“Think about when a digital business marries up with what I’ll call ‘digital intelligence.’ It is the dawn of a new era about being a ‘cognitive’ business. When every product, every service, how you run your company can actually have a piece that learns and thinks as part of it, you will be a cognitive business.” GinniRometty – CEO – IBM
The above quote comes from one of the best business minds in the tech industry. As the first Chairperson, President and CEO of IBM she has smashed several stereotypes for IBM. Her take on digital intelligence is one of the most talked-about aspects of her personality along with her “cognitive computing” theory.
We now live in a digital age where our every move is monitored by companies looking to market their products/services. If you are up for it, there are millions of social media conversations and articles that one can go through. These can impact a company in making sure their products or services create a wave in the market is the above-mentioned conversations and articles can be used in their favor. Media intelligence is simply the process of gathering all the data available through social media and news media outlets so that they can be analyzed for boosting the prospects of your business.
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A Deep Insight in Media Intelligence
I am sure, the above mentioned brief description is not enough for most of my readers who are not familiar with media intelligence. That’s why now I will try to dive deep into what is media intelligence in essence and what it can do for an established business. I have emphasized on established businesses deliberately as startups or small business in its infancy are not directly impacted by what we will discuss now.
Technology has changed the way we communicate over the Internet or even on our smartphones. The data constantly evolve and grow with each passing day. The amount of data that is amassed by us in a single minute is staggering. Instagram users post around 46,740 photos and YouTube users watch 4,146, 600 hours of video in 60 seconds! Yes, unbelievable but true. This has made businesses to think and alter their strategies to just remain in the race. To be ahead of most of the companies, drastic changes in the overall strategy is required.
Business these days continue to dig deep in mining information that is relevant to them. But they don’t realize that there is the huge amount of data that can be mined by extracting it from the Internet. And what’s surprising that this information is openly available on the Internet. That’s where media intelligence comes into the picture and can serve companies very well. But exactly how it is done?
The following 5 aspects will make sure you understand this aspect right. The use of some business intelligence is also required so that to give support to media intelligence.
1. Monitor Conversations
Through media intelligence, you can listen to what your competitors and customers are saying about your product. Also what your potential customers are thinking about products similar to what you are producing can also be checked. You need to think beyond just the social media and as there are millions of blogs, articles and case studies are written where your customers engage daily. Location-based network site like Yelp is a prime example.
2. Immediate Access to Key Metrics Report
Getting access to key metrics report is now easy as it doesn’t matter where you are available physically. The top brass of a company can now get access to metrics reports on the go, thanks to the power of media intelligence. In this, you can be uber-productive as it saves your precious time that otherwise you need to indulge in searching through endless data for articles and blogs, for example.
3. Trend Analysis
The digital marketing department of every company knows well that keeping an eye on the developing trends in the industry is their door to all the success they need. In this way, they are able to develop new products that are likely to be purchased by the buying public and how new marketing campaigns should be launched. Taut media intelligence solutions enable users to stay up-to-date on most recent industry trends while also giving them ample insight into what worked for other companies in the past so that to alter their strategies and tactics just in time before the coveted launch of their new flagship product.
4. Identify Influencers
Media intelligence, along with little help from business intelligence, can be fruitful for bringing people in direct contact with their target market. That’s exactly what the doctor needs to order for a marketing person as it provides them a chance for their business to reach the dizzying heights and interact with their most influential buyers. But exactly how brands can find such individuals who are actually searching for them? Read on.
Media intelligence is the key to offering services that can help businesses to determine who can be the most preferred and relevant influential buyer for a company. Online discussion boards and communities are two such ways to find buyers to make marketing departments get their target easily.
5. Analyze Sentiments and Conversations
Part of business intelligence means that text can be scanned and later on smartly interpreted for getting the sentiments and emotions. While this can be both positive and negative, it is totally up to the company as of how to use them to their advantage. Companies can get deep into minds of their customers exactly what they are thinking about their products, what they think about the quality or pricing and many other aspects. They can get access to all this valuable information with the help of media intelligence software offered by many services.
The discussion in the first few paragraphs and then the above mentioned 5 points clearly demonstrate how media intelligence is playing a vital role in making businesses succeed admirably. Brands can get the recognition they deserve through aptly using a media intelligence software that is easily available in the market by prominent companies.
Media intelligence uses data sciences to analyze and inspect public social and media content. It chiefly refers to marketing systems that produce billions of conversations and articles/blogs daily into relevant information that allow organizations to measure and manage, particularly, business strategy and drive communications and delving deep inside the trends too for making a company know how they have to lure their customers.
Nowadays, media intelligence software is now offered by companies as a service using Big Data. The user-generated content on social media sites, articles and blogs are just a few of the examples of the data that offers valuable information to anyone looking to leverage it. The 5 aspects through which you can make sure to understand media intelligence and its impact on businesses’ growth are monitoring conversations, key metrics reports, trend analysis, identifying influencers and analyzing sentiments and conversations which are discussed briefly in this post.