04 Sep Why Brands Need Media Monitoring Services
Media monitoring services have always been an integral way of providing the most important news about brands and their competitors.
Though, since the newspaper clipping services of the last century, things have gotten a whole lot more sophisticated. Today’s media monitoring services scour internet blogs and reviews, social media platforms and broadcast media for mentions of your brand.
But why would you want to engage a media monitoring service? What purpose would it serve your company and its brand?
Read on and find out for yourself why media monitoring is essential.
Building & maintaining your brand
It goes without saying that you want to know what people are saying about your brand. But what about everything else that’s being said in your industry? What is being said about your competitors?
Let’s take a look at how media monitoring lets you learn more about your brand’s marketspace and the position it occupies within it.
First, media monitoring lets you find out just how much share of voice your brand is earning.
Share of voice is a marketing term that essentially means how much of the conversation in your industry is mentioning your brand by name, i.e., the share of the discourse your brand is receiving.
So, if more people are talking about your brand than others, you are getting a greater share of voice than your competitors – go you!
And once your brand has built up a good share of voice in its industry, it can show that it has developed some brand equity. This is something you can absolutely use in your business strategies.
Second, beyond monitoring share of voice, media monitoring allows you to audit the media presence of your brand’s competitors.
Knowing what is being said about competitor brands provides you competitive intelligence you might never had gotten.
Further, learning the ways competitor brands are positioning themselves in the market, in the media and on the internet will give your brand the advantage it needs to develop effective messaging and strategy, ensuring it stays relevant and maintains its place in the market.
Also, by monitoring the media presence of your competitors, you can keep an eye on the tone of their brand messaging and crisis communications and learn from their successes – and their mistakes.
And third, you can learn more about innovation in your industry.
Through media monitoring, brands can learn what new trends in technology, processes or methodologies are becoming hot, and what’s on its way out.
Through media monitoring, brands are able to stay in front of innovation in their industry. They can foresee changes in the market much better than brands who don’t keep an eye on the media.
Building the best customer experience for your brand
Developing the best customer experience for your brand goes well beyond the physical walls of your business. Building and maintaining the best customer experience means meeting your customers every place they are talking about your brand.
In 2017, 80% of Saskatchewan residents said they have read an online review to inform their thoughts on products, services or entertainment.*
Media monitoring services can let you know the moment a new review has been posted about your brand. Whether it may be on a reviews website, on social media or even on the news, media monitoring allows you to take steps to recognize reviewers’ kind words or resolve issues promptly.
Several Insightrix studies have shown consumers appreciate brands who respond to customer complaints and resolve customer experience issues right away. This goes even more for brands with an online sales platform, for whom media monitoring services are imperative.
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Media monitoring services are essential
To manage and grow any brand’s reputation, you need to know what is being said about it in the media and on the internet. And the most practical way to do this is with a media monitoring service.
So, whether you’re building and maintaining your company’s brand or working on developing the best customer experience, media monitoring services are a necessary and valuable tool.
Want to learn more about media monitoring and the Insightrix Media Monitoring service?
Get the Insightrix Media Monitoring brochure and learn what your champions and critics are saying online, and how the media are positioning your company in their news stories and opinion pieces.
*Source: Insightrix 2018 Saskatchewan Social Media Report©