Here’s a pro tip for businesses doing social on a budget – a Canadian social media measurement firm is now launching a free tool for social media analytics and benchmarking.

On Monday, Montreal-based Engagement Labs Inc. announced it would be releasing a free version of eValue, a tool designed to help businesses figure out how well an audience is receiving a piece of social content on Facebook, Twitter, and YouTube through their application programming interfaces. The company is planning on adding LinkedIn and Instagram soon as well.

Available as a cloud-based, software-as-a-service tool, eValue benchmarks businesses’ performance against 55,000 other brands based on three measurements – engagement, impact, and responsiveness.

(Image: Engagement Labs).
(Image: Engagement Labs).

Engagement Labs defines engagement as a calculation of the number of followers of a business’ account, how much effort the admin for that account puts in, and the amount of interaction happening on the account. Impact is based on businesses’ campaigns, and how much organic and viral reach they can drum up through them. Finally, responsiveness is calculated by what external followers post on a brand page or profile, and how quickly the admin managing that account can respond.

The goal is to allow chief marketing officers and their teams to come up with better strategies, based on understanding how they’re stacking up compared to other brands in their social media efforts.

“With eValue analytics, advertising [and] marketing agencies can showcase to their clients their brand’s social media performance. Moreover, they or the brands themselves, can be more agile and proactively deploy in real-time, optimization strategies to obtain better ROI from social media marketing campaigns,” said Paul Allard, Engagement Labs’ CEO and founder, in a statement.

(Image: Engagement Labs).
(Image: Engagement Labs).

“In addition, as a possible game changer, eValue analytics affords, for the first time ever, CMOs, marketing teams and agencies the ability to measure, in real-time, the effectiveness of competitors’ social media campaigns.”

Businesses interested in giving eValue a spin can head over here. For businesses who want something that can do more heavy lifting, there is also a paid, subscription-based version of the tool. This version measures 250 different metrics, using an enhanced reporting dashboard and the abilities to track competitors, get hourly real-time data, to spot the best-performing content, and to follow trends within a business’ field.

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