If you own a business you must have encountered the term “media intelligence platform.” You might have also heard that you need one in order to succeed. But what is a media intelligence platform exactly? Let’s find out.
First, some stats:
- 32% of consumers report that they’d walk away from a brand they love after just one bad experience.
- In a recent Statista study, 58% of companies reported that media intelligence had a notable positive impact on customer retention and loyalty
But what is a media intelligence platform – and what does it do? We’ll define that below, as well as its role in industry analysis and market research.
What is media intelligence?
Media intelligence is part of the overall market understanding – that is, in-depth knowledge of everything that relates to the market in which you operate. Besides media intelligence, market understanding includes competitive and market intelligence. Each of these serves its own purpose. If competitive intelligence lets you learn everything about your competition, the primary goal of media intelligence is to use consumer insights and analytics,
Essentially, media intelligence means capturing and analyzing public, social, and news media content to check lots of mission critical boxes. With it, brands can capture the voice of the customer; understand trends; measure and manage marketing campaigns and content performance; and ultimately – importantly – drive the overall business strategy.
Why is media intelligence important? Simply put, without a thorough understanding of customer needs and customer experience it is impossible for brands to stay competitive today.
People today expect brands to interact with them on a personal level, and 32% of consumers report that they’d walk away from a brand they love after just one bad experience.
@HazeltonsBasket did not deliver my order that was placed on December 5th for delivery on the 24th. They say it will be delivered on the 29th. I wish I had read all of the terrible reviews for this company. If my tweet spares one person from using this company I will be happy.
— zengrrl (@ndbeez) December 27, 2020
In addition, there are measurable and proven results for relying on media intelligence when making business decisions. For example, according to a study done by Statista, at least 58% of companies reported that relying on media intelligence and consumer insight research had a notable positive impact on customer retention and loyalty. Similarly, Nielsen reports that if you’re not focusing on people as part of your media planning “you’re late to the party.”
How do companies gather media intelligence?
Media intelligence can be obtained from various sources across the social web, including social media, blogs, news outlets, press releases, journals, review sites, comments, forums, and really anywhere content is published online. Essentially, media intelligence involves capturing and analyzing public, social, and news media content outside your business’ firewall. The insights gained will help you manage your brand’s performance and guide your overall marketing strategy, as well as identify emerging trends that will further inform your business strategies.
Media intelligence will also inform your organization about influencer strategies, your brand’s reach, emerging market insights, and provide valuable customer insight data.
If you think that is a lot of information to digest – you’re right. And if you’re concerned about overwhelming your systems with massive quantities of data that will only make things more confusing, you have good reason to be concerned.
But this is where a media intelligence platform comes in.
What is a media intelligence platform and what does it do?
The problem in relying on a disparate suite of tools is that you risk getting bogged down in technology and drowning in data without gaining any real insights.
In fact, aligning measurement and analytics technologies to achieve cohesive insights, as well as ensuring data quality when combining a variety of sources ranks among the top challenges when it comes to adopting consumer analytics in an organization.
These obstacles are easily avoided with the help of a powerful media intelligence platform (also commonly referred to as a “customer insight platform”, or “consumer analytics platform”).
An AI-powered media intelligence platform like NetBase Quid synthesizes billions of data points and analyzes massive amounts of structured and unstructured data in real-time. It ensures your efforts are focused on what’s important, sorting through all the data to filter out the noise. And yes, we mean all the data.
When it comes to media intelligence, the more data sources you analyze, the better. But your complete picture is easily muddied if your tool is unable to filter things in a way that’s relevant to you and present it in a coherent way. Unlike most other media intelligence platforms, NetBase Quid excels at both.
It not only captures the most complete picture from all possible data sources mentioned earlier, companies can add their own proprietary customer data. NetBase Quid seamlessly integrates businesses’ CRM, surveys, and any other customer or market data that can enhance the big picture analysis.
From there, the potential is limitless – but we’ll share a couple of highlights to get you started:
Semantic grouping & sentiment analysis
NetBase Quid relies on next-generation artificial intelligence (AI), advanced NLP capabilities, and machine learning allowing brands to mine billions of online conversations for relevant insights. Once data around a specific topic is gathered, the platform analyzes it for you and presents the analysis in a visually stunning semantic grouping.
The data can also be organized in dashboards that reveal who is talking about your brand (or about your competitors, or about the topic of your choice), and when and where these conversations are happening.
On a deeper level, the platform allows you to perform the type of social media content analysis that will reveal why people are saying what they’re saying.
Customer sentiment analysis is an essential part of the whole process. Sentiment is analyzed by applying a complex formula that captures keywords, phrases, emojis, sarcasm and slang that communicates strong emotion, either positive or negative e.g. “love,” “need,” “want,” “obsessed,” “must have,” or “hate,” “can’t stand,” “worst,” “terrible,” etc.
And that, combined with a variety of location-specific and psychographic intel is combined to create a big picture that is priceless. Once unearthed, it can reveal otherwise hidden customer behaviors, allowing your brand to perform a thorough consumer behavior analysis, consumer trend research or any number of capabilities.
And all of this can – and should – be used to guide your company’s business decisions through the competitive landscape of your industry. Reach out for a demo and we’ll show you how this can look for you!