Marketing in the digital age: Why data is the new currency
Marketing in the digital age is all about making use of data to understand audience behaviour. (Photo by ijeab from Freepik)
- Approximately 2.5 quintillion bytes of data are created every dayI.
- In 2019, there were 3.484 billion active social media users.
- Organisations want to decipher all this information - they want to measure the high and low points of a campaign, track trends and visualise audience engagement.
- Media Intelligence Data Analytics (MIDA) tools can aid businesses and help make sense of data through content distribution, media monitoring, analysis and measurement of results.
Data is the new currency and fuel for making sound business decisions. Today, the amount of data created is tremendous, with 2.5 quintillion bytes of data created each day.
Whilst it is impossible to relate to these numbers, the overwhelming volume is something that needs to be streamlined to turn data into useful information. This can be done through the use of Media Intelligence Data Analytics (MIDA) tools.
Successful marketing in the digital age is data-driven
The PR and media landscape has undergone a huge transformation in today’s digital business era. As of 2019, the global social media penetration rate has reached 45%, meaning that 3.484 billion active social media users are contributing more content across different social channels.
With companies investing heavily in marketing campaigns, it has become more critical for businesses to embrace some form of media intelligence to measure the success of their brand campaigns.
To be successful at marketing in the digital age, marketers need to be both consumer-led and numbers-led. (Photo by rawpixel.com from Freepik)
Media intelligence transforms a manual task like media monitoring into an automated process where valuable data is extracted and combined intelligently with data sets. This allows for the provision of actionable insights and the spotting of viral trends.
Public relations (PR) and marketing specialists have used media intelligence to help businesses stay relevant and current with brand mentions in the media, as well as to keep abreast of the competition.
Media intelligence tools: A game changer for marketing in the digital age
With the current explosion in volume of digital data and the availability of 5G networks, content is being distributed at an accelerated rate.
Not only does this make it a constant challenge for meaningful reports to be produced, it also makes it hard to track share of voice and to measure results across all media channels. In such a situation, it is difficult to figure out what works and what does not.
This is where media intelligence services, through content distribution, media monitoring, analysis and measurement of results, aid businesses and help make sense of data.
Using media intelligence tools, data from various sources and channels are decluttered and turned into information that can provide real-time snapshots of brand campaigns. With these tools, organisations are able to measure the high and low points of a campaign, track trends and visualise audience engagement.
The ability to generate sharper reports allows organisations to swiftly shape their business strategies beyond their brand mentions. Such data is also crucial in refining PR and marketing approaches to craft better marketing campaigns and communication messages.
Marketing in the Digital age: What does the future look like?
Complementing traditional PR and marketing practices, this trend of using media intelligence to curate content continues through 2020 to address PR professionals’ toughest challenges. With automated crawlers put in to pick up news across many data sources, media monitoring is no longer a laborious task of tracking topics across print media.
Gone are the days of snipping news clippings and pasting or filing them in clipping books, and following up closely with broadcast media. Not only has productivity increased, the development of media intelligence to analyse and extract value from countless sources of data, coupled alongside qualitative and quantitative reports, helps to facilitate a strategic and tactical approach to campaigns.
MIDA also enables for quicker and deeper crisis management through real-time alerts and 24/7 monitoring.
With a holistic analysis of multiple news channels, a better understanding of public voices and responses can be obtained. Such data that is provided in real-time allows businesses to react to bad publicity in a swift and controlled manner.
As more PR and marketing specialists become more aware of the increasing benefits of using media intelligence to optimise brand campaigns, persistent work on refining tools should be the top priority for media intelligence platforms.
Current media intelligence platforms have been enhanced to include competitor analysis, whereby information gathered from public sources are intelligently aggregated with AI, to better understand competitors’ business and to identify new market opportunities.
Marketing in the digital age: MIDA tools can provide qualitative and quantitative analysis of brands and campaigns. (Photo from Freepik)
Perhaps in the near future, impressions from offline campaigns such as billboards, word-of-mouth and transit advertisements could be tracked to provide more accurate results.
The digital world has empowered marketers and PR professionals, providing them with sharper insights for better business decision making. With the evolving trend of media intelligence, it fills the void that traditional media monitoring tools are unable to fulfill.
About the Author
Florence Fang | CEO | R3D Global
Florence Fang has more than 20 years of experience in the PR and communications industry. She has a proven track record as an accomplished PR and marketing consultant, technology entrepreneur and business owner.
With an intrinsic knowledge of the media industry, sharp business acumen and an undeniable passion for technology innovation, Florence is responsible for strategic Media Intelligence Data Analytics (MIDA) initiatives in R3D Global. MIDA is the essence that will empower PR and marketing specialists to optimize the impact of their brand campaigns in this digital era.