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Unicorn Media Index: Who Ranks Where Across News, Social and Search

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This report by Big Valley Marketing analyzes 75 top unicorns to benchmark their visibility and momentum across news, social and search channels. This is relevant because many founders believe unicorn status provides advantages for recruiting top talent, and demonstrates a startup’s viability for customers and prospects.

The study also showcases a new Earned Media Index™ for benchmarking earned media performance – often the most impactful but least-invested, under-measured part of the marketing and communications mix.

We conclude that unicorn status and valuation alone do not dictate media performance. We also learn a lot about category performance, company success factors, IPO impact and channel dynamics. We look forward to your feedback as we continue to study this important class of startups…

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Unicorn Media Index: Who Ranks Where Across News, Social and Search

  1. 1. Unicorn Media Index™: Who Ranks Where Across News, Social and Search? April 13, 2016
  2. 2. VISIBILITY + MOMENTUM: WHO RANKS WHERE AND WHY? Unicorns are a phenomenon. Over the past 18 months, they have gone from mythical creature to tech meme – spawning greed and envy for global entrepreneurs, investors and recruiters, while feeding the tech media engine with endless news stories, leader boards and Fortune cover stories. The “unicorn” concept was coined in Nov’13 by venture capitalist Aileen Lee, and refers to privately held start-up companies with valuations exceeding $1 billion. What started out as a rare breed grew to 146 companies by April 2016, according to Dow Jones VentureSource. The chase for unicorn status has abated somewhat as startup valuations moderate in early 2016. However, the class continues to expand and contract almost weekly – providing a valuable microcosm to understand today’s tech trends and startup dynamics. To that end, this report analyzes 75 top unicorns to benchmark their visibility and momentum across news, social and search channels. This is relevant because many founders believe unicorn status provides advantages for recruiting top talent, and demonstrates a startup’s viability for customers and prospects. This study also showcases a new Earned Media Index™ for benchmarking earned media performance – often the most impactful but least-invested, under-measured part of the marketing and communications mix. We conclude that unicorn status and valuation alone do not dictate media performance. We also learn a lot about category performance, company success factors, IPO impact and channel dynamics. We look forward to your feedback as we continue to study this important class of startups… 2
  3. 3. UNICORN MEDIA INDEX: TOP 75 0 20 40 60 80 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EarnedMediaIndex™score Snapchat Pinterest Spotify Dropbox Flipkart Uber Xiaomi Snapdeal Airbnb BuzzFeed Square Github "Credit Karma" SpaceX Lyft Jawbone Slack Garena DJI FanDuel Pure Storage MongoDB Cloudera Instacart Houzz Stripe Nutanix Ola Cabs Warby Parker Didi Kuaidi Magic Leap Blue Apron DocuSign Fanatics InMobi Grabtaxi Palantir Zenefits Delivery Hero Domo Legendary Entertainment AppNexus WeWork Theranos Klarna One97 ZocDoc MuleSoft The Honest Co. Tanium Adyen Dianping Powa Meituan Coupang InsideSales.com Medallia Bloom Energy Moderna Deem Zhong An Prosper Marketplace Social Finance Infinidat Global Fashion Group Oscar Health Intarcia Therapeutics Lufax Lazada Group Jasper Technologies ContextLogic stemcentrx Koudai Shopping VANCL Trendy Group/ Trendiano Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 3
