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 pure data needs to be captured, it only becomes useful insight once it is filtered and analysed and even more so in complex areas such as public communication.
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
Social media analytics can identify the common factors in your successful campaigns.
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?
Ms Zandt highlighted 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.
2. 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 data, content can be strategically designed and implemented according to your insights to help you capture some of your competitors' audience and drive clients to your own brand.
3. 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 the content has been analysed, you may realise your brand has high exposure in spaces that you hadn't intentionally targeted, enabling you to change the scope of your efforts accordingly.
The information might also 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.