Today, social media marketing company Buddy Media announced the acquisition of Spinback, a social commerce analytics and technology company. On Buddy Media's company blog, Buddy Media CEO Mike Lazerow explains how attribution was at the center of the reason for buying Spinback: "By combining sharing and conversion tracking into one elegant technology solution, Spinback shows how sharing drives sales, and any conversion event, like site registration, downloads, completed forms and more." Read more.
Lazerow briefly shared his thoughts on the transaction with AdExchanger.com.
AdExchanger.com: Why is this the right time for a service like Spinback's? And, why is it a good fit for Buddy Media?
ML: Spinback helps Buddy Media more completely answer the question, what is the ROI of social media. Thousands of website shave social sharing functionality, but don’t understand how this sharing affects their business in terms of direct sales or identifying their most influential customers. With Spinback, we will be able to track how products are being shared from a website and how they are tied back to sales. Spinback has seen tremendous traction in the social commerce space, and their un-matched offering, added to Buddy Media’s best of breed Facebook management system, will provide the most comprehensive social media offering on the market.
Spinback is an early stage company - why not let them "percolate" a little bit and get more traction?
Since launching in October 2010, Spinback has built a client base of more than 20 leading retailers. They've gained tremendous traction in a short time, and we both felt that this was the right time to team up.
What was the acquisition's cost? What happens to the Spinback team in the acquisition?
We are not commenting on the terms of the deal. The entire Spinback team will join Buddy Media full time, working out of our New York City headquarters.
By John Ebbert