With Marketing organizations scrambling onto the social media bandwagon, more and more are realizing that they need to do it in an increasingly integrated way with the rest of their marketing efforts. One of the most important things to do in that regard is to utilize analytical technologies that help document the measurable results for social media reconnaissance and tactics.
MutualMind, a Richardson, Texas-based startup, has a vision for Marketers that can help them master this need to integrate social media with their overall marketing. Recently, The Marketing Consigliere interviewed Babar Bhatti (@thebabar), the CEO of MutualMind before he departed for SXSW 2010 about this vision and the compelling reasons to try his social media platform for business.
Allinio: Hi Babar, how does your product/service allow Marketers to better gather, analyze, share, and act upon data?
Bhatti: The MutualMind platform is a web application that allows marketers to manage all aspects of social media: listening, response management and analysis.
Our platform monitors social web in real-time, provides advanced response management tools and gathers relevant, business information from important sources to provide analytics, reports and alerts. The platform is ideal for large enterprise because it handles multiple campaigns, concurrent users and teams and manages large volumes of social information.
Allinio: What is the value proposition of your product/service to Marketers?
Bhatti: MutualMind was designed to save time and money for marketers. With powerful web 2.0 collaboration tools, it is easy for teams to work together effectively. We make information available in various formats to analyze – online and Microsoft Excel-friendly reports. The automated sentiment analysis provides a way for marketers to understand what is working and what should be corrected.
The proprietary analytics allow you to see patterns and trends, get a big picture view of your brand marketing or to drill down to individual issues. We provide the information that helps marketers to measure and increase ROI. Sentiment and content analysis engine is proprietary. MutualMind has its own social workflow and collaboration platform that can be readily integrated with any customer service platform through industry standard API integration such as Salesforce or SugarCRM.
Allinio: What is a common misconception that the market has about your product/service?
Bhatti: There are many types of products for managing social media. Many of the products fail to look at the big picture and provide a comprehensive integrated solution. MutualMind solves a larger problem for marketing and business by combining monitoring, response and analytics in one place – and with support for workflow and team collaboration. It is important for the market to understand this difference.
Allinio: What is the most successful or innovative use of your product/service by a business to date?
Bhatti: MutualMind can be used in many different ways – listening (product feedback, brand reputation, research, and competitive intelligence), analytics (insights on patterns and trends) and as a collaborative tool to manage campaigns. One of the innovative uses of the product has been to identify issues and to provide customer service. This was achieved using our advanced collaboration features and support for business workflow.
A rapidly growing technology product company used MutualMind to listen to conversations about their industry, product and competitors. By following relevant users and blogging about the issues of their target audience, the technology company was able to increase their follower base by 80%, increased traffic to their site by 25% and increased their conversion rate for leads. The company also used MutualMind for analytics and insights and used that information to fine tune their marketing messages.
Additionally, a well-known Internet-based retailer focused on women’s fashion used MutualMind to monitor customer service issues on their Facebook Fan page and Twitter feed. Leveraging MutualMind allowed them to automate the process, zoom into issues quickly and have an audit trail. The tool is estimated to have saved the company over 100 hours of manual work and reduced customer support effort by 75%.
Allinio: What is your greatest challenge as a marketing organization?
Bhatti: Social media intelligence and analytics is evolving rapidly with the introduction of new platform and proliferation of applications. We will see standards emerging on data formats, information exchange and privacy. Our greatest challenge is to continually improve our product to leverage these new developments in social media and to provide best value to our customers.
We comply with authorization standards, API standards and many security standards. MutualMind is part of the Social Media CRM Pioneer Group (started by Jeremiah Owyang of Altimeter Group) where our goal is to contribute to emerging standards for Social CRM.
Allinio: Babar, thanks for the demo, and good luck showing off your app at SXSW!