Social network analytics business Social Standards is branching beyond the beverage category and into beauty.
The company plans to analyze data related to all things beauty and health — makeup, skin care and hair care included.
“The cosmetics market…is one of those markets where consumers are very open and sharing what they’re wearing, what they like to wear…their likes and dislikes,” said Social Standards chief executive officer Devon Bergman. “It’s a difficult market for companies to understand what consumers are saying,” he continued. “We analyze the entire market — every conversation on both Instagram and Twitter…to allow brands to get actionable value out of it.”
That’s 700 million conversations a day, according to the company, that Social Standards mines through to provide context for social-media related data.
To do that, the Oakland, Calif., company uses a mix of artificial intelligence and hands-on work. “Brands can come in and look at how their brand health is, or learn trends or threats that are happening in their particular aspect of the market,” Bergman said.
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He sees the service as something that could one day eliminate the need for focus groups. “What we do that’s [different] is we’re analyzing everything in the domain in the market — it’s every conversation that touches cosmetics,” he said.
Social Standards is the evolution of Bergman’s original idea, Bartrendr, a bar and nightlife analytics business. That part of the business now partners with Nielsen, which markets and sells Bartrendr services related to the beverage and alcohol markets. As of now, Social Standards will sell its beauty-related insights directly.
“Each quarter, 20 percent of a cosmetic company’s revenue relies on the success of new products,” said Odile Roujol, former president of Lancôme International who advised Social Standards on the project. “The introduction of the insights Social Standards enables will change how these companies will innovate. Sales data can eventually gauge a company’s market share, but with Social Standards they can instantly measure their performance directly from the customer.”