The preparation stage and the market analysis you do before the launch can only take you so far. Once your product is out there in the open, you can expect the unexpected. Needless to say, this isn’t always negative, but sometimes failing to respond appropriately to the unexpected positive endorsement can be just as bad. This is why your business desperately needs media monitoring to provide this invaluable insight. Here’s is a brief rundown on how this works and why it is so important.
Probably the most curious case depicting the need for media monitoring is the popular My Little Pony franchise. This cartoon was initially meant and created for children, yet somehow its most devoted, even fanatic fanbase consists mostly of adult males. Without media monitoring, the owners of the franchise would terribly underestimate their need for adult-sized merchandise and thus, miss out on a potentially massive financial gain. As you might have guessed, nothing in their pre-launch assessment could have prepared them for this kind of outcome, yet it has been more than lucrative in the previous period.
When it comes to marketing, one-size-fits-all solutions seldom work. In other words, in order to be effective, your marketing needs to be designed with your business and your audience in mind. Through an elaborate monitoring process, media monitoring can help you create a data-driven campaign and therefore maximize its ROI. With the right media monitoring tools, you can gather the intelligence from various sources, include this data into your research and thus gain an invaluable insight into the way your brand reacts in that particular business environment. Finally, this insight can help you on both micro- and macro-level – for coming up with a piece of content as well as with the development of an overall marketing strategy.
Being first in any trend or industry means that you are the one who sets the standards, the one who makes all the rules. With the help of media monitoring, you can monitor customer sentiment, and in this way, gain enough knowledge to make some serious attempts at predictive analytics. This would allow you to be proactive in your marketing efforts and, thus, stay always one step ahead of the curve. To put it simply, media monitoring, when used right, can help you offer a product/service to your clients before they even know they need it and definitely before the rest of the industry becomes aware of it.
Finally, not every response to your business and your way of handling work will be positive. Monitoring various channels of communication between your clients and potential clients will allow you to identify a potential problem before it gets out of hand. By being engaged with your fans, you will not only strengthen your relationship with them but also be the first one to know if there is something within your company that causes a dissatisfaction. Needless to say, this is also one of the greatest ways to recruit your future brand ambassadors.
Media monitoring tools, methods, and channels are your eyes and ears in the business world. They allow you to be proactive when it is useful, responsive when you need to and insightful when setting your company’s goals and expectations. In the end, if your business is performing admirably, these means of informing yourself can be at least used for you to get a confidence boost, and feed your vanity just a bit more. Funny as it may sound, one’s ego is an invaluable resource in the world of modern business.