  4. 4. UNICORN MEDIA INDEX: KEY FINDINGS Snapchat tops the rankings, followed by Pinterest, Spotify and Dropbox •  Snapchat (#1 earned media, #6 valuation) was the fast mover with pronounced growth trajectory from 41.02 to 71.22, outpacing all others after Jul’15 based on platform success •  Pinterest (#2 earned media, #10 valuation) was more constant, averaging 44 points/month •  No. 3 Spotify was much more erratic with pronounced peaks and valleys, year-end growth •  Dropbox (#4), Flipkart (#5) and Uber (#6) are the next band w/ Square (#11) spiking on IPO Valuation influences earned media, but doesn’t dictate performance •  11 “media megastars” indexed >10.0, while 17 other “media superstars” averaged >1.0 •  Category, audience and executive profile matter a lot, as do other communication factors Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 4
  5. 5. UNICORN MEDIA INDEX: KEY FINDINGS Consumer tech and Internet suck up oxygen from other companies •  Social media platforms and on-demand services dominated valuations and earned media •  Top B2B = GitHub (#12), SpaceX (#14), Slack (#17), Pure Storage (#21), MongoDB (#22) •  Hardware stood out with negative linear trends for four of the five companies •  Healthcare under-performs: All six companies averaged >1 point per month •  Flipkart (#5) and Xiaomi (#7) were international standouts despite limited availability Controversy and IPO windows drive major spikes •  Theranos spiked 11X from ~0.25 to ~2.75 in Oct’15 and Nov’15 due to media firestorm •  Uber dominates valuation (#1) and news (#1), but lags in social (#3) and search (#9) •  Square spiked to #5 for Sept’15-Nov’15 based on IPO window, but trending down into 2016 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 5
  6. 6. UNICORNS ARE NOT CREATED EQUAL MEDIA MEGASTARS (Earned Media Index > 10.00) Company Rank Ave. Score Snapchat 1 49.55 Pinterest 2 44.24 Spotify 3 38.01 Dropbox 4 35.76 Flipkart 5 34.34 Uber 6 32.88 Xiaomi 7 25.63 Snapdeal 8 20.67 Airbnb 9 18.77 BuzzFeed 10 15.75 Square 11 14.47 MEDIA SUPERSTARS (Earned Media Index > 1.00) Company Rank Ave. Score GitHub 12 9.46 Credit Karma 13 6.37 SpaceX 14 5.33 Lyft 15 5.22 Jawbone 16 4.49 Slack 17 4.09 Garena 18 3.12 DJI 19 2.64 FanDuel 20 2.34 Pure Storage 21 2.04 MEDIA SUPERSTARS (Earned Media Index > 1.00) Company Rank Ave. Score MongoDB 22 1.89 Cloudera 23 1.72 Instacart 24 1.54 Houzz 25 1.51 Stripe 26 1.39 Nutanix 27 1.21 Ola Cabs 28 1.20 6 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords.
  7. 7. EARNED MEDIA INDEX VS. VALUATION TOP 10 OVER-PERFORMERS IN EARNED MEDIA Company Ave. Earned Media Index Index Rank Valuation Rank Over/ Under BuzzFeed 15.75 10 65 +55 FanDuel 2.34 20 70 +50 Warby Parker 0.98 29 75 +46 GitHub 9.46 12 51 +39 MongoDB 1.89 22 58 +36 AppNexus 0.62 42 73 +31 Lyft 5.22 15 41 +26 Garena 3.12 18 42 +24 Instacart 1.54 24 48 +24 Grabtaxi 0.68 36 59 +23 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. TOP 10 UNDER-PERFORMERS IN EARNED MEDIA Company Ave. Earned Media Index Index Rank Valuation Rank Over/ Under Lufax 0.03 68 12 -56 StemcentRX 0.01 72 23 -49 Zhong An 0.10 61 16 -45 VANCL 0.01 74 30 -44 Global Fashion 0.08 65 26 -39 Meituan 0.17 54 17 -37 ContextLogic 0.01 71 35 -36 Palantir 0.67 37 4 -33 WeWork 0.61 43 11 -32 Theranos 0.57 44 13 -31 7
  8. 8. So What? •  Unicorn status and valuation influence earned media – esp. news and social – but they don’t dictate media performance •  Company performance varies widely across news, social and search channels, reflecting lack of leverage across media •  Consumer categories dominate earned media; software steady but unspectacular; fintech rising and hardware declining •  Companies need to cultivate category (not just company) interest, plus vocal audience base and executive thought leadership •  Companies should bust marketing silos, invest more in owned and earned media, use analytics and planning to drive leverage •  Continue to track Unicorn Media Index to learn from the class: category dynamics, post-IPO drop-off, “unicorn fatigue”, etc. Now What? INSIGHTS + RECOMMENDATIONS Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 8
