INSIGHTS: 3 REASONS WHY YOU NEED QUALITATIVE ANALYTICS
Qualitative analytics can help you identify the factors driving certain trends, enabling you to capture more of your target market.
In many ways, big data is the perfect embodiment of the information age. Across Asia Pacific and around the world, organisations operating within a range of sectors are collecting trillions of ones and zeroes that measure just about every metric imaginable.
What’s more, this trend looks set to grow, with 56 per cent of companies planning to increase their big data investment over the next three years, according to research from tech consultancy giant Cap Gemini. A further 30 per cent estimate that their big data spending will remain the same, while just 6 per cent plan on reducing the amount of capital they spend on collating information.
56 per cent of companies plan to increase their big data investments.
However, collecting data for the sake of it is largely pointless, and organisations need to think carefully about how they can extract meaningful value from it in order to justify their investments. While quantitative analysis is useful in the manufacturing space, industries that are a little more nuanced – such as the communications sector – will often require a different tact.
This is where qualitative media analysis comes in. Whereas quantitative analytics are featured on the ‘what’, qualitative analytics are featured on the ‘why’. Essentially this means that the former is focussed on identifying patterns in the data, while the latter is centred on identifying the factors driving these trends. Garnering greater insight into the reasons behind why your communications efforts are or aren’t working can help you capture more of your target audience (ROI) and bring more visibility to your brand.
Still don’t believe us? Here are three reasons why you need qualitative analytics:
1. Find out why a social media campaign was successful
While no two social media campaigns will be exactly the same, Forbes contributor Deanna Zandt surmised that the most successful endeavours will include two key elements:
- Easily digestible content for your audience to share
- Clear objectives and a strategy to achieve them
However, just about all campaigns will feature these components, so why do some strategies succeed while others fall flat on their face?
Well, Ms Zandt pointed out a third element that every effective digital campaign needs: Social media analytics tools. This can provide you insights into engagement, sentiment and a range of other metrics that can help you identify the reasons behind your strategy’s performance.
- Learn how you stack up against the competition
Qualitative media analytics can bolster your brand while helping you stay ahead of the competition.
A healthy dose of competition can help keep an organisation innovative and agile, but to stay ahead of the curve you’ll probably want some insight into how your target market engages with your competitors.
Information is power, and once you’re armed with this data it’s a relatively simple process of designing content and implementing a strategy that leverages these insights to help you capture some of your competitors’ audience and drive clients to your own brand.
- Develop stronger relationships with key influencers
Media monitoring services can help you create more meaningful relationships with your key influencers.
Mashable explained that another benefit of qualitative analytics can also be used to develop stronger, and more valuable and authentic relationships with your audience. After analysing the data provided by your media monitoring service, you may realise that your brand has high exposure in spaces that you hadn’t intentionally targeted, enabling you to change the scope of your efforts accordingly.
In addition, the information might reveal recurring concerns, issues or hot topics among your key influencers, allowing you to change strategy in response to fluctuations in customer sentiment as and when it happens.
QUALITY OVER QUANTITY: ARE YOU UNLOCKING ROI FROM YOUR SOCIAL STRATEGY?
The practice of generating ‘buzz’ around a product, service or offering is now a well trodden path that many companies choose to follow in the digital space. After all, Facebook, Twitter et al collectively cater to billions of consumers.
However, are businesses doing enough to ensure return on investment (ROI) in campaigns centred on these now critical channels?
Research collated by McKinsey & Company suggested the answer is, perhaps, a no. This is due to the fact that many businesses focus on either encouraging would-be customers to engage with their offerings, or inspire influencers to freely talk about their products.
The real skill – and where the most ROI can be found – includes both.
Social listening will provide better results when the focus is on quality, not quantity.
McKinsey & Company found that the costs of a campaign centred on creating buzz amongst influencers – particularly sector-specific journalists – are justified for the PR department.
The resulting articles and news pieces will typically be well regarded and discussed on social media. Naturally collating hard data to highlight this dialogue is the next step.
That’s where effective media analysis comes in. Spending big on a campaign – particularly on social – will always be a risk as there’s simply so much competition. However, if there’s enough information to back up the endeavour as a success, then there’s little reason as to why the company couldn’t continue to grow its strategy.
Quality is more important than quantity when it comes to social engagement.
Measuring what matters
Ultimately, too many businesses will look to gain as much data as possible without seeking further insight. The huge scale of today’s social landscape means that doing so can be particularly time consuming.
Consequently, social media monitoring is a must, as the right practices can unlock the value of data, rather than merely collect it.
Research collated by comScore noted that quality is more important than quantity. In simple terms, companies should focus on customers that consistently show loyalty to their brands.
Businesses need to assess which areas of their audience are engaged on social, and plan their future strategies accordingly. It’s all too easy to get caught up in a world of followers, mentions and shares, but are they actually showing ROI?
That question is more easily answered by entities that choose to think progressively, find the right tools to help them, and assess the consequent data with quality in mind.