Are you following the conversations on social media and around the web? Proactive brand monitoring is an important investment in today’s business environment. By tracking online conversations, you can identify endless business opportunities. Moreover, monitoring online conversations allows business owners to check for negative publicity. If you let negative publicity go unchecked, it will damage the business reputation. Ultimately, your competitors will overtake you, and recovering can be so difficult.
Techopedia.com defines brand monitoring as a business analytics process that looks at different channels and media. The overall objective of brand mentions tracking is to gain insight about your business, products and the industry in general.
Therefore, monitoring online conversations allows an immediate response, ultimately protecting your brand. It could be a customer sharing a review, that you can take advantage of and re-share the comment, generating more sales. This is why it is crucial for organizations to invest in brand monitoring.
Effective brand monitoring requires a smart strategy. Ensure you are using the correct tools for brand monitoring, in order to save your reputation and identify opportunities. This allows your brand manager to take appropriate action and in a timely manner.
In this post, we will provide you a complete guide to successful brand monitoring. You will learn how brand monitoring can benefit your business, and we will share insights on what to monitor. Let’s get started!
The importance of Brand Monitoring
Monitoring brand mentions can help your business in a number of ways. Let’s have a look at some of the benefits of brand monitoring.
#1 To improve customers’ service and retention rate
Attracting a new customer is just a fraction of the work. It takes proper customer service for the customer to come back. Earning customer loyalty is a chance for your business to generate revenue consistently. To earn customers loyalty, you need to take time to listen to their comments and respond on a timely basis. If you manage to create a successful brand, your customers will appreciate you and tell their friends. Consider that the number of social media users keeps growing.
Research findings show that the number of customers expecting customer service through social media will keep growing. How will your business be able to attend to the growing customer’s list without effective brand monitoring?
Responding to customers questions and complains on a timely basis is important when it comes to managing brand perception. Track these inquiries and customers’ complaints using mentions monitoring tools for a chance to retain a positive image. Consider that anyone on the Internet, and particularly through social media can talk about your brand and the message delivered can have a positive or negative impact.
British Airways is a good example of how businesses need to ensure active brand monitoring. Here is a snapshot of the company’s conversation with a customer.
#2 Brand monitoring as an effective R&D tool
Conducting research especially in product development may seem a daunting task. Best performing organizations are using brand monitoring, and it has proven to be an effective research strategy. The findings of the brand monitoring exercise can be used to inform different strategic investments, including, marketing strategies and product development. Therefore, ensure you are using the best brand-monitoring tool to help answer the hardest brand performance questions, including what investments to make.
Organizations are constantly looking for new ideas when it comes to improving product quality. Some of those opinions shared via social media and online reviews come as a great source of ideas. You can find out what customers are complaining about, and why they may not like the new product. Monitoring your brand on social media platforms provides the functionality for gathering important information.
Take an overall look into what people are saying about your brand. Where possible, follow up with the customer for further clarification of why they feel this is important. In your next strategy meeting, factor what the customers are saying about your business. If they are upset about a recent delivery, or product redesign, use this information to match what they like. Otherwise, you will end up losing an important segment.
Apart from following what customers are saying about your brand and products, you can follow the industry news to make informed decisions.
#3 Brand monitoring will help to increase sales
If your product development department is leveraging on brand monitoring, you have high chances of ensuring customer-centric products. To make things better, when your customer service relies on brand monitoring to respond to customers inquiries, you are gearing up for better sales numbers. In addition, brand monitoring can help in lead generation. This is through tracking what the prospects are saying. They could be complaining about a competitor’s product quality. If you are able to turn this into an opportunity, you will effectively turn them into buyers.
As a business, you are looking for better ways to close sales in a faster manner. Brand monitoring is one of the effective approaches. You can be able to identify prospects that are ready to purchase and target them using an advert. This means that eventually, you will be able to speed up the closing and earn more sales.
Therefore, in your brand monitoring approach, seek to identify the sales opportunities from the online discussions. Connect and engage the customers using effective advertorial content. When the customer is about to make the purchase decision, this will help to close the deal. As you follow the mentions on social media, find potential resellers, who can also be the competitor’s customers.
#4 Use brand monitoring to improve your marketing strategy
With brand monitoring, you can learn a lot from the reports generated. Advanced tools like Mentionlytics will give you data relating to total mentions, demographics, social reach, social engagement, and sentiment analysis data. This information allows your marketing manager to strategize their sales efforts. Therefore, if you find you are gaining popularity in a certain region or among certain age groups, you can come up with custom marketing ads. Mentionlytics’ Social Intelligence Advisor (SIA) is enhanced to show the customers’ information like competitors and marketing leads. Furthermore, this unique feature of Mentionlytics provides actionable and personalized advice, which are timesaving benefits.