  9. 9. Unicorn Media Index™: Company Rankings + Scores April 13, 2016
  10. 10. UNICORN MEDIA INDEX RANKING: TOP 20 Rank Company Index News/Search/Social Volume 11 Square 14.47 1,281 757,167 18,344 12 GitHub 9.46 742 1,151,667 84,967 13 Credit Karma 6.37 14 5,653,333 4,065 14 SpaceX 5.33 404 407,250 149,138 15 Lyft 5.22 414 299,750 124,619 16 Jawbone 4.49 365 448,167 32,680 17 Slack 4.09 283 903,750 26,203 18 Garena 3.12 5 2,781,667 3,203 19 DJI 2.64 133 3,358 304,638 20 FanDuel 2.34 68 1,128,092 95,136 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. Rank Company Index News/Search/Social Volume 1 Snapchat 49.55 1,131 9,189,167 6,832,577 2 Pinterest 44.24 711 30,966,667 684,333 3 Spotify 38.01 1,778 12,753,333 1,289,949 4 Dropbox 35.76 1,144 21,208,333 97,026 5 Flipkart 34.34 865 22,416,667 150,733 6 Uber 32.88 2,194 4,624,167 1,137,737 7 Xiaomi 25.63 2,146 2,145,000 139,629 8 Snapdeal 20.67 505 13,333,333 175,055 9 Airbnb 18.77 581 10,958,333 148,618 10 BuzzFeed 15.75 686 4,772,500 808,171 10
  11. 11. UNICORN MEDIA INDEX RANKING: 21-40 Rank Company Index News/Search/Social Volume 21 Pure Storage 2.04 187 34,883 4,284 22 MongoDB 1.89 140 238,500 34,860 23 Cloudera 1.72 153 59,583 9,497 24 Instacart 1.54 124 180,000 7,830 25 Houzz 1.51 20 1,058,583 32,790 26 Stripe 1.39 108 209,250 4,214 27 Nutanix 1.21 104 63,333 10,607 28 Ola Cabs 1.20 31 725,250 20,936 29 Warby Parker 0.98 47 409,000 8,320 30 Didi Kuaidi 0.92 85 5,563 3,486 Rank Company Index News/Search/Social Volume 31 Magic Leap 0.90 73 82,167 8,261 32 Blue Apron 0.89 22 573,583 7,395 33 DocuSign 0.86 53 252,250 4,717 34 Fanatics 0.83 15 332,083 77,716 35 InMobi 0.72 63 32,750 3,398 36 Grabtaxi 0.68 49 133,592 5,027 37 Palantir 0.67 52 94,250 4,502 38 Zenefits 0.67 51 98,042 6,021 39 Delivery Hero 0.65 55 63,875 1,263 40 Domo 0.63 21 361,167 2,990 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 11
  12. 12. UNICORN MEDIA INDEX RANKING: 41-60 Rank Company Index News/Search/Social Volume 41 Legendary Entertainment 0.63 57 1,842 5,909 42 AppNexus 0.62 55 23,083 2,114 43 WeWork 0.61 47 64,208 11,476 44 Theranos 0.57 34 143,208 14,459 45 Klarna 0.40 13 236,083 1,276 46 One97 0.34 31 5,575 426 47 ZocDoc 0.31 11 171,000 1,095 48 MuleSoft 0.29 23 28,283 3,068 49 The Honest Co 0.27 10 110,208 9,320 50 Tanium 0.25 21 16,700 1,277 Rank Company Index News/Search/Social Volume 51 Adyen 0.22 18 25,650 1,464 52 Dianping 0.19 17 7,000 362 53 Powa 0.18 14 9,183 4,789 54 Meituan 0.17 16 6,000 412 55 Coupang 0.13 8 33,417 1,201 56 InsideSales.com 0.13 11 1,305 1,272 57 Medallia 0.13 7 42,300 994 58 Bloom Energy 0.13 10 20,217 437 59 Moderna 0.12 7 33,833 2,238 60 Deem 0.11 6 42,750 241 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 12
  13. 13. UNICORN MEDIA INDEX RANKING: 61-75 Rank Company Index News/Search/Social Volume 61 Zhong An 0.10 10 248 157 62 Prosper Marketplace 0.09 8 4,450 726 63 Social Finance 0.09 8 5,300 888 64 Infinidat 0.09 8 4,883 286 65 Global Fashion Group 0.08 7 1,777 203 66 Oscar Health 0.08 6 7,358 962 67 Intarcia 0.05 4 3,100 224 68 Lufax 0.03 3 2,607 127 69 Lazada Group 0.03 2 5,433 148 70 Jasper Tech 0.02 1 2,042 568 Rank Company Index News/Search/Social Volume 71 ContextLogic 0.01 1 1,233 82 72 Stemcentrx 0.01 1 1,747 59 73 Koudai Shopping 0.01 1 928 3 74 VANCL 0.01 1 3,317 29 75 Trendy Group/ Trendiano 0.00 0 893 70 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 13
  14. 14. UNICORN MEDIA INDEX SCORES: 1-25 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 0 20 40 60 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 20 40 60 80 100 120 1:Snapchat 2:Pinterest 3:Spotify 4:Dropbox 5:Flipkart 6:Uber 7:Xiaomi 8:Snapdeal 9:Airbnb 10:BuzzFeed 11:Square 12:Github 13:CreditKarma 14:SpaceX 15:Lyft 16:Jawbone 17:Slack 18:Garena 19:DJI 20:FanDuel 21:PureStorage 22:MongoDB 23:Cloudera 24:Instacart 25:Houzz Averagechannelscores News Search Social 14
