Nielsen’s BuzzMetrics buzz-tracking service becomes part of the new company, NM Incite, to which McKinsey will contribute expertise in the areas of marketing and sales, organisation and service operations.

The joint venture has three projects already lined-up focusing on the use of social media intelligence to measure and improve marketing effectiveness, product launch optimisation and customer service experience.

Nielsen CEO David Calhoun (pictured) said: ”Our venture with McKinsey will extend our ability to help clients answer one of the central questions facing CEOs: how to unleash the promise of social media. NM Incite will fuse social media with the enterprise, creating new opportunities, efficiencies and competitive advantage.”

NM Incite will be based in New York and will be led by CEO Dave Hudson, who was previously EVP of global client services at Nielsen’s telecoms practice.

McKinsey’s global managing director Dominic Barton said: “Social media is an increasingly critical issue for business leaders and an area of untapped opportunity for many of our clients. This joint venture will equip institutions with real-time insights to help their leaders drive better results.”