Few stories generate as much addiction among their followers as those involving espionage. They feature heroes, love, passion, betrayal, secrets, and adventure like few other genres, although those who know this world from the inside know that there are few "James Bonds" on duty and a lot of fieldwork analyzing data to make the right decisions. One of the common mistakes made by those unfamiliar with the concept of "competitive intelligence" is to think that it involves companies comparable to intrepid counterintelligence and espionage agents, detectives, sleuths, danger, and thrills. But that's not the case: it's about gathering and processing information to aid in decision-making.
Competitive intelligence is a booming discipline, largely due to the strong component of new opportunities generated by the Internet, as a platform that has made it possible, as never before, to obtain information quickly, discreetly, and systematically, in many cases directly from consumers. Among these opportunities, one that has been gaining popularity in recent years is related to another new discipline: social intelligence, or in other words, the collection of information from social media users, who are assumed to interact more or less spontaneously, free from constraints and therefore closer to a real market experience.
In this regard, it is well worth taking a look at the recent report published by theSocial Intelligence Lab, the leading global community for information and documentation related to this subject. Despite the hundreds of companies specializing in collecting and studying data from social networks, it is such a new discipline that the authors of the report do not hesitate to present it as a "subconscious art" given that social intelligence "has a lot to do" with art: "In a world where customer focus is everyone's goal, social intelligence can offer a view of society from a new perspective. A new perspective that can give you invaluable information on how to connect with their hearts and minds," they state at the beginning of the study.
Based on interviews with 200 international professionals in social intelligence, the report seeks to provide tools to expand the capabilities of those who work in this field and explore new goals in what they call "the power to quantify digital behavior and discover the hidden meaning in massiveonlineconversations." In other words, it aims to identify trends and aid decision-making beyond the specific impact that may be significant to the uninitiated, but which must be understood within a global flow of uninterrupted conversations.
Is this something that many executives may feel lost about? Perhaps, because more than half (52%) of those surveyed say that their senior leaders do not clearly understand the objectives they are working towards or the products they produce. This is a noteworthy finding, given that the professionals contacted for the study come mainly from four sectors that are supposed to be at the forefront of this discipline: marketing (30%), public relations (8%), research (21%), and specialists (11%). The vast majority (80%) are convinced that social data provides unique information that cannot be obtained from other research sources.
Survey participants lean slightly (57%) toward meeting or even exceeding their own expectations. Of these, those in the marketing sector are the most enthusiastic, with an overwhelming 94% supporting this view. The most skeptical are professionals who deal directly with customers, as well as those involved in research, with only 44% of these subgroups supporting this view. In any case, 13 out of 20 (65%) rated the creation of actionable information and the tracking of the right metrics as very important elements in meeting these expectations.
What do successful organizations have in common? ask the authors of the report. And they themselves answer: they are those for whom "listening is not enough," as they know "that, in order to act, social intelligence requires a combination of data, business, and social sciences." In other words, those immersed in "a journey of transformation," where "a team and organizational commitment are needed." Hence the four key elements that the authors identify for transforming social data into measurable business results:
1. People: the human minds that power social intelligence, giving context, meaning, and action to data.
2. Structure: the tension between how knowledge is generated in practice and how it is implemented through the process.
3. Process: iteratively questioning data in different ways to meet objectives and purpose, and add value to the data.
4. Technology: selecting and adopting the right combination of technology according to specific needs and applications.
But how long does it take to fully implement these actions correctly? It is surprising that, despite being a relatively new discipline, 7 out of 20 professionals (35%) have been involved in it for 9 or more years, almost the same number (36%) as those who have been working in it for 4 years or less. What does seem clear, in any case, is that it is a full-time commitment: two-thirds of those surveyed (66%) say that social intelligence is their main job responsibility. This is logical, considering the number of variables that arise in this work: from defining a project to finding the most effective method or metric, to analyzing data or generating "actionable ideas" once they have been understood.
And understanding is precisely what companies that want to reap the benefits of social intelligence need to focus on. "It can be used in multiple areas of business decision-making," say the authors of the report, for whom "a large part of the transformation journey" of any company "is finding the most valuable use cases for their organization." Yes, in case there was any doubt, it's a matter of putting in the hours. Many hours: "this is an iterative process that requires time, patience, and a willingness to learn."
Did we mention competitive intelligence above? Well, that is precisely the fourth most prominent use case forsocial intelligence professionals, who consider it applicable in 69% of cases. It does not reach the top spot, although it comes close, with 81% capitalized by the media; that is, the increasingly frequent appearance of news reports on the impact on social media of a political or business leader, an event, a happening, or the viralization of a brand or public figure.
A comprehensive report that is highly recommended reading for anyone who wants to stay up to date with the techniques, trends, tools, and options offered by something as simple as bringing the watchword of so much modern business literature to social media: putting the customer at the center of the experience. Especially since it doesn't have to be expensive: 16% of professionals report an annual investment of less than €12,000, and only 1 in 10 estimate an amount exceeding €120,000. These figures don't seem high if the result is being able to make better decisions by listening, taking notes, processing data, and analyzing it appropriately.
All of the above is probably light years away from what a novice would expect to find in a "corporate espionage movie." But of course, real life is rarely like what we see in the movies. Away from the spotlight and glamour, competitive intelligence is an arduous, constant task and, above all, an effective and accurate gamble.
Photo byAustin DistelonUnsplash