  15. 15. UNICORN MEDIA INDEX SCORES: 26-50 0 1 2 3 4 5 26:Stripe 27:Nutanix 28:OlaCabs 29:WarbyParker 30:DidiKuaidi 31:MagicLeap 32:BlueApron 33:DocuSign 34:Fanatics 35:InMobi 36:Grabtaxi 37:Palantir 38:Zenefits 39:DeliveryHero 40:Domo 41:Legendary Entertainment 42:AppNexus 43:WeWork 44:Theranos 45:Klarna 46:One97 47:ZocDoc 48:MuleSoft 49:TheHonestCo 50:Tanium Averagechannelscores News Search Social Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 0.00 0.50 1.00 1.50 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 15
  16. 16. UNICORN MEDIA INDEX SCORES: 51-75 0.00 0.25 0.50 0.75 1.00 51:Adyen 52:Dianping 53:Powa 54:Meituan 55:Coupang 56:InsideSales. 57:Medallia 58:BloomEnergy 59:Moderna 60:Deem 61:ZhongAn 62:Prosper 63:SocialFinance 64:Infinidat 65:Global 66:OscarHealth 67:Intarcia 68:Lufax 69:LazadaGroup 70:JasperTech 71:ContextLogic 72:Stemcentrx 73:Koudai 74:VANCL 75:Trendy Averagechannelscores News Search Social Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 0.00 0.05 0.10 0.15 0.20 0.25 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 16
  17. 17. Unicorn Media Index™: Category + Company Snapshots April 13, 2016
  18. 18. CATEGORY ANALYSIS: TOP 10 UNICORNS •  Snapchat (#1 earned media, #6 valuation) is the big mover with search and social growth in late 2015, suggesting audience momentum •  Spotify is biggest out-performer (#3 earned media, #15 valuation) including Jun’15 spike due to Apple, Amazon, Google competition •  Uber is #1 in valuation and funding, but only #6 in earned media – strong news and social presence (#1 and #3) but lags in search (#9) •  Xiaomi (#7 earned media, #2 valuation) is the only company with a negative linear trend, fueled by sharply lower news and social Top 10 Unicorns 0 25 50 75 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Snapchat Pinterest Spotify Dropbox Flipkart Uber Xiaomi Snapdeal Airbnb BuzzFeed Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 18
  19. 19. CATEGORY ANALYSIS: HARDWARE •  Hardware stood out with negative linear trends for four of the five companies •  Chinese mobile phone maker Xiaomi (#7 earned media, #2 valuation) lost ground from early high point spiked by Apple market battle •  Jawbone (#16 earned media, #70 valuation) showed steady declines from 5+ to <3 •  Drone maker DJI (#19 earned media) was strong through Q3 2015, but lost ground after “drone for beginners” launch Aug’15 •  Magic Leap (#31 earned media) spiked on Mar’15 (demo) and Oct’15 (funding) news •  Only storage provider Infinidat (#64) bucked trend with but steadily increasing visibility Hardware Unicorns 0 10 20 30 40 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Xiaomi Jawbone DJI Magic Leap Infinidat Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 19
  20. 20. CATEGORY ANALYSIS: CONSUMER INTERNET •  Social media platforms (Snapchat, Pinterest, Spotify, Houzz) and on-demand services (Uber, Airbnb, Lyft, Instacart) dominated both valuations and earned media through 2015 •  Uber’s valuation and visibility (#6 earned media) drove impressive category pull- through for Lyft (#15), Ola (#28), Didi Kuaidi (#30) and Grabtaxi (#36) •  Airbnb (#9) showed steady growth from ~13 to ~20, fueled largely via search and social •  Spotify (#3) also showed solid upward trend from ~30 to ~40, fueled by social and search •  Most companies in this group posted upward linear trends – will they drop in 2016? Consumer Internet Unicorns 0 25 50 75 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Snapchat Pinterest Spotify Uber Airbnb Lyft FanDuel Instacart Houzz Ola Cabs Didi Kuaidi Grabtaxi Delivery Hero Dianping Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 20
