Businesses of all shapes and sizes, coming from all corners of all industries do their absolute best to craft entire strategies that will help them tackle the competition and stand out in this ever-growing crowd. It has become a true priority to come up with a game plan for the sake of ensuring solvency as fast as possible for new businesses, as well as maintaining customer interest for established brands. Staying relevant is indeed a struggle, even for the best of brands, hence the need to devise a proper strategy for everything, from marketing, to financial plans.
However, what happens once you launch your strategies? How do you make sure that you can adapt and stay flexible throughout those milestones? The key here is to monitor your progress and react appropriately to any necessary changes. This is especially relevant in the constantly changing universe of media, social and otherwise, where customers and competitors alike will impact how well your own strategy is unfolding. Let’s see why you should put more emphasis on media monitoring as well and what benefits you can expect from such an approach.
Risk mitigation and negative reviews
No matter how spotless you believe your brand to be, there will always be people who disagree with your policies or they simply didn’t enjoy your brand experience. Although most young brands fear negative reviews, comments, and starting negative conversations around their name, consider them as perfect opportunities to handle your brand’s reputation and join in the chatter. This is not merely to impress a handful of individuals, but to improve the entire service you offer in the long-run.
By keeping a close eye on various media outlets and tuning in on currently relevant conversations, you can spot any negative feedback where your brand is mentioned. Join the thread with the aim to get a better understanding of the situation, see if you can offer a resolution, and thus improve your standing. Plus, you will use these pieces of information to fuel your future strategies and prevent similar situations from occurring.
Joining the right buzz
Trends change at a moment’s notice and you can find yourself in the middle of a hot topic or handling a passé issue depending on how you treat your relevant media outlets. To be perceived as a name of authority in your industry and build loyalty among your customers and followers, you need to be aware of what conversations are worth your time and effort. Not to mention that knowledge gathered through extensive social media monitoring can fuel your entire content strategy and help you cover relevant issues for your customers.
You’ll be able to spot influencers who share your values to work with them on future campaigns, as well as decipher the attitude of your audience towards certain topics you wish to cover, and find a fresh angle to ensure your brand stands out. In essence, monitoring media outlets prevents time-wasting on unimportant issues and targeting only subjects that matter.
In-depth knowledge of the industry
The insight you gain with the right listening tools, especially on social media can help you truly take a stand in your industry. Too many brands focus on numbers or increasing sales, while the only way to garner respect and loyalty is through being authentic and finding your “edge” to position your brand properly in the modern market. This challenge can only be tackled by continually getting the scoop on the latest developments in your industry, and finally, by being at the forefront of innovation.
Every single media channel out there that covers your industry and gathers people who share your interests can be filled with useful information you can incorporate into your strategies. After all, you want to offer a service or products that are in line with what the industry requires, identify any potential issues, and truly fulfill a need of your target demographic.
Understanding the competition
Closely related to the previous segment is the knowledge of your competitors. As you gather data and keep an eye on social media conversations that concern your brand and your industry, you’re bound to come across a slew of similar brands that are doing their best to impress the very same audience you are.
Learning how your competitors are handling certain topic, reviews and how your audience is responding to their content is of utmost importance. Competitors are always a valued well of information you can learn from, and adapt your current strategies to provide your followers the type of content they respond to the most. Plus, by knowing how fast they are developing new products or services, how they are adapting to trends, and what novelties they tend to introduce, you can shape your own approach to deliver something of value.
Finally, media outlets are some of the most effective segments of your brand presence where you can truly build your reputation and ensure that your audience is happy with how you conduct your business. By implementing media monitoring into your strategy, you’ll only benefit from seeing which parts of your strategies are delivering results and which need fine-tuning, all in the aim to fuel your brand’s growth.