33 Experts Reveal the Most Valuable Customer Insights Companies can get from Business Analytics
Business Analytics: Taking a Look at the Earned Media Deep Dive
NGData.com published a look at business analytics from the perspective of 33 experts across industries, and shared my insight on the role of analytics in the earned media/public relations industry. We're happy to share their comments and my contribution. Full transcript of story can be read here.
Journalist: Angela Stringfellow
Enterprises are making use of business analytics more than ever before, but with myriad options to consider – let alone thousands of metrics to measure and analyze – it’s not always immediately clear what insights companies should be focused on. It’s actually quite easy to get lost in the sea of Big Data, leaving valuable information on the table that could transform your marketing and sales operations and boost your bottom line.
Public Relations and Data Analytics Guest Commentary:
A 15 year+ veteran of the communications industry, Pam relies on data daily in her work through PRA Public Relations. She also serves as mentor, volunteer, speaker, and writer for social impact, entrepreneurism and education/STEM issues. She’s helped countless clients, causes and colleagues work through their toxic thought blocks and go on to be engaged communicators and doers in their industries.
“The best customer insights from data analytics are had by…”
Getting outside! Pulling only internal analytics is like polling your family about their opinion on.your family. It’s immediately accessible, the data participants are highly knowledgeable about the subject matter, they are stake-holders – but it’s not a complete capture of opinion data. You need outsider input too. So my advice is to get outside!
By get outside, I don’t mean heading outdoors to enjoy the fresh air (although that’s really smart advice for any overly-focused data analytics professional). The key to meaningful analytics is to pull enough external data to ensure you are getting a more accurate, comprehensive view of your customer or community segment.
Why does it matter? Because external market data helps us get a 360 degree look at our market environment. It helps us see what our competitors are doing – or not. It helps us identify the trends, developments, and quick pivots by which the enterprise will thrive or die.
So yes, do your cohort analysis, traffic flow, search queries, and the like. Then, go to an external source for data about the competitive community. In my communications field, obtaining external data analytics is key to success. Here are a few resources we use, and a couple that are free/affordable hacks for data seekers working in the limited budget or DIY mode.
We’re a fan of Meltwater, a media data resource that helps us aggregate and analyze key media trends, overall sentiment ratings, geographical topic focus and more.
Google, as usual, is a wealth of resource. Its Ad Planner and Keyword tools help enterprises zero in on the search phrases that are earning traction in the market place, while identifying small silos of opportunity.
Oh, it’s grand to know what your competitors value enough to pay for. Freemium sites such as SpyFu provide reasonable data estimates of paid keyword, budget spends and more.
See in near real time the trending dialogue around competitors, issues, trends and your enterprise.
So, get outside your usual routines, and take a look at the analytics that will deliver insight to your message and marketplace.