  21. 21. CATEGORY ANALYSIS: SOFTWARE •  This was the largest group, with 19 brands •  Only two – Dropbox (#4) and GitHub (#12) – indexed above 5. Five more indexed above 1: Slack (#17), Pure Storage (#21) , MongoDB (#22), CloudEra (#23) and Nutanix (#27) •  Dropbox showed slight negative linear trend, while GitHub and Slack showed steady gains •  In middle tier, Pure Storage had exponential visibility gains around sub-par IPO in Oct’15, while open source players MongoDB and Cloudera trended downward over 2015 •  Among the others, Nutanix (#30), AppNexus (#45) and Tanium (#54) benefited from strong funding and product news spikes Software Unicorns 0 10 20 30 40 50 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Dropbox Github Slack Pure Storage MongoDB Cloudera Nutanix DocuSign InMobi Palantir Zenefits Domo AppNexus MuleSoft Tanium InsideSales.com Medallia Deem Jasper Tech Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 21
  22. 22. CATEGORY ANALYSIS: E-COMMERCE •  Second largest group with 16 brands •  Only two – Flipkart (#5) and Snapdeal (#9) – indexed above 5; all others averaged >1 •  Didi Kuaidi trended upward throughout the year, fueled by on-demand transportation growth in China and media interest in Uber competition and valuation news •  Among others, Warby Parker (#29, avg=0.98), Blue Apron (#32, avg=.89), and Fanatics (#34, avg= 0.83) were among the rising stars •  Jessica Alba’s The Honest Co (#49) showed an average of just 0.27 points per month E-Commerce Unicorns 0 10 20 30 40 50 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Flipkart Snapdeal Warby Parker Didi Kuaidi Blue Apron Fanatics The Honest Co. Meituan Coupang Deem Global Fashion Group Lazada Group ContextLogic Koudai Shopping VANCL Trendy Group/ Trendiano Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 22
  23. 23. CATEGORY ANALYSIS: FINANCIAL SERVICES •  Only three players posted average media index scores above 1.0: Square (14.47); Credit Karma (6.37) and Stripe (1.39) •  Square had huge jump in visibility leading up to Nov’15 IPO; IPO price was lower than last private valuation ($6B); can it sustain in 2016? •  Credit Karma (#13) was relatively stable through Aug’15, dipped in Sept’15-Nov’15 and rebounded in Dec’15 •  Fintech gained momentum through 2015, fueling late surge for 8 of 11 players – Credit Karma, Klarna, One97, Adyen, Powa, Prosper Marketplace, Social Finance and Lufax Financial Services Unicorns 0 10 20 30 40 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Square Credit Karma Stripe Klarna One97 Adyen Powa Zhong An Prosper Marketplace Social Finance Lufax Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 23
  24. 24. CATEGORY ANALYSIS: HEALTHCARE •  Healthcare had weakest media performance; all six companies indexed <1 per month •  Theranos (#44) spiked in Oct’ 15 and Nov’15 due to media firestorm fueled by WSJ and FDA reports questioning technology accuracy, business governance and partner progress •  ZocDoc (#47) surged Aug’15 on new funding round that resulted in unicorn status •  Oscar Health (#66) showed reactionary profile without sustained earned media base; spikes tied to funding news and industry stories •  Intarcia (#67) and StemcentRX (#72) spiked around funding and valuation news Healthcare Unicorns 0.0 0.5 1.0 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Theranos ZocDoc Moderna Oscar Health Intarcia StemcentRX 3.0 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 24
  25. 25. COMPANY ANALYSIS: SNAPCHAT •  #1 Earned Media Index (49.55) •  #6 in valuation ($16.0B) with $1.3B in total funding •  Led Unicorn Media Index by an average 5-point margin over #2 Pinterest •  Most visible growth in search volume; up significantly in second half of year •  Social volumes spike in July (locks out “jailbreakers;”) September (Burberry debuts London’s Fashion Week) •  News was comparably steady (new initiatives, partnerships) 0 20 40 60 80 100 120 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Averagechannelscores News Search Social 0 25 50 75 100 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 25
