Aisling McCarthy looks at how the insights drawn from media data has become a sought-after prize.
The low-down on Big Data
At the end of 2016, 90% of all data in the world had been created in the previous two years. Forty thousand searches are done on Google every second and every minute up to 300 hours of video are uploaded onto YouTube alone.
As the importance of data increases in our day-to-day lives, the problem is this: How do you make sense of it all? How do you find what is relevant to you, in as little time as possible?
What is Big Data?
It’s the term given to extremely large data sets. For example, all mentions of a particular brand on traditional and social media platforms. Thanks to advanced technology, Big Data can be analysed to reveal patterns, trends and associations.
Why does this matter?
Well, the ability to analyse data has always been important. Brands are always looking to uncover insights from their data and adapt according to what the data reveals. Thanks to developments in artificial intelligence, larger and more complex data sets are able to be analysed – quicker than a human could do it.
Wondering who unlocks the information from the data sets? Find out in our article, Why businesses need data scientists.
The importance of media analysis
For companies that receive large amounts of media coverage every month, the analysis of this information is more important that the media clips themselves.
Consider this: When your brand only gets mentioned in the media a handful of times per month, having access to the articles that mention you is very valuable. However, if you receive thousands of mentions per month, those clippings will just pile up!
Also, when you have fewer mentions, you can dedicate one person (or team) to the task of analysing that data and finding insights that can inform your business strategies. However, the more mentions you get, the more data there is – meaning more people are needed to analyse it.
With so many mentions in the media, it makes sense to have someone do all the hard work for you. Anja Van Schalkwyk, team leader at media analysis and reporting company Focal Points, says that media analysis is vital for big businesses wanting actionable insights into their coverage.
“In today’s world, data is being generating faster than anyone can analyse it. This makes keeping track of your business’s media coverage extremely difficult,” she says. “Media analysis serves as a fundamental solution to this problem.”
Media analysis offers the answer to the question: ‘Why?’ Knowing the answer to why
gives you the chance to see what is working – and what isn’t – and replicate your success.