Brand monitoring is a good way to know who is saying what about your brand or competitors, when it was said or done and what your competitors are doing. Having your brand monitored can help you gain an in-depth understanding of your product — and make well-informed decisions regarding your brand.
Brand monitoring can help you identify and pinpoint issues
It is easy to make decisions about your brand when you are made aware of issues affecting it. That’s where brand monitoring comes in — to help you navigate to the problems threatening your brand. It is a vital tool to use, especially during a crisis because it helps facilitate the restoration process, making it the to go-to service for public relations practitioners.
The data acquired from brand monitoring offers you the opportunity to turn problems into opportunities, pushing you to focus on formulating solutions to the current situation. For example, if your brand suddenly drops in sales and consumer satisfaction, you will need brand monitoring services.
Divert your brand into a new market
Brand monitoring offers you insight that can help your brand establish new markets, as it can happen that a brand can lose its audiences to competitors. With the data collected through brand monitoring, you can then use it to relook at your target audience’s demographics and identify any areas you might be missing out on.
Brand monitoring can help stakeholders make sound decisions that will allow the brand to grow by delivering information that allows everyone involved in improving the brand to have a clear vision of how to do just that. When you are well aware of what is hindering your brand in its current market, you're able to optimise your budget and your resources.
Brand monitoring can help your brand excel in a challenging market. How
? Well, you can monitor your competitors’ activities, of course! You can also gain helpful information, such as:
- Discovering if your competitors’ audience is engaging or not
- Comparing their brand’s consumer reach to yours
- Identifying how they attract earned media coverage
Opportunity to rebrand
Before you rebrand, it’s a good idea to have an understanding of what consumers make of your brand. The data you collect from monitoring services are able to give you guidance as to what your consumers want and don’t want.
The main objective is to make your brand more credible than your competitors — to go right where they went wrong and formulate strategies to reinforce your brand’s image and grow your consumers confidence in your rebranded product.
Brand monitoring can tell you a lot about a brand and its competitors, offering you helpful data that can help you conquer other brands within your trade of business.What is media intelligence?
It’s the process of gathering and analysing vast amounts of data generated by the media in order to gain insights into business performance, consumers, competitors, and market sectors. Read more in our article.