Brands Overwhelmed by Data are Fighting Back

As data sources multiply and the methods of obtaining that data become more advanced, the concern for many brands has moved away from collecting enough data to how to make use of the overwhelming amount of it. We have tips!

MOVING TO CONTINUOUS CONSUMER INTELLIGENCE

Evidently, businesses have become very good at data collection but are not yet there when it comes to effective use of their aggregated treasures. In fact, research shows that up to 95% of data accumulated by companies is not used in any way to improve business.

Why is this? Analytics has not stagnated and can do a lot more today compared to even a few years ago. Fully aware of this, savvy brands are not letting themselves drown in data. And this was clear in a recent webinar hosted by SCIP as two NetBase Quid data experts, Alexis Nigro and Harvey Ranola, walked the audience through enriching their market research with deep-level data analysis.

The webinar – a recording of which is still on the SCIP website and YouTube channel – is aptly titled Market Research & Variable Data Sources: Get the Most from Your People, Data, & Machines. Through use case examples, data scientists demonstrate the great power lying within their data pools and how they can access it for better business performance. Below, we’ll provide an overview of what was covered. Be sure to check out the link as well though!

Applying Predictive Analytics

Predicting shifts in the market is one of the most important things brands are concerned with today. Being able to know where the market is headed is a kind of superpower for the modern brand.

market research challenges

This intelligence means a brand can anticipate customer needs and develop solutions for them. It also allows a brand to align itself with other players in their category––either through partnerships, mergers, or acquisitions.

For this presentation, Nigro and Ranola show how you can predict these shifts by identifying trends through investment and patent data. They describe the complete process of predicting mergers and acquisitions in the market. They show how the process starts on Quid with an analysis of earnings transcripts, news and blog articles, and analyst reports. This reveals the criteria that may influence the M&A strategy of the company under observation.

The process moves on to the identification of prospective companies based on the M&A criteria. After this, the list of potential companies to be merged with or acquired by the subject company is filtered according to specific financial indicators that point to the likelihood of an M&A. A scorecard is finally issued to predict with the most accuracy the likelihood of an M&A.

company and category heatmap

Using this process, the client can anticipate the moves made by their competition. But that isn’t enough––one also needs to enhance their competitive intelligence captures.

Enhancing Competitive Intelligence

The level of competition is accelerating across all industries. Ninety percent of companies report feeling more pressure from competition today than a few years ago. And this is not just coming from the competitors one already knows and has studied, no. SCIP has predicted a likelihood of 77% that the greatest source of competition in the future will be from companies that haven’t been identified yet. Again, from SCIP, 40% of Fortune 500 companies will be gone by the end of the decade, replaced by companies that don’t exist today. In light of such information, access to competitive intelligence is mission critical to modern businesses.

Fortunately, there is a way. The presentation demonstrates this using a very specific use case example.

Nigro and Ranola teach the audience how to enhance their competitive intelligence by integrating earnings calls and proxy reports in their analyses. This analysis compares the product sales of various competing brands across different retail channels. The sales are divided into ten different categories including donations, patents, and reuse and reselling.

They demonstrate how they use Reddit as a “live action focus group” with the power of natural language processing (NLP) and virtual machines.

Why Reddit? They explain how this channel ––and social media in general––trumps the traditional focus group by the availability of a large amount of open source data that can be readily collected and analyzed. Additionally, data collected on channels like Reddit and forums is much more honest. And this type of complements traditionally obtained results from surveys and focus groups.

In the end, comparing competitors through such a rigorous method allows clients to get the complete picture of the landscape. And from there, it’s time to bring in the experts!

Identifying Domain Experts

As the market turns, an important asset for winning businesses will be their alignment with domain experts. These range from social media influencers who have proved to be a great power in consumers’ decision-making, key opinion leaders (KOLs) who are trusted for their expertise and impartiality, and then thought leaders of all kinds, including executives of major organizations and media personalities, among others. Brands will need to identify these folks and engage with them to form authentic relationships that can be counted on in good times and in crises.

Again, the greatest piece of the puzzle lies within the data. Nigro and Ranola demonstrate how to develop strategies to identify and engage domain experts by leveraging consumer insights.

For example, a client wanted to identify the most relevant thought leaders in relation to their brand. They demonstrate how they used social listening to create a topic of more than 90 thought leaders including CEOs, experts, investors, and academics. These were selected based on the client’s whitepaper selection, industry research, and core competitor subject matter in the semi-conductor and adjacent industries to create a subjects/topics interaction matrix featuring KOL conversations.

They discovered the most popular topics discussed by the KOLs across the themes of customers, competitors, government and regulators, as well as media. The client then knew the most relevant subjects to their brand. The next step involved making predictions about where the conversation was going and what actions would be taken.

In summary, you can accomplish so much with the data your company has already collected. Through analytics, you can gain insights into how to increase sales, design better products, plan launch schedules, cut unnecessary costs, and much more. So why are you letting this great resource just lie around? This hour-long conversation on Market Research & Variable Data Sources can help you leverage the untapped potential within your data pool and change how you go about making market predictions, competitive research, and influencer identification.

Reach out for a demo today and we’ll have a data expert ready to show you how to use NetBase Quid to perform better, and often game-changing, analyses.

MOVING TO CONTINUOUS CONSUMER INTELLIGENCE

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