What should you really know about online insight monitoring and analysis? Flemming Madsen, founder and executive chairman at Onalytica, provides the lowdown
Monitoring and analysing what is being said online has become an increasingly hot topic, as companies are realising the benefits of near real-time insight into what is being said about them and their competitors, what is driving the online debate and who are the most influential commentators.
For B2B marketers, this presents some very tangible opportunities to add value to the business as a whole. When done well, continuous insight can surface business intelligence that can be mapped against business objectives, giving marketers a method by which to check whether they are on or off course.
However, while the potential advantages may be huge, it is very easy to become confused by the wealth of different approaches, methodologies and terminology. Here are five best practice techniques.
1. Volume of noise
Popularity is about the volume of online ‘noise’. While important (and can help raise awareness), it is not a true indicator of what is influencing opinion. For example, an automotive manufacturer wanted to see if there was a correlation between the sales ranking of 20 particular car models and online noise. When using this metric alone, the correlation was just one in 20. However, when influence was analysed, the correlation rose to 19 in 20.
It is also vital to understand that influence will change if the context changes. The same person is unlikely to have the same impact in relation to different topics. So when selecting a service, make sure it is one that makes this distinction and does not allocate the same weighting to every online commentator, regardless of topic.
2. The appliance of science
Continuous insight – particularly influence measurement – should not be based on gut feelings. Humans tend to overrate the influence and relevance of those with which we are most familiar. But how can you be sure an influence score is accurate? I subscribe to the view that ‘if it matters it can be measured’ and believe in using well-established scientific methodology. I also believe in focusing on a predicted business outcome, not activity, because it’s the former that really matters.
So how might this work? Based on observations or initial research, formulate a hypothesis against which predictions about an outcome can be tested. Experiments (in this case, online monitoring and analysis) can be conducted to prove or disprove the hypothesis. Also, measurement and analysis should be regularly tested against market outcomes, including traditional market research reports or surveys. Testing at regular intervals aids quick response time, as even the slightest movement off-course is detected early and can then be more easily corrected.
Above all, insight analysis should be based on proven methodologies.
3. Start with known KPIs
We usually recommend that clients start by measuring something that they are already measuring, such as market share or corporate reputation. These aspects are already established as important to the organisation and provide a known benchmark by which to ascertain the effectiveness of the service being used.
4. Get business-wide buy-in
Beyond the marketing department, continuous insight can have far-reaching benefits across the organisation and – let’s be honest – showcase the good work of the marketing department. Make it easy for the rest of the organisation to get on board with continuous insight. Some insight monitoring tools provide easy-to-use daily dashboards designed for the use of more general management and other departments with no insight or marketing expertise.
5. Understand the limitations
Continuous insight is revolutionising the ability to have a near real-time barometer of what is being said about a company, its competitors and the market. We call it ‘next generation’ market research. But remember that it is still one element at the marketer’s disposal. While it is great at finding out what is grabbing attention at any one time, it is not good at measuring reaction to hypothetical or abstract ‘what if’ ideas. Continuous insight and traditional market research will sit alongside each other for years to come. The latter may have its limitations, but it is still the best basis for intimate dialogue with key audiences.
Not just a ‘nice to have’
Continuous insight is still a relatively young market sector, but it is one that is growing fast and becoming increasingly sophisticated. Not surprisingly, we are seeing a growing number of organisations viewing continuous insight as a business imperative, not just a ‘nice to have’.
Taking a best practice approach to this area will reap both long and short-term benefits, as well as help to demonstrate the tangible ‘added value’ of marketing activities to the rest of the business.