Experts believe that the existing trends are set to continue. Digitization of all areas of business, the increasing role of video content, integration of virtual reality in communication, the growing role of corporate culture, and personalized customer orientation are just some of the many examples.
Moreover, now is also a new platform for new opportunities, which affects the reorientation of brand values, the way to build relationships with customers, investors, and partners, the approach to business, and the introduction of new products to the market.
According to Statista, the total amount of data created, distributed, copied, and consumed in the world in 2020, reached 59 zettabytes. Forecasts predict the figure to increase to 74 zettabytes in 2021.
This means growing competition in the online info space. The number of forms, platforms, and methods of content distribution will increase. The takeaway is that automatic tracking of brand mentions will be a profitable investment for businesses in times of the turbulent flow of data that will grow and accumulate annually.
Find out more on the use of media monitoring below. The reasons are plenty, but you can start with the following.
1. Creating content that users will love
Stackla research data shows that 92% of marketing professionals believe that most or all of the content they create appeals to consumers.
On the contrary, 51% of consumers say less than half of brands create content they actually like. This discrepancy between content that consumers find interesting and content that marketers consider effective does not only have a negative impact on feedback but also affects budgets that fail to deliver the expected results.
With the help of media monitoring, you can find out what type of content attracts your customers and what resources they read. Based on the received data, you can create a list of the most active sites with mentions containing your keywords and use them in further work. Media monitoring also gives an understanding of which information drives cause a positive reaction with your audience and to which they do not respond well.
Creating relevant content is a great way to build lasting relationships, gain attention, and win the trust of your customers.
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2. Analysis of competitors
By knowing your industry niche and its major players, you can not only learn from best practices but also avoid mistakes.
What you gain from media monitoring of competitors:
• Understanding how your audience perceives your competitors. Your audience is not yours exclusively, which is fine because you can use your knowledge of it to get a head start over your competition.
• Knowledge of potential competitors that you previously ignored or overlooked. Media monitoring data often discovers new players whose positions have previously been underestimated. This makes it possible to navigate the market infrastructure and objectively assess yourself and your competitors.
• Navigation of the media landscape of competitors. You gain an increased understanding of the resources your competitors use to publish, their key messages, and the information projects in which they participate.
3. Tracking customer feedback and reactions
Consumer insights are interpretations used by businesses to improve the understanding of their customers. They provide you with the knowledge of your audience’s thoughts and feelings, help you navigate customer needs, and make strategic decisions. Media monitoring tools like LOOQME Hub help you track all public mentions of your brand and improve your response and understanding of customer feedback.
How to build an effective strategy for tracking brand mentions.
4. Brand reputation audit
A reputation audit is the starting point for working on the company's reputation offline and online. It is necessary for building and increasing its reach, changing the positioning of the brand in the market, and improving interaction with partners, investors, and customers.
Reputational risk and how to manage it
With the help of media monitoring in the reputation audit process, it is possible to analyze:
• Seasonality and peaks in the total number of mentions of your brand;
• The sentiment range of mentions;
• The most effective sources of mentions;
• The most important criteria for evaluating a product or service according to the brand's audience;
• Brand supporters and haters.
A reputation audit is a more reliable source of brand data than surveys and focus groups because it taps into the unfiltered opinions of a brand's audience.