As the name suggests, brand monitoring is about monitoring what is being said about your brand. However, it is way more complex than that. Brand monitoring is one of the most important business analytics processes which deals with strategically monitoring different channels on the web or social media in order to discover and eventually react to the different sentiments about your company, products, brand and anything explicitly connected to the business.
A brand’s online reputation is noticable to the consumer and targeted demographic base. In this dynamic and ever-changing era, you need a complete insight of your brand in order to compete in the market. Brand monitoring services used to be reserved for large corporations with huge PR budgets in the past, but not anymore. With the tools and services available to small businesses today, brand monitoring can be achieved and is, in fact, well within any brand’s reach. This process is an essential part of business intelligence for almost any type of company out there. To help in this vital process, there are lots of tools available in the market, which will make web and social media monitoring possible. All of these tools are not the same however, as the process is quite complex. Each one has its own approach, methodology, metrics, depth of analysis, channels measured, reports and UI.
Brand Monitoring on Social media
Social media networks are undoubtedly a strong communication channel for any brand. Through these platforms, customers voice out their opinion of your producs/services, concerns and complaints. The best strategy is to stay honest, understand their opinion and be generous towards your customers. Their constructive feedback will prove valuable to make things better. This interaction with your customers will foster a good and positive perception of your brand. If you pay proper attention to the consumer of your product, you can grow your business abundantly. Which will potentially put you on the map as a user-centric brand.
Monitoring your social media presence is important because SM are gathering places filled with people’s thoughts, opinions and concerns about you, your competitors and your field of operation. Some of these people may express dissapointment about your services, while some others may be looking for a product like yours (marketing leads). By reacting fast, both situations can have a positive income for your business. However, you wouldn’t know any of these without monitoring.
Brand Mentions on Web media
Through web monitoring you can keep track of your advertising, negative reviews, keywords and domain names that show their websites and content instead of your own. Keeping track of proper trademark use, no misleading advertising, separation between licenser and licensee is also, an important part of web monitoring. Your company and brand will be devalued, if you lose control of your trademark.
Web monitoring will assist you to stay on top of recent updates and releases for your products. It will also provide a deep insight about the marketing strategies of the competitors, especially in their online activity. You can also monitor what is being said about you on a more real-time basis. There are tools available in the market that can help you manage and monitor your different channels. Additionaly, web monitoring will provide you data about the websites talking about your brand and see what sort of content they are displaying about you, upon which you can build a good relationship and form partnerships with them. Where possible, you want to maximize the potential benefits of your brand being represented on third party websites as well.
It is obvious that social and web media contain an ocean of data for different business ends which can be used for monitoring and measurement. This is the reason why measurement is crucial for benchmarking and tracking your success over time. It helps you draw comparisons of your competitors, analyze the vast sea of tweets and blog posts and distill them to a list of actionable insights (social media monitoring analytics). Monitoring, on the other hand lets you listen and respond in real-time, gives you marketing leads and protects your brand from negative word-of-mouth. Clearly, both monitoring and measurement should be a significant part of a company’s social media strategy.