To ensure brand monitoring helps in improving the marketing strategies, focus on listening to what the customers are saying. In marketing, the best intentions are to speak the language that your customers will understand. By helping you know who these customers are and where they are located, brand-monitoring tools make it possible to target these customers. You will be able to go where the customers are, as you can target them, using paid ads.
Brand monitoring helps to know what is making headlines within the related industry. Therefore, by knowing that your competitors are also doing, you can effectively customize the marketing campaigns.
What should you monitor?
Now that you know the importance of brand monitoring, let’s have a look at what to monitor. You do not want to set up a brand monitoring strategy without a clear definition of what to monitor. You may want to monitor all these together or run a separate campaign for each one of them. Here are some key things that you need to pay keen attention to.
#1 Product names
Your tracker campaign can be directed to finding out what people are saying about your products. Remember that in some conversations, they will not necessarily talk about the business name. In addition, if you are manufacturing different products, you can monitor what they are talking about each of the products. In that regards, if there are complains relating to the particular product, you will be able to find out the issue.
Consider that some customers like using product name rather than the brand name. For instance, when referring to Apple devices, the term Macbook is common compared to Apple Macbook. Therefore, if you are concerned about a certain product, also be aware of different alterations used when referring to the same product.
#2 Your competition and their products
Brand monitoring tools allow businesses to keep a close watch on their competition. For instance, you will want to monitor their marketing campaigns on social media. The monitoring tool should give you insights into where their products are getting more searches online. Therefore, you can be able to target the customers in that region through counter-campaign strategies.
Another reason why competitor monitoring is important is staying on top of the current industry trends. While reading social media posts, you might come across a product they are planning to launch. A counter move will help you stay ahead of the industry. All this is through ethical brand monitoring. Without keeping a close eye on the competitors, you might not be aware of the important industry trends. Social media brand monitoring has helped organizations to prepare for competitive threats like price reductions. Whether it is a new company about to introduce new products or a larger brand moving into your category, you can prepare a counter move.
#3 Your Branded keywords and common variations
For obvious reasons, you will want to monitor your branded keywords. This is either using the brand name or even the brand slogan, and alterations used by your customers. Remember that your customers might misspell your brand name, either mistakenly or intentionally. Therefore, when labeling the tracker, remember to include common misspellings of your brand. In social media, track your common hashtags especially if the hashtag is different from your brand name.
#4 The industry trends or related phrases
Tracking the industry news is more about staying at par with the trending news. Therefore, it is more about gathering the information that can be used when coming up with an important strategy. Look at common industry news magazines to find out the keywords that you can use to track the conversations. The information gathered here gives you important insights regarding the current trends. Scroll down to the customer comments to find out what people expect out of the products in your industry. For instance, if you are a maker of the Android phones, target the keyword “Android”, as this is one of the keywords used when conversations touching your product are happening.
#5 Product features and functions
This is one of the commonly overlooked areas of brand monitoring. Did you know that customers use functions and features to discuss the product? These are more customer-centric keywords but can help to inform businesses. For instance, an airline company would want to target “cheap flights” when monitoring industry news.
To Sum Up
Brand monitoring is essential in today’s business world. It can be really effective when done properly, making the right measurements, as we have seen extensively in this article.
However, not all tools available will provide resourceful information. Mentionlytics provides an AI-enabled tool that can be used to effectively monitor your brand online. Take advantage of the Artificial Intelligence enhanced techniques to the brand-monitoring tool and further improve your online presence.
Are you gathering data about your brand from the Web and Social Media?
If not, you can do it instantly with Mentionlytics. Just head to https://www.mentionlytics.com/free-brand-monitoring/ and enter your brand's name to get started for free. You will be amazed by what you could find out about your brand that you never knew it existed.
Seeing this data is possible by performing simple search on Google or Social Media, but it's really hard to make sense of it, by looking it sparingly in this way. This is where Social Media Monitoring tools come into play. You can use a tool like this to automatically gather all this data for you everyday, analyze it, and give you useful insights that you can extremely helpful for your brand.
What's more, you can also get access to the same data for your competitors. Also, you can monitor keywords and phrases related to your industry, and this way you can get very useful consumer insights in real-time. These insights could cost hundreds of dollars to acquire from a research agency.