Social media managers with good memories may remember that two young start-up hungry New Yorkers, Alex Taub and Michael Schonfeld, launched a project called “MVP” (Most Valuable Follower) in 2012, which aimed to show Twitter users who their most valuable followers were. Sadly, its young co-founders both had demanding full-time jobs (both were working for payment’s start-up Dwolla) and eventually had to shut it down. But they’re back in action again with their new company, Modern Mast, and they’re planning to turn the idea behind MVP into a real business with the launch of SocialRank, Modern Mast’s first product.
Taub and Schonfeld have now left Dwolla to focus their energies fully on Modern Mast, and they’re billing SocialRank as a major expansion on MVF. The intrigued social media manager will obviously want to know what SocialRank offers that MVF didn’t. While the old MVF used the so-called “Golden Ratio” to calculate follower value (the ratio of your total followers to the total number of people you follow), SocialRank includes other metrics. As Taub puts it, for SocialRank: “Value is scarcity plus usefulness plus importance.”
The application tracks how often a follower engages with your account and content, and identifies the followers that are most engaged. It juggles the Golden Ratio score with the engaged follower metrics to pinpoint your ‘best’ follower and it’ll supply monthly feedback on how your top ten followers have changed.
Available free to individuals and companies, SocialRank also offers a $25-a-month premium version that includes follower demographics. This probably has more appeal to businesses than individuals (it’s free for registered non-profits).
The next question forming in the mind of the canny social media manager is probably, “where to next?” Taub is clear: the firm will build tools to assist brands not only to engage with their most valuable followers, but to recruit those whose demographics suggest are a good fit but haven’t started following yet. The ultimate aim, says Taub, is to turn your best followers into “evangelists and ambassadors of whatever your message is.”
Given the fact that it launched only this month, SocialRank is already attracting brands that are using its data in innovative ways. Harry’s Grooming, for example, is offering a free haircut and shave to best followers, while Spotify is offering a free month of Spotify Premium.