Coming in at number 5 on iconic’s top 60 best social media tools for entrepreneurs is an app called SocialRank. SocialRank began by two developers named Alex Taub and Michael Schonfeld. However this new project was started under a different name than SocialRank. Taub and Schonfeld called it simply “Most Valuable Follower”. With a simple name the app had a simple purpose, show the user who their most valuable followers are.
During the first week of its release it had gained over 50,000 users. But it didn’t get to go any higher than this because the app crashed due to all the demand for it. Taub and Schonfeld then moved on and joined a startup company named Dwolla. As Taub and Schofeld were at Dwolla, Dwolla had them shut down their Most Valuable Follower project. But the story does not end here.
At the same time Taub and Scholfeld worked at Dwolla the project was shut down, but there were former users of the Most Valuable follower app that wanted it back. What was unique about these users asking for the return, was that they were mostly brands. There were enough of these former users that wanted the app to be rebooted that Taub and Scholfeld left Dwolla and began the reconstruction of the Most Valuable Follower app.
Taub and Scholfeld returned with what we know today as SocialRank. When they realized that the users who wanted the app back were mostly brands Taub and Scholfeld saw how they could help them. SocialRank became tool for entrepreneurs to help manage how they can get their brand name out to consumers. With SocialRank you are able to see who interacts with your companies account the most. Say for example on twitter, SocialRank will show you the people who retweet and favorite your companies content the most and show how many followers these people have. Then SocialRank will rank the people who interact with your company the most and by how many followers they have.
These users that interact with a company’s social media account can help the company gain notoriety. The people that help get your company get out there can also be rewarded. Big name businesses such as Spotify and GoPro have already done so. Spotify has used SocialRank to found out who their top followers are each month and pick one to be rewarded with a free month of premium Spotify.
SocialRank can be purchased in two versions. The free version can be downloaded being able to produce monthly reports of your 10 best followers. SocialRank also offers a premium version with a monthly price of $25. The premium version offers the ability to create more in-depth reports and the reports are given more frequently than the free version. SocialRank is an interesting new way to help businesses manage and interact with their consumers using social media outlets such as Twitter and Instagram.