Media monitoring tools have long helped businesses to stay on top of their brand mentions on media.
In the era of Big Data, flipping through newspaper or using traditional paper clipping solutions is no longer enough to help companies to keep up with the conversations about the industry and the brand happening around the clock and stay competitive.
With social media continuing to grow, business strategies will be increasingly shaped by insights from online data which is far beyond the number of brand mentions.
Growing demand for big data and analytics
A recent global report reveals that 64% of companies believe big data is changing traditional business boundaries,
According to the report, businesses in China show the strongest perception of the importance of big data and the commercial possibilities of it.
With 85% of Chinese organizations planning to increase investment in big data over the next three years, how do companies know if the intelligence they are collecting are indeed useful and how to make sense of these information collected in a way to drive business results?
This is where media intelligence platform comes into place in helping companies to extract and make sense of the massive volume online data.
The trend of media intelligence usage
On top of the traditional way marketing and PR professionals are utilizing media intelligence for monitoring, measurement and reporting, organizations in other parts of the world are using social media intelligence tools for many cases that industry players did not expect.
Mining companies are using such tools to analyze and assess infrastructure risk to their global operations; while pharmaceutical companies are using it to analyze public perception of chemical compounds to derive insights for product development.
Specialized business services providers such as security service firms are using these tools to identify and respond to events that represent new sales opportunities; and technology companies such as electronic paper display (EPD) companies are using the tool to improve its product development process and develop targeted marketing campaigns to better explain the technology in the language that consumers most understand, through leveraging the relevant consumer insights and perspective identified.
Meanwhile, mobile device app companies are using the tools to track new competitors and obtain important information e.g. unique selling point and positioning etc. of their competitors to help companies to stay on top of their game.
There is a persistent need from businesses to derive a specific set of industry relevant insights from media and social media to improve decision making, risk assessment, market profiling, or business strategy.
New challenges and opportunities the digital era has brought to businesses
Although with the advancement of media intelligence technology, Hong Kong still has a lot of catching-up to do in the adoption of these new tools.
The number of brand mentions and interactions are important KPIs for many local businesses in measuring the success of their marketing campaigns. However, companies should look beyond the data and figure and start considering the additional value that media intelligence can bring to the businesses. Looking at the media intelligence best practices and references from other companies around the world can also help to utilize the data creatively and effectively to drive business success.
The digital world has created new market needs and has brought along different business opportunities which traditional media monitoring tools can no longer fulfill. Businesses in Hong Kong should get creative about media intelligence and go beyond the traditional way of using data.
Ewan Ross is area director at Meltwater Greater China