  26. 26. COMPANY ANALYSIS: AIRBNB •  #9 Earned Media Index (18.77) •  #3 in valuation ($25.5B) with $2.3B in total funding •  Airbnb showed steady growth from ~13 to ~20, fueled largely via search and social •  Strong seasonal growth during summer and holiday months – with 13.6M average monthly searches Jun’15-Aug’15 •  News and social trended up in summer, leveled in fall but grew again Nov’15 on funding news and “voting cartel” plans 0 10 20 30 40 50 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Averagechannelscores News Search Social 0 5 10 15 20 25 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 26
  27. 27. COMPANY ANALYSIS: GITHUB •  #12 Earned Media Index (9.46) •  #57 in valuation ($2.0B) with $350M in total funding •  GitHub was highest-scoring B2B player, powered by active and vocal developer audience •  News and search trends tracked more closely together than for consumer brands – 739 stories + 85K social posts + 1.2M searches per month •  News spiked March as GitHub was hit by its biggest DDoS attack ever; Oct’15 on Google AMP project 0 5 10 15 20 25 30 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Averagechannelscores News Search Social 0 4 8 12 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15 Source: Big Valley analysis of monthly News, Social and Search volumes, indexed to 100 based on highest Jan’15 channel scores, then aggregated into a composite Earned Media Index. Data from IT Database, Sysomos and Google AdWords. 27
  28. 28. Unicorn Media Index™: Methodology April 13, 2016
  29. 29. “UNICORN” CLASS OF $1B+ PRIVATE COMPANIES 29
  30. 30. EARNED MEDIA INDEX™ Key Questions •  How do brands (or other entities) perform across earned media relative to peers and competitors? •  How does performance correlate across news, social and search channels? •  What can brands learn from other brands to improve their earned media performance? Goals •  Benchmark earned media performance for my brand, product or idea, over time and against other entities •  Understand which channel types best drive earned media impact for my brand and category •  Plan future communication strategies, campaigns and channel mix to optimize performance Approach •  Analyze earned media visibility and trajectory across channels, including relevant data for news, social and search. Capture channel data monthly and aggregate it into a composite index for easy comparison over time and against others. -  News: Keyword search for number of news citations for the entity in IT Database, a well-curated online database of technology, business and vertical news outlets. -  Social: Keyword search for number of social citations for the entity name or handle using Sysomos, a broad social media aggregator that captures social content (Twitter, Facebook, LinkedIn, blogs, forums, videos and images). -  Search: Average monthly searches for the entity name via search engines as tracked via Google AdWords, reflecting organic brand search behavior by month. 30
  31. 31. METHODOLOGY NOTES •  This study applies the Earned Media Index to analyze earned media performance, visibility patterns and channel dynamics for a distinct class of companies. •  Big Valley analysts conducted this analysis between Dec’15 and Feb’16, capturing data for each company across news, social and search channels. •  The full study captures monthly channel data for each company from Jan’15 through Dec’15. Each brand’s channel score is indexed to 100, based on the leader for that channel as of Jan’15. The channel scores are then aggregated into a composite Earned Media Index score. •  Because the unicorn list is constantly evolving, we focused our data gathering on the top 75 companies based on Nov’15 valuations tracked by Dow Jones VentureSource. When a company goes public, it is removed after a three-month period (though we continue to track it separately to evaluate post-IPO effects on earned media performance). •  Financial valuations and industry classifications were leveraged from Dow Jones VentureSource. Valuation levels and rankings are based on Mar’16 data. 31
  32. 32. THANK YOU Tim Marklein – tim@bigvalley.co Inga Starrett – inga@bigvalley.co www.bigvalley.co

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