Why Businesses Must Democratize Consumer & Market Intelligence

In today’s crowded market, a business must have a thorough understanding of its industry, consumers, trends and a number of other competitive indicators. And it’s impossible to capture collective, holistic metrics if half of your consumer-facing employees are not participating in the effort. Here’s how we’re going to help you change that with our Business Intelligence (BI) Connector. And we’ll share some additional context around why you must.

Data disconnects often come to light when there’s relevant bit of research revealed by a siloed business unit after a serious strategic misstep that impacts the entire organization. These tragedies can be easily avoided when brands understand their datasets and how to aggregate them company-wide. The data you’re relying on today may look very different tomorrow.

How to Use AI-Enabled Consumer and Market Intelligence to Break Down Data Silos - Read Now

Data Today, Data Tomorrow

What is understood as essential data today is not what was business critical ten years ago. And with the rate of change accelerating, combined with constantly shifting priorities, “essential” consumer and market intelligence data sources will continue to rapidly evolve.

Today, even the most robust CRM is not enough when it comes to understanding your consumers. And assumptions are dangerous. The same applies to typical datasets gathered from external sources. Surveys, statistics, and intel gathered from focus groups must be combined with social, news, forums, blogs, business data, patent intel, earnings calls, review sites, podcasts and anything else available on the social web or via news media, as well as any facts and figures that live in your internal databases and reports.

Brands have to look at everything.

‘Business as usual’ intel will not move your business forward, nor will traditional market analysis tools.  The game has changed there as well. And fortunately, NetBase Quid’s BI Connector helps you aggregate disparate data sources for analysis, bringing it all into one dashboard for real-time, AI-powered analysis. And this is key as businesses’ data aggregation needs continue to evolve as rapidly as the data itself.

Data Aggregation Evolution

Businesses cannot stay afloat without the use of data analytics and social media listening tools capable of monitoring your brand’s essential metrics – and health – in real-time. Accurate and relevant aggregated insight allows brands to build a competitive analysis, uncover and understand emerging trends, and stay one step ahead of your category as a whole. And all while providing products and experiences that resonate authentically with consumers.

 

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Continuous consumer and market intelligence does this. Having a 360-degree view of all data sources mentioned earlier is what powers it – and that view must immediately transmitted and actionable company-wide or the effort is pointless. Why put such effort into advanced consumer and market understanding if you’re not going to do anything with it? Democratizing consumer and market intelligence should be a no brainer for every business. Let’s see it in action to better understand why.

3 Common Problems Solved by Data Democratization

Information silos are a serious problem for most businesses. When data isn’t shared between the organization’s departments, the growth of the organization and the efficiency of its business processes are significantly stifled. Data silos will create problems in business efficiency such as duplication of effort and lack of synergy. They will also result in vast missed opportunities. Here are a few that it solves . . .

Sharing Information with Other Business Units

In many organizations, essential social listening intel doesn’t make it beyond the department performing the research, outside of static, outdated reports summarizing findings. This insight is typically not very useful in its current form. When data is democratized, this changes. And BI Connectors helps you share key intel company-wide.

For example, your PR department might want to m onitor brand health, identify influencers and track trending news stories related to your industry.

Your product development team would benefit from being able to track trends too, and your customer experience management team might want to have direct access to real-time conversations across your customer base. Imagine if they all had this access – and each department supplemented this insight by uploading relevant datasets that others may be unaware of?

Let’s dig into that a bit more . . .

Tracking Trends 

Capturing a trend as it is emerging can be a category-defining moment. How does one distinguish between a fad and something solid? The sophistication of your analyses tool matters a good bit here, but those contributing to and talking about the potential trend internally matters as well. You have industry experts on staff for a reason.

Why wouldn’t you ensure they’re aware of potential opportunities and host discussions around what they’re seeing in their online interactions? They may have key insight from a data source you’ve yet to incorporate into your analysis – one that would give your business an edge or even allow it to create something first.

To distinguish a trend from a fad, businesses need to get emerging trend data in front of the right teams and in real-time. BI Connector checks that box as well.

Identifying and Tracking Risks

In a globally integrated world, risks emerge from new angles (geopolitical, environmental, systemic, business risk) and global firms need a way to automate the tracking of those risks. Some examples of possible risks you might want to track include supply chain risk, public and brand perception, and competitive risks.

We recently helped a leading retailer use BI Connector to benchmark competitor risk using a four-step process:

  1. Identify key metrics to follow across 23 different risk areas and five competitors.
  2. Boil it down to ten key metrics, which included custom data captures
  3. Configure the dashboard to push insight continuously into a relational database
  4. Rank and weight different risk areas using a customer-specific algorithm

Essentially the BI Connector extracted hundreds of thousands of social data points in real-time and benchmarked our retail partner against its peers across these different risk types, such as working conditions, employee benefit, and sustainability.

Having that information accessible to the entire organization and having it updated in real time ensured they stayed ahead of any PR crises and were able to quickly capitalize on competitor opportunities that arose in the space.

And that’s what we find the crux of this democratized functionality – capitalizing on shared knowledge to stay ahead of trends, talk, opportunities and threats. It’s the next evolution of business understanding, a business intelligence connection that all brands will need to make sooner or later. Early adopters will have an edge.

Reach out for a demo of our BI Connector when you’re ready to make your presence known, or retain your share of voice, in your category.

How to Use AI-Enabled Consumer and Market Intelligence to Break Down Data Silos - Read Now

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