Social Marketing Software Company Evolves Into an Idea Factory
DALLAS (March 8, 2013)— Social Compass, a Dallas-based social marketing company, is changing its name to HipLogiq and will retain the SocialCompass name for its enterprise social marketing software. The software is used by big brands to harness the power of social media and engage with customers 1-on-1 across mass media social networks. HipLogiq will preview a new product, SocialCentiv, for small-to-medium businesses (SMBs) at SXSW Interactive (booth 106), reflecting the company’s evolution to a broad-based idea factory that brings a number of innovative software solutions to market.
SocialCompass’ patented technology makes finding new products and services as simple as tweeting about them. SocialCompass is a SaaS platform that monitors millions of public status updates in real time. By looking at keywords within the status updates, the software targets specific needs and geographic locations. When a relevant status is found, the SocialCompass team responds to that person on behalf of a client.
For example, if Mark Smith tweets, “So hungry! Where should I go to lunch?” the SocialCompass team would respond on behalf of one of its restaurant clients, with the message, “@MarkSmith, Come see us! We have a great lunch menu, plus we have a great offer going on right now: [URL to offer page].” Once Mark visits the landing page, he can download that offer. Mark is then entered into the client’s marketing automation system. A few days later, Mark will receive an email asking him to refer his friends in exchange for an additional reward from the client. If Mark’s friends opt in, he gets rewarded, and the process continues with his friends.
“The effect is viral,” says HipLogiq CEO Bernard Perrine. “Consumers on Twitter live and breathe in the public space and are very comfortable there. With its innovative software solutions, HipLogiq is changing the way businesses connect with people who use social networks to explore, share and buy products and services. We are recreating 1-on-1 marketing on a mass scale to engage and connect consumers to brands in real time.”
Last fall, SocialCompass began providing specialized, in-house services to a big-brand market. The software now outperforms traditional marketing campaigns by tenfold. Where companies can expect a 1-3 percent return on a direct mail campaign, SocialCompass clients see an average of 16 percent. A conversion is defined as a customer downloading an offer.
Today, the beta version of SocialCompass’ sister product, SocialCentiv, launches at SXSW Interactive.SocialCentiv is a web-based, do-it-yourself version of SocialCompass for SMBs. With additional products expected out this year, Perrine said it is a good time to introduce HipLogiq as the idea factory that provides a broad, flexible platform for all of its innovative products.
HipLogiq officially began in October 2012 as Social Compass, an enterprise solution for social media marketing. Co-founders Adam Root, Lindsey Madison and Bernard Perrine designed SocialCompass to help companies target and engage customers over social media in a meaningful, results-driven way. During the design of SocialCentiv, leadership decided it was time to evolve the company into an idea factory that produces the most innovative, successful applications in their space in the market. As a result,HipLogiq launched in March 2013. SocialCompass and SocialCentiv work very similarly, but whereSocialCompass provides an in-house, turnkey managed service for large brands, SocialCentiv is a web-based, do-it-yourself solution for small-to-medium businesses.
HipLogiq is backed by several individual investors, but the majority of funding comes from the Hadron Global Partners, a division of Carriage House Partners (CHP) and RLB Holdings. CHP, founded in 2009 by Anthony M. Lanza, and RLB, founded in 2011 by Ray and Lydia Bartoszek, are Connecticut-based private investment firms that focus on security, energy, technology, real estate, and sports and entertainment marketing. Both CHP and RLB take an active, hands-on approach with management in growing their portfolio companies and investments by developing, designing and implementing creative ideas and solutions on behalf of the investments and portfolio companies.