How comprehensive media monitoring & visualization tools turn scattered information into actionable insights
In the white paper “Gaining Data-Driven Insight: One Platform across All Media Does it,” media monitoring veteran Mark Denn outlines the challenges in carrying out intelligence gathering across many different enterprise platforms and suggests concrete steps to consolidate the onslaught of data into a single platform for increased efficiency.
Gaining Data-Driven Insight
Finding the Relevant Information in the Data Deluge
When it comes to knowing what’s going on outside of the enterprise and what’s being said about your brand across all media types, relying on multiple platforms can put you at a big disadvantage. We’re all awash in news, social media, print and broadcast content. It can be overwhelming to keep track of everything. Worse yet, many companies have departmentalized news and information into different silos, making it even more difficult to distinguish between duplication and relevant and irrelevant information.
How do you make sense of the onslaught of data, get the whole story and not get distracted or misled by irrelevant information? In talking with corporate knowledge professionals, they describe the answer as one platform that takes in all media, in all languages, from around the globe and delivers a complete, accurate view of what the market is saying so you can:
- Get a near real-time picture of the market, competition, economy and other external factors
- Eliminate the inefficiencies and cost of managing disparate media services and platforms
- Make data-based decisions to solidify customer engagement, capitalize on breaking news, fuel positive sentiment, increase marketing return on investment and enhance brand value
The Enterprise-wide Search for Business Intelligence
It’s not only executives who need access to external business intelligence. Professionals throughout the enterprise require external news and content to inform day-to-day activities and decisions.
As enterprises have tried to solve the growing need for media monitoring and analytics, there’s been a proliferation of disparate tools and services, often one or more for each media type or channel. Having many platforms for information forces companies to rely on largely manual efforts to organize, analyze and distribute only the information that is relevant to the business—an inefficient and often fallible method to gather accurate business intelligence.
When your brand reputation and corporate financial health are on the line, you can’t afford to make decisions based on incomplete or inaccurate information; nor can you afford to get critical information later than your competitors. News happens and gets reported around the clock. Finding out about it days or weeks later can delay your brand’s response to a critical issue or cause your enterprise to miss a valuable market opportunity.
How Much is Your Company Reputation Worth?
It’s hard to overstate the importance of understanding what is being said about your brand. Hilton Worldwide is a recent example of how a company’s brand and reputation are closely tied to company value. The hotel chain reported that its brands and goodwill are worth $11.2 billion, more than its entire property portfolio.
A survey by the World Economic Forum stated that “three-fifths of chief executives said they believed corporate brand and reputation represented more than 40% of their company’s market capitalization.”
A Consolidated Approach to Media Monitoring and Analytics
Consolidated media monitoring and analytics provides one solution for information across all core media types: news, social media, print, and broadcast. Content is aggregated and filtered to distinguish between relevant and irrelevant information without misreading or missing important data.
Compared to using myriad tools and platforms, consolidated media monitoring simplifies and standardizes media monitoring, market and competitive intelligence, and associated analysis. It gives you one consistent set of information and analysis for gauging public opinion, benchmarking competitors, identifying trends and opportunities, evaluating media return on investment and more.
Finally, a consolidated media-monitoring and analytics platform helps you eliminate the shortcomings and extra costs of using multiple tools across different departments and geographies.
Building a Business Case for Consolidation
When you consolidate media monitoring and analytics, you turn a decentralized, often inefficient and expensive process into a streamlined, cost-effective and higher-quality business service. Your enterprise will benefit from better, more comprehensive access to actionable information. Executives, brand managers, marketing operations, product marketing managers and others get relevant news and market information to inform their day-to-day and strategic decisions.
This enables near real-time analytics as it relates to marketplace and industry, customers and influencers, conversations and developments, competitors and regulators.
Higher quality, more comprehensive business and market intelligence is an invaluable competitive advantage. With a consolidated media-monitoring and analytics platform, your company also benefits from simplified processes for gathering, analyzing and distributing information. The result is lower cost, greater productivity and smarter decisions.
Best Practices for Successful Implementation
As with any change that impacts multiple staff and departments, user and executive buy-in is critical to ensuring rapid adoption and effective usage of a new consolidated media-monitoring and analytics platform. The following best practices can help you achieve your expected return on investment and avoid deployment pitfalls:
- Conduct a needs assessment, including:
- Create a list of all needed content for all departments, geographies and languages with detail about channels and specific publishers
- Define which media types are needed: online, print, broadcast, social
- Define analysis and metrics required for corporate decision-making
- Identify requirements for distribution of content and analysis
- Gather input and build consensus across departments, countries and markets
- Get buy-in at the managerial and general workforce level
- Gain executive commitment and support
- Involve the IT department in evaluating and deploying the solution
Gain Data-driven Insight
Working with a trusted media-monitoring and analytics partner who can tailor a consolidated solution for your enterprise can save considerable time, effort and cost compared to attempting to integrate multiple tools and platforms on your own.
LexisNexis combines comprehensive, global coverage across all media types with license management, cross-correlation, workflow integration, dashboards and reporting and media and market analytics. This single, integrated platform for large enterprises can:
- Improve the quality and completeness of information
- Provide actionable, business intelligence and analysis of external information
- Reduce complexity and simplify processes for content gathering, curation and distribution
- Ensure a fully-compliant licensing approach
- Improve efficiency and effectiveness of delivering external news and information to employees
With LexisNexis, you can collect information, distill what’s relevant, gain data-driven insight and easily share this knowledge to anticipate industry trends, stay ahead of the competition and identify emerging opportunities.