At Digimind, we're always interested in speaking to other professionals who share our zeal when it comes to unearthing valuable intelligence insights from Social Media.
Following Luis Madureira's well-received session at the SCIP European Summit earlier this month, we were eager for him to share some of the interesting ideas raised in his presentation, which was entitled "How Social Media Intelligence Can Leverage, Kill or Be the CIP WOMBAT".
1. You are a strong proponent of the strategic value of social media. Why do you think the CI profession has been relatively slow to start exploiting this data?
I truly believe that most CIP's (Competitive Intelligence Professionals) use Social Media in their daily work, and some even are highly proficient in its usage.
What SMINT (Social Market Intelligence) brings is the Big Data consideration into the equation, meaning, to cope with the Velocity, Volume and even the Variety of data you need to go beyond Google search and set-up a Listen 2.0 capability. We have seen Edwin Vlems do this on a smaller scale to what SMINT is proposing but nevertheless, a highly successful example of this mindset which he shared with us last week in SCIP's European Summit. This initiative has been developed on a B2B environment and is focused mainly on the Customer. Other FMCG (Fast Moving Consumer Goods) and Tech companies have built this capability but are only using it on the Consumer side of the equation.
SMINT on the other hand is about integrating (Integrative Thinking approach) the 5 vectors of CI (External Environment, Geography, Industry, Players and Consumer) into the Analysis, Insight development, and then Action, Strategize, Execute and Monitor them. The other important thing to have in mind is that you can now have access to all this in near Real-Time. Going back to the question we have not been slow but, so far, we are not taking the full advantage from the advent of Social Media and the Technology that allows us to listen more, and much better, to the Competitive Environment.
2. What should the main priorities be for a Market or Competitive intelligence practitioner who wants to start monitoring social media networks? What's the first step?
As in any situation the CIP must know what he/she is looking for. The common analogy used to refer to Listen 2.0 is that you are drinking water from a Fire Hose. If you start by trying to listen to everything you will end up not listening to anything useful. As per my Executive Address last week in SCIP European Summit, Social Media in itself can be a W.O.M.B.A.T. (Waste of Money, Brains, and Time). The CIP must have the CI basics in place and follow the CI Cycle. Again starting by identifying the KIT's (Key Intelligence Topics) and KIQ's (Key Intelligence Questions) he/she needs to address.
3. For CI managers already struggling with information overload, how can they avoid becoming overwhelmed by the deluge of data on social media?
My first recommendation is to choose the best tool according to the issues and/or decisions your company is trying to make. Imagine Social Media Big Data as the Sea. If your problem/issue lies in deep waters you need to find the best deep water ship to navigate the waves of change. If this ship is the correct choice you will be able to find what you are looking for. My point here being, you have to have a Listening Strategy.
The second recommendation is to identify the best person who can help you with setting-up a SMINT approach capability.
Most importantly, once you've got the capability, is to derive a winning strategy to outperform and outmanouevre the competition, execute it seamlessly and monitor its impact in real-time.
One of the reasons I joined OgilvyRED was to be able to reach for the experts in these areas, Social Media, Data, Creativity and Efficiency.
4. As with any intelligence sources, the quality of the insights depends on the quality of the underlying data. How can CI professionals ensure they are getting the best combination of reach and accuracy/reliability?
This is a very good question. As everything in life the "Garbage In, Garbage Out" syndrome applies. The answer relies on the tools being used, and specifically on who is charged with using these tools. The system we are setting for our customers has a high human component. The analysis part of SMINT approach must be done by humans, namely trained CIPs.
5. Any other points you'd like to make?
What I am proposing with SMINT (Social Market Intelligence) is not a panacea for CI (Competitive Intelligence) or a complete overhaul/revolution in the way to do CI. On the contrary, it is actually refreshing the mindset of what CI is and what it should be.
The Value Proposition of SMINT is an Integrative Thinking approach to CI where now, with the advent of Social Media and Listening 2.0, CIPs can now monitor and gather relevant information in terms of quality, quantity and speed. In fact, SMINT brings the 5 vectors of CI (External Environment, Geography, Industry, Players and Consumer) into the equation to be analyzed, understood, strategised, executed and monitored, reducing the Intelligence Cycle time considerably.
In my SCIP European Summit Executive Address presentation from last week, you can follow this reasoning in a more graphic version. As you approach Real-Time listening and reduce the Intelligence Cycle duration you lead the OODA / SOCI Loop making your competitors follow you. The only way they will have to outperform is to Listen better and faster. The SMINT mantra is to Understand, Compete and Win in Real-Time. Social Media is just part of the equation. The most important component continues to be the CIP. S(ocial)M(arket)INT(elligence) means incorporating the Social dimension, not just Media into the Market Intelligence (Competitive Intelligence applied to a specific geography).
SMINT is also the departure point for the C-Suite and the Board of Directors to develop what I called the SOBU (Social Business) Strategy, where the same logic applies and which will allow companies to develop a holistic Strategy where the Digital and Traditional point of views are integrated from the beginning.
NOTE: To view the presentation that Luis delivered at the SCIP European Summit in Dublin - just connect with him on LinkedIn here. He has shared the SlideShare presentation on his profile.
About Luis Madureira
Luis Madureira holds a unique and balanced set of skills derived from 17 years of proficient and resilient International leadership in senior roles across Angola, Portugal, Spain and United Kingdom. He possesses a vast functional expertise in Competitive Intelligence, Strategy, Advisory, Commerce (Marketing, Trade Marketing and Sales) and General Management developed in Top FMCG’s (Heineken, Drie Mollen / United Coffee, Red Bull, PepsiCo, Coca-Cola and Diageo). A visionary and creative entrepreneur, he also set-up his own Brand Building Consultancy Boutique, uberbrands, back in 2006.
He is also a regular International Lecturer and Invited Teacher of Marketing and Competitive Intelligence in several University Masters and MBA. He is now a Business Partner for OgilvyRED in Portugal.