"The data as a service offering by LexisNexis has enabled us to grow our business. Through global content coverage that is so comprehensive, scalable and reliable, our clients can now track the performance of their global PR investment and build market insights that support competitive advantage."
-Christian Eckley, CEO
Overview of My Market Insight
My Market Insight specializes in providing media and online retail insights for the beauty industry. They monitor beauty brands and category performance, as well as offering benchmarking and competitor insights through their beauty data analytics platform. Clients include Bare Minerals, Elizabeth Arden, L’Oréal and Coty.
My Market Insight's Challenge
My Market Insight was growing their client base and in accordance with their business strategy wanted to deliver global media insight services for their global client base of prestigious beauty brands. For these beauty brands it’s imperative to capture every mention, down to subcategories of products, for effective monitoring and strategic decision making. To deliver global services to its global clients, the online data collection platform that My Market Insight had built in-house would require an army of IT engineers to support it. They were faced with the prospect of either working with an organisation that aggregates global content professionally or keep heavily investing in their own online data collection platform, but that wasn’t a cost-effective solution.
The solution was to source a global data provider to plug the gap. My Market Insight contacted a number of data and content providers. Following a rigorous process of integrating and testing potential partner data feeds, they selected LexisNexis as their partner of choice due to:
- Scalability and global reach – easy to grow data usage in line with business growth. The fact that LexisNexis content covers 100+ countries and 75 languages meant My Market Insight can offer a truly global solution for their customers.
- Reliability and performance – My Market Insight’s clients need to know that they can trust the data. Ensuring that their media mentions are all captured to see the analysis and media value is critical to the success of their business. Having access to such a comprehensive data set that delivers results in near-real-time also drastically reduces the number of client ‘queries’ and improves the data quality resolution process.
- Flexibility and ease of use – the LexisNexis API is like a tap, and the flexibility of being able to just turn it on and adapt search terms for pitches or as they welcome new clients is crucial.
By working with LexisNexis as a data provider, My Market insight has been able to scale up their business and deliver global deals to their global clients. Furthermore, it has done so in a cost-effective way by keeping IT costs down whilst increasing access to content.
The end benefit for MMI’s clients is that by having access to such as comprehensive content database they can effectively plan, monitor and review their PR performance to establish whether they are getting ROI from their PR activities, identify new trends, and view year on year performance.
Their clients can use the data for competitive intelligence, product launches, country comparisons and other benchmarking metrics. All of which helps these world leading beauty brands manage, protect and grow their businesses.DaaS Blog
Learn more about Nexis data as a service by visiting our website and requesting access to our developers portal.