If only the internet could be effectively 'listened to' and interpreted - imagine the valuable insight that could be gleaned from it. For the first time new technologies are making it possible for organisations to have this insight at their fingertips in real-time. It's an exciting opportunity for the early adopters.
As the internet has become a more significant mainstream media, more and more people are logging on everyday to view and create contentm meaning that the online debate and its contents grow and change by the minute. Every conceivable topic that there is to be discussed is available within seconds through a Google search. There is nothing new or shocking in this.
What could be surprising are the discoveries about your brand, advertising campaign, market position or even your competition that could be made if these online conversations could be listened to and turned into valuable intelligence. Consider the value of this insight for an organisation.
Previously, to get hold of this level of insight from the public has required costly, labour intensive and time consuming surveys, even online surveys do not provide instantaneous results - sometimes taking days, weeks and even months to consolidate into comprehensive, actionable information. As a result, the intelligence that such activity might deliver, could be significantly out of date by the time it lands on the desks of those responsible for making important business decisions from it.
However, as the evolution of technology continues to accelerate - new solutions become available that provide this intelligence more quickly, and at a reduced cost. With the vast amount of data available online, the internet has become a cost effective database that when used correctly - can provide critical consumer insight.
Brand and insight managers, as well as C-level decision makers can now cut their costs significantly, and are also able to become more proactive as the research and insight they need is provided constantly and in near real-time - making for a more agile and effective business.
These new tools that assist with 'listening to' the internet, help provide on-demand answers to some of the age-old business questions, as well as providing valuable forward-looking new intelligence. Answers can be uncovered to questions that businesses have been asking themselves for years - questions such as "What is my brand's reputation? Are we on track to meet market share requirements? What is the sentiment towards my campaign?"
By way of example, in the run up to the UK general election, data collated from the internet was analysed. From this it was possible to gauge changes in the daily polls by measuring changes in the amount of relevant online discussion. This intriguing insight was delivered much faster and more cost-effectively than the same findings that were being produced by the official poll companies. Strategic decisions can be made using this information – in this instance, if a key constituency for one of the political parties showed signs of losing voter confidence, an emergency recovery plan could have been implemented immediately.
By being able to understand public reaction and the effect of certain campaigns at the same rate that they are being broadcast, you can change them. By combining the internet with the right tools you can have this vital information constantly at your fingertips – meaning that as an organisation you can react instantaneously, rather than every six months as might be the case using traditional methods.
Today, relatively few organisations are taking advantage of these tools to inform business decisions. However, as tools advance, the reporting and analysis that businesses can glean from the online debate will become standard practise – and these tools to analyse the online debate will become a necessity rather than a 'nice to have' as businesses and political parties alike employ them as a way of checking the pulse of society. Steal a march on your competition and start using them today!
Flemming Madsen
Founder and Director, Onalytica