SAN FRANCISCO, CA--(Marketwired - Apr 4, 2017) - Monitor 360, the Narrative Analytics company, reemerges today under the new name Protagonist, a name shared with its Narrative Analytics platform, which also launched today. Right now, corporate marketers operate blindly -- making major strategic decisions based primarily on instinct. Yet their success is rooted in correctly understanding and influencing the belief systems of their audience. These beliefs, or narratives, are profoundly impactful, but difficult to understand or measure. Breakthroughs in natural language processing and machine learning are changing that. A new field of innovation called Narrative Analytics takes these breakthroughs and combines them with human expertise to confidently assess the full range of beliefs that drive consumer behaviors.
According to the CMO Survey, spending on quantitative data about customer behavior will leap from 4.6 percent to 22 percent of marketing budgets in the next three years -- a 376 percent increase. Yet few CMO's are using data to drive decision-making. Most rely on one-dimensional, inherently biased input from surveys or traditional market research, or simply gut feelings. Narrative Analytics decisively defines brand perception and the context it exists in so that CMO's can tap into the narratives that run deep.
Bringing Science to the Art of Marketing
Narratives are unseen forces that drive behavior -- commonly held beliefs, cultural norms, generational perceptions and more. They often range across channels and are influenced by dozens of simultaneous factors, making them exceptionally difficult to isolate or understand. Narratives can also spell life or death for major businesses, depending on how effectively those brands interact with them.
"Since its inception, brand strategy has largely depended on inference," says Joseph Fuller of the Harvard Business School. "With the advent of the web, marketers can monitor which links drive the most clicks, but they have to rely on deduction as to how an audience feels about a given topic or issue. It remained impossible to gain a deep, informed understanding of the belief patterns that underlie a company's reputation. Big companies make big mistakes because they focus on what they know how to analyze and make assumptions about the rest. That's how big companies make big mistakes with big consequences. But feelings -- especially at a grand scale -- are notoriously hard to track. That makes a next-generation, data-driven solution like Protagonist's Narrative Analytics invaluable."
Unlike other analytics solutions, Narrative Analytics offers more than a snapshot; it lays a foundation for transformational action. Once business leaders understand how narratives are influencing their brand, they can take steps to mitigate potential damage or unlock potential benefit.
How Narrative Analytics Helps Companies Tell the Right Stories
Narrative Analytics strengthens business strategy in three key ways:
Illuminating Target Audiences
Narrative Analytics uncovers the full range of beliefs held by customers and potential customers, tracking trends and identifying which narratives carry the most power in each market.
Empowering a More Informed and Resonant Brand
Narrative Analytics exposes the current perceptions of each brand specifically, delving into which popular narratives exist about the organization and its competitors as well as how the brand reputation is affected by seemingly unaffiliated narratives. It also explores how beliefs influence action and buying patterns, ultimately dictating corporate success.
Shaping a Broader Conversation
Narrative Analytics brings metrics to brand strategy, enabling companies to understand which actions drive changes in attitude or behavior in their target audiences. Companies using Narrative Analytics can make strong, decisive changes that contribute to existing narratives or create new ones that drive their business forward.
"Over the years, we've worked with some of the most influential global companies," said Doug Randall, CEO of Protagonist. "And what we've found isn't that our clients are powerless or totally beholden to whichever perceptions happen to exist about them at the moment. Rather, we found that by understanding the narratives about themselves as well as deeper narratives informing society as a whole, our clients could be active participants in those conversations. Narrative Analytics empowers corporations to tap into deeper meaning so that they can drive positive changes in their respective markets and in the world as a whole -- to be protagonists in their fields."
For more information about Protagonist and its solutions, visit www.protagonist.io.
Protagonist is the company that brings strategic advantage to corporate marketers by compiling and evaluating the full range of beliefs that drive consumer behavior. Protagonist delivers Narrative Analytics, which provide a comprehensive marketing landscape driven by natural language processing and machine learning, as well as human expertise. By combining social science and data science to surface "beliefs at scale" the company allows leaders to harness narratives to their advantage to build and empower brand reputations, launch new products, fuel advocacy campaigns, and understand and activate target audiences. Protagonist works with leading companies, foundations and governments all over the world in industries including: financial services, healthcare, consumer products, foundations, and government. Protagonist customers include General Mills, MetLife, Warner Brothers, Microsoft and many others.