The Nielsen Company (Nielsen) and McKinsey & Company (McKinsey) recently announced the India launch of NM Incite, a global joint venture between the two companies.
The joint venture has been created to help leading companies harness the power of social media intelligence to drive superior business performance. NM Incite gives companies the capabilities to better understand value and take advantage of the rich insights made possible by social media.
“Social media is a fast developing platform for consumer opinion and can emerge as an ocean of insight for brands that care to listen. NM Incite aims to help marketers understand this media better and leverage it for growth,” said Piyush Mathur, President, India, The Nielsen Company.
McKinsey will contribute to client capability building and expertise in the areas of marketing & sales, organization and service operations. McKinsey serves multiple clients and has developed proprietary knowledge and distinctive insights in areas such as digital marketing, marketing ROI, word-of-mouth marketing and consumer purchase behaviour.
"We evolve our consulting methods based on our client requirements. Social media is increasingly becoming too powerful a marketing tool to ignore it any more. This joint venture will help us in delivering to our clients the key to unlock the potential of social media," said Sahana Sarma, Head Sales and Marketing Practice, McKinsey & Company, India.
“Social media in India is where search used to be 3-4 years back and brands who take early positions 1 of 3 will definitely stand to gain. Only 8% of social media users in India have not read a product review in the last 12 months and 77% have visited a product website after reading a review on a social media site.
This gives an idea of how extensively the Indian user is interacting with brands online,” added Mathur.
NM Incite builds upon the industry-leading social media and online brand metrics, consumer insights and real-time market intelligence of Nielsen BuzzMetrics to transform business operations including product development, marketing, communications and customer service. With the creation of this new venture, BuzzMetrics becomes wholly a part of NM Incite.
NM Incite advises senior executives and delivers measurement, tools and new processes to drive organizational transformation. The initial areas of focus are measuring and improving marketing effectiveness, product launch optimization and customer service experience.
NM Incite will work with the expansive ecosystem of interactive, marketing and strategic communications firms and other technology and social media companies to implement client solutions, help shape future offerings and develop new metrics.
“Our clients recognize the importance of social media today. They are now on the lookout for an opportunity to harness the potential of this rapidly evolving medium. NM Incite will help companies do this, by leveraging on the wealth of social media expertise that Nielsen and McKinsey bring to the table,” continued Mathur.