Does my company need media monitoring, you may ask?

Well, in short, yes it does.

And here’s why…

Media monitoring can provide you with valuable information that can help you in the decision-making process. You can see what type of messaging and content your customers like, what’s going on with your competitors and the industry in general.

Competition

In every industry, you’ll have to deal with competitors. And when you deal with competitors, it’s wise to know what they’re up to. Media monitoring provides you with insight into your competitors’ marketing efforts and enables you to compare your performance against theirs. You can track online mentions of your competitors’ customers and find out what difficulties they are experiencing. You just may be able to offer a solution to their problems and turn them into your customers. Also, if your competitors get in some kind of a crisis, you can track the progress and learn from their experience.

Crisis

Companies usually reach for media monitoring when they get in some kind of crisis. And that’s not a bad move. The thing is that there is a big chance that the before mentioned crisis could’ve been avoided if the company used media monitoring regularly. But if you’re already in crisis, don’t despair, media monitoring is here to help. Use it to track the progression of a crisis. Reports will provide you with valuable information such as sentiment, channels, and influencers. That can help you build a productive strategy for getting out of a crisis. For example, by tracking sentiment you can see whether your actions are producing positive sentiment with your customers, or you’re making things worse. By knowing what channels your customers are using, you can focus your efforts on those channels and make sure that the customers actually see your posts. The list of top 10 influencers will present the people who can possibly help you get out of the crisis. You can contact them and ask whether they want to collaborate. That way your message can reach a bigger audience and help you mitigate the crisis.

New markets

If you’re planning to expand your business to other markets, media monitoring can be quite handy. It can give you insight into whether people are talking about products such as yours and whether there is a demand for your product. You can do that by setting up queries regarding your product and using filters to select the location of the market your planning to expand to.

Industry trends

Tracking what’s going on in the industry is important whether you’re on top or just getting started. That type of information will allow you to stay relevant and help you to create content that your customers will want to engage with. Also, it can help in making business strategies in the long run and differentiate your brand from your competitors.

 

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Content Creator at Mediatoolkit with a particular interest in media literacy and fashion.