Social Media Pricing Engine for Cross-Platform Ad Budgeting
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Solution Overview
Problem
It is challenging to compare the performance of advertising campaigns across different social media services due to the disparate metrics used for each platform, such as 'likes' on Facebook and 'Tweets' on Twitter, making it difficult for companies to determine the value and budget for their marketing efforts.
Innovation Solution
A computer-implemented method and system that analyzes campaign attribute data and historical data using algorithms like k-Nearest Neighbor, Random Forest, and Multivariate Adaptive Regression Splines to generate weighted price predictions for social media actions, enabling comparison and pricing across various social media platforms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If advertising campaigns are run on different social media services with platform-specific metrics (likes, Tweets, shares), then each platform can track its own performance easily, but it becomes difficult to compare the value and performance across disparate social media services
Solution Approach 1:
The patent introduces a standardized metric system that acts as an intermediary between different social media platforms' native metrics. By converting platform-specific metrics (likes, Tweets, shares) into a common standardized metric, the system enables comparison across platforms while preserving the ability to track each platform's native performance separately. This mediator layer resolves the contradiction by providing both platform-specific tracking and cross-platform comparability.
Solution Approach 2:
The patent transforms different types of social media metrics into a standardized parameter system. By changing the parameter representation from platform-specific units to a universal standardized metric, the system maintains the ease of tracking native performance while enabling meaningful comparison across platforms. The transformation involves mapping diverse metric types to a common scale that preserves relative value information.
2Adaptability or versatility
If companies allocate marketing budgets across multiple social media platforms, then they can reach diverse audiences, but they lack a standardized method to determine the value and optimize budget allocation
Solution Approach 1:
The patent creates a universal measurement system that can evaluate and compare value across multiple social media platforms simultaneously. This multi-functional metric system allows companies to assess the performance and value of campaigns on different platforms using a single standardized framework, enabling precise budget allocation decisions while maintaining presence across diverse platforms for audience reach.
Data Source
AI summary
Processes for determining predicted prices of social media actions from disparate social media types are disclosed. In one example process, campaign attribute data associated with an advertising campaign on a social media service may be received. The campaign attribute data and historical campaign attribute data associated with previously performed advertising campaigns may be used to generate a plurality of predicted prices for the social media action. A weighted sum of the plurality of predicted prices may be calculated to generate a final predicted price for the social media action. Predicted prices for other social media actions performed on other social media services may similarly be generated. Systems and non-transitory computer-readable storage media for performing these processes are also provided.