Our CMO, Mark Harrington, recently wrote a feature piece in Social Media today called ‘Beyond “Buzz”: Five Key Social Business Intelligence Considerations.’ In the piece he reviews the major considerations leading companies are making when selecting their social business solution. We caught up with Mark to talk more in-depth on a variety of topics related to the feature.
Q: Of the five major considerations you lay out (quality, action, complexity, speed and expertise), which tends to be the most significant driver for businesses seeking advanced social intelligence?
A: Tough question since every business is different. It’s hard to diminish the importance of any of them, but I think we see speed and expertise and two significant drivers with most clients. In terms of speed, we often see a company come to us in need of an immediate social tracking solution. It ranges from an emerging industry issue or a product launch to a major action by a competitor or a social crisis. In most cases the company needs immediate, actionable intelligence to help guide their strategic plan and tactical actions. The other that tends to stand out is expertise. A lot of organizations head down the self-service tool route and realize that they end up getting meaningless noisy “buzz.” They also realize that they deep expertise to analyze and identify critical findings, else they simply get buried in irrelevant noise.
Q: When you look at the intelligence ListenLogic provides, where does the value for a company come from?
We talk to so many clients who review our findings on their markets, products, consumers, influencers and competitors and immediately say, ‘We’ve never seen anything like this.” The value of the insight is multidimensional. First, it’s deep and robust, providing understanding across millions of individuals a scale not widely accessible, even to the largest corporations. Second, it’s timely – back to the importance of speed. Yu need the answer now, not after the crisis or initiative is over. Finally, everything we provide is focused on the ability to take action. This is where “buzz” falls short, because you can’t act on it, or even trust it. We provide fast, detailed intelligence that corporations use to set strategy, drive innovation, make decisions and overall impact their business. That’s where the value really comes from.
Q: You mention a lot of teams that an benefit from social intelligence like “Risk, Legal, Corporate Communications, Marketing, Product, Brand, Insights and Innovation.” Do you see that expanding across the enterprise?
That largely depends on the culture and foresight of the company. Marketing, Brand and Product have been early adopters, primarily because of the nature of their responsibilities. They need to understand their markets, consumers, competitors and trends. Risk, Legal and Corporate Communications are emerging since these groups are starting to see significant threats that emerge via social media. We’re also seeing a lot growth with Insights and Innovation Teams. Beyond this, there is growing interest from groups like Human Resources and Investor Relations to get a better handle on the shifts and behaviors of their constituents, in this case employees and investors, respectively.