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With the news on Endemol's CEO, saying Social TV is going to be big, and an interesting discussion concerning social analytics and the bigger picture whererin it fits with the 90:10 Group crew, Social TV is multi-purposed in a way that it will innovate on more than one level.
The traditional TV channel, as far as television can be still called "traditional" with the advent of many innovations, is bound to compete with the more accountable Internet channel, paring up with trackability and creating an unique advantage over the Internet.
Much is spoken about the content/format side and transformation Social TV will bring, have a look at our extensive Social TV tag, covering all articles on the topic. Another side of Social TV, namely the measurement part of it, which is underexposed is the power and value addition of qualitative measurement and business intelligence enhancement via Social Analytics / Measurement.
Mark Blayney Stuart, head of research at The Chartered Institute of Marketing,believes that social media analytics will have huge implications for the marketing department, being on top of mind in 2011:
“Social media offers super qualitative measurement, which we’ve never really had before. Social media really offers the eye onto what people are really thinking. You can measure it in the sense that you can aggregate that information and you can put it together and get some value from that.”
Laurence Buchanan, head of CRM and social CRM at Capgemini UK:
"So rather than just social media monitoring, this social analytics is the actual insight you can get from social media – the fact finding, the level two unstructured text analysis that you should be doing and the combination of that with traditional business intelligence. And that will be a hot topic in 2011.”
Gartner creates yearly strategic technologies overviews. If we have a look at the areas, Social Analtyics and Next-gen Analytics are of strategic importance and focus areas for 2011. The television industry incorporating social media should keep this in mind.
Why the Analytics?
Accountability and enhanced performance by insights, be it Social Analytics or Business Intelligence will increase the importance from a revenue point of perspective. In a previous article on Social TV helping to drive TV advertising growth, it is just the beginning. People talking about the content and being part of it from a co-creation point of view, is -as mentioned before- just one side of the coin. The other side is extraction of valuable information, identification of core-networks, enthausiasts, intents are a new layer enhancing efforts and ROI in the television channel.
Why the unique advantage over the Internet?
In the analysis of Deloitte's predictions for television, the company says that the television's "super media status" strengthens in 2011, according to Deloitte's predictions.
Figures in the report are:
In 2011, Deloitte predicts television will solidify its status as the current super media, defying some commentators’ prophecies of imminent obsolescence1. Viewers around the world will watch 140 billion more hours of television, revenues from pay TV in the BRIC2 countries will rise by 20 percent3; worldwide TV advertising will increase by $10 billion, and 40 million new viewers will be added; TV chefs will sell tens of millions more cookbooks than their non-televised peers4; TV shows will be the most common conversation topic around the world and the subject of more than a billion tweets5.
In short, television will likely continue to command a growing share of the world’s attention and pocketbooks.
As much as the Internet has focus of many, the advent of Social TV and qualitative measurements that weren't possible before, the television channel for brands will (re-)gaining importance when it comes to customers engagement, loyalty, co-creation (creative side) and the analytical/BI side that will underpin the creative side, free up more investment money and keep a close relationship with those that are engaging with the brand.
The figures mentioned in the Deloitte are significant, the "obsolescent" TV industry is still strong, will remain strong and will grow stronger through social/co-creation and its basis, analytics.