Our Chief Marketing Officer, Mark Harrington, was recently featured in MarketingProfs with a guest piece entitled, ‘Five Ways That Advanced Social Intelligence Helps Marketers.’ In the article he discusses how deep insights derived from millions of online consumer social discussions is delivering unprecedented understanding to Marketing, Product and Brand Groups. We caught up with Mark to go more in-depth on the topic.
Q: Mark, you talk about how social business intelligence is driving innovation. What aspects of innovation are benefiting most in corporations.
A: The value this advanced social consumer insight provides lies in the speed and trustworthiness of the data – it’s immediate and unbiased. With most of the missions we conduct for clients we can extract millions of relevant conversations on their industries, markets, brands, products or competitors. This allows for rapid, true understanding of market reactions, attitudes, behaviors, decisions and actions.
Given this, we’re seeing companies use it as an immediate feedback loop from shoppers, consumers and influencers on elements like new packaging, messaging, features or flavors, new market entries and even the revitalization of products that are losing market share. So we’re seeing Brand, Marketing, Insights, Innovation, Strategy and Product Teams heavily rely on it. Traditional shopper surveys, for example, can take up to six months for a company to get results. In that time you’ve missed the opportunity to adapt and impact sales. So, the immediacy of this social business intelligence is being strategically used on both the front end to drive decision-making and back end to test the decision results.
Q: You say, “One of the fastest-growing strategic areas advanced social intelligence is being used for is with competitive analysis.” Talk about how companies are using social intelligence to understand their competitors.
A: Often we have clients that end up understanding their competitors better than the competitors understand themselves. They gain insight on the attitudes, behaviors, actions, decision points, demand moments and overall path-to-purchase for a competing product from shoppers and consumers (who are not always the same individual). They understand why their competitors gain and lose customers and switch to or from their products as well as the strong points and vulnerabilities of their offerings.
And we deliver all of this insight so that it is actionable for the company to strategically drive everything from messaging and education to packaging and promotions to product development to overall innovation to effectively increase sales and win market share.
Q: In terms of media planning, how are teams using this insight to reach their audiences more effectively?
A: ListenLogic tells our clients what their consumers are doing while consuming their products, what specific shows or sports or movies or websites or apps are they engaging to drive channel selection. How they shop for their products for partner or distribution decisions. What activities or interests or hobbies their consumers have. The attitudes on specific product attributes to drive messaging or education. The depth of understanding is pretty incredible to give true insight to plan out promotional campaigns like never before.