How To Choose The Right Engagement Analytics Platform
by Abdul Aziz Mondal Information Technology 07 October 2022
An all-in-one engagement analytics platform is quickly becoming essential to your investor relations strategy.
Without it, your IR team can suffer from data exhaustion, overwhelmed by the sheer amount of information you’re collecting online. Alternatively, you might not even be aware of the data you’re sitting on, turning a blind eye to leading indicators that can help you make proactive decisions.
The right engagement analytics platform can change all that, consolidating and visualizing data to simplify your workflow. A lot is riding on your choice of tech, so how can you choose wisely? Here are some things to consider before making an upgrade.
Is it Purpose-Built for Your Team?
Plenty of people are involved with corporate access roles, from investor relations officers to buy-side hedge funds and sell-side firms. While each one approaches digital engagements from a different perspective, they all have a role to play in the creation of data.
The importance is finding the right platform for your unique goals on the Street, ensuring its purpose-built for your day-to-day tasks.
In some cases, the same consulting firm that offers engagement analytics for investing relations officers may provide tech for the sell-side investor professional.
This dual focus establishes a lush ecosystem of digital solutions that support every side of the capital markets landscape. As an IR team crunches an increasing amount of data from its digital footprint, the sell side can create, manage, and analyze events that increase the volume of data available online.
Where Does the Platform Pull Its Data?
Synthesizing and analyzing investor and market data makes up the core elements of your platform, with the end goal of turning raw data into actionable advice.
So, where is that raw data coming from? Its quality and quantity are something you should consider when choosing an engagement analytics platform. Large volumes of clean data can better train the machine learning and AI that power this tech.
Engagement metrics represent a broad selection of online and offline activity from your investors, present and prospective. It should include data sets from your CRM IR app, IR and ESG websites, and capital markets events.
How Does it Visualize Your Data?
Data visualization is another key component of a successful engagement analytics platform. After all, you must be able to access and see your market performance and investors’ online activity. It’s the only way you’ll be able to extract insights that inform your team’s decisions.
The way in which your data is displayed can simplify or complicate these day-to-day tasks. And your choice of software will make it easier or harder to detect patterns and trends in overwhelming data sets.
Take some to explore demos from multiple consulting firms, paying close attention to its dashboard. This dashboard should boast a clean, simple design with intuitive functionality that suits your team’s needs.
The Takeaway:
While the need for engagement analytics is growing every day, don’t rush to find the right software. It may take some time to compare your options. Keep these three questions in mind as you prepare to upgrade your tech, and don’t settle until you get a satisfying answer from a consulting firm.
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