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Brand monitoring is an analytics process used by businesses. It concerns monitoring different channels on the Internet or on other media outlets, which allows businesses to acