All too often, we hear about banks that are in trouble because they failed to react quickly to crises that were brewing.
Keeping track of all this coverage can be difficult, so how can banks mitigate any potential reputational damage?
Enter media monitoring.
In the banking industry, this practice has become a crucial part of staying up to date. And this is exactly where you need to be if you want to understand media monitoring for banks and how it contributes to the overall banks’ strategy.
What is Media Monitoring?
Media monitoring is the process of tracking and analyzing news coverage and social media conversations to gain insights into how a brand or company is being perceived by the public.
It can be used to track both positive and negative sentiment, detect opportunities and threats, and monitor competitor activity.
Simply put – it keeps you informed about what’s happening around your company.
Why Should Banks Use Media Monitoring?
It’s better to know than not to know, isn’t it?
If you know, you can react, which makes you one step ahead and improves your online image.
Tracking your mentions allows you to respond to every new opinion, problem, or unexpected heated discussion much faster and before they get out of hand or cause long-term damage to your bank’s reputation.
Furthermore, when you integrate a good monitoring tool into this process, you’ll soon discover that the whole process is not difficult at all and the benefits are enormous.
If you’re still not sure, take a look at some reasons that will convince you to set up media monitoring for your bank right away.
Learn more about your customers
With media monitoring, you’ll get to know your customers better and understand their needs. You can find out what’s important to them, how they feel about your products or services, and what their unmet needs are.
Media monitoring for banks makes it possible to quickly discover which emotions they evoke and whether they need to change how they communicate with their customers.
This proactive approach can help improve the overall perception of banks, and ultimately lead to more customers.
Improve customer support
Customers are the backbone of every business and their loyalty depends mainly on the quality of service they receive. By understanding the nature of your brand’s mentions over the Internet, you will be more likely to grasp which stages of customer support need improvement.
In some cases, banks have even been able to use media monitoring to streamline their customer support processes. By monitoring social media, banks can see which customers are unhappy and reach out to them directly. Real-time alerts within the media monitoring tools allow them to respond to all customers’ questions and concerns faster. This has led to a number of very positive customer service experiences that would not have been possible without media monitoring.
Keep an eye out for the competition
Thanks to media monitoring for banks, finance industry companies can check how they stack up against their rivals on the market. It can be done by using competitive reports correlating both your business and opposition based on e.g. the number of reached mentions in a particular channel.
With media monitoring, you can also keep an eye on what your competitors are doing. You can track their marketing campaigns, product launches, and any other announcements. This way, you can quickly adapt your own strategies to stay ahead of the competition.
Find and collaborate with influencers
In the banking industry, it’s important to build relationships with influencers. These are the people who can help you reach a wider audience and improve your online visibility.
With media monitoring, you can quickly find and connect with influencers in your industry. You can track their activity and see how they’re talking about your bank.
This way, you can identify potential partnerships and build relationships with the right people. For example, if you find some influencers from Gen Z, you may think about co-launching a special course on how to invest as a teenager. It’s a win-win – you’ll get a successful campaign, and they will get useful content to promote.
Prepare for your product launch
Media monitoring can help your business during the exciting but stressful time of launching a new product. In order to measure the extent of a marketing campaign conducted exclusively for the launch, media monitoring tools can provide you with necessary information.
You can track the performance of your campaign and make necessary changes along the way. This will give you an idea of what strategies are working well and which ones you should adjust.
Finally, by analyzing media coverage post-launch, you can get a sense of how successful your product launch was. This will allow you to tweak your strategy for future launch campaigns.
How to Start Media Monitoring Today
To get started, you need to find a service that is suitable for your company. Many tools offer media monitoring services, but you should choose the one that will actually simplify your work – not complicate it.
You should look for features such as:
- Intuitive interface
- Easily launchable
- Real-time alerts
- Ready-made reports
- Detailed analytics
- Automatic sentiment detection
- Free trial to try it out before buying
- Real-time analysis dashboard
- Unlimited number of users and keywords
Good news! You don’t need to look any further because Mediatoolkit has them all. This is a multifunctional and intuitive tool that takes into account millions of sources and looks into the context of mentions.
Getting started with Mediatoolkit
1. Go to the Mediatoolkit website and simply sign up using your email address. Mediatoolkit offers a 7-day free trial, so you can test it out before committing. No credit card information is required.
To start, click on the + Create new query button in the upper left corner of your feed.
Then, define your primary focus: tracking keywords or tracking sources.
- If you select keywords, you can track all keywords, phrases, or both that appear in posts and articles from the sources you define.
- If you select sources, you can track all posts from a specific profile, website, channel, or page, regardless of whether they use a specific keyword.
3. Mediatoolkit is extremely intuitive and very helpful, so getting started shouldn’t be a problem. If the keyword has been used before, you will get the results immediately – if not, you may have to wait a little bit until it collects the mentions.
4. Save the query and set up real-time alerts. You can choose where and when you want to get them. A notification can be sent through a Slack channel, an email, or by Mediatoolkit’s app. Whatever works best for you.
5. Filter your results to better understand the data. Mediatoolkit offers many useful filtering options, such as language, location, sentiment, author, or influence score. The options can be used both for including or excluding particular things.
After gaining enough information, you can create comprehensive media monitoring reports in seconds. You can choose from ready-made reports or create your own from scratch.
It takes just a few steps to create your report in Mediatoolkit. At the top of the toolbar, click on the reports section, choose the type of report you want, and download it. You can download your reports as PDFs or PowerPoint presentations.
Mediatoolkit’s reports are customizable, so you can be sure that they’ll look exactly the way you want.
To Sum Up
Media monitoring is a crucial part of the banking industry. It allows banks to quickly identify any potential problems and address them before they cause significant damage.
In addition, it helps banks improve their customer service processes and monitor their competition.
If you’re looking for a social media monitoring tool that will help your bank keep an eye on the conversations happening around it, we would be happy to show you the Mediatoolkit platform.