On Content Insights Telstra ranks 73rd with a score of 5.4.
On Care Insights for the industry Telstra rated 40th with a benchmark score of 6.5.
Commonwealth Bank ranks 39th amongst its global peers
Compared to the other banks in the database Commbank ranks 39th for performance with a Brand Score of 6.9.
The Brand Score of 6.9 compares to the number one ranked brand Infonavit’s score of 8.8. Citibank, for example, ranks 5th with a brand score of 8.3.
On Content Insights Commbank ranks 27th with a score of 7.0 – a much higher performance than Telstra in a peer comparison.
On Care Insights for the industry Commbank rated 60th with a benchmark score of 6.2. Note that Commbank’s average response rate of one hour was half that of Telstra’s but as an industry benchmark it ranked far lower. This obviously means that the financial services industry is operating their social customer care more effectively than the telecoms industry globally.
ANZ ranks 35th amongst its global peers
Compared to the other banks in the database ANZ ranks 35th for performance with a Brand Score of 6.4. I noticed that this is not consistent with the ranking and score of Commbank and I suspect that Sprinklr may have misclassified one or the other into different industry categories such as Banks versus Financial Services. Just discovered: in fact, on Linkedin, ANZ classifies itself in Banking, and Commbank as Financial Services, which is most likely where Sprinklr pulled its industry classification.
The Brand Score of 6.4 compares to the number one ranked brand State Bank of India’s score of 9.1.
On Content Insights ANZ ranks 16th with a score of 7.4 – a good ranking.
On Care Insights for the industry ANZ rated 62nd with a benchmark score of 4.4.
Commbank Versus ANZ Social Performance
The Business Index provides for the comparison of two brands, so we have selected Commbank versus ANZ.
The comparison of Content Insights shows a much higher rate of engagements per post by ANZ, resulting in a higher ranking. The Benchmarking module explores and exposes the reasons and this and helps you understand what content and what media is gaining the highest levels of engagement.
Conversely the comparison of Care Insights shows Commbank having a much better response time than ANZ.
Try the Business Index for yourself and explore this fantastic tool. To dig behind the scores and understand what is driving them ask us about the Sprinklr Benchmarking module. If you need to improve your enterprise-wide social media management providing all social touchpoints with consistent care and engagement then talk to us about Sprinklr as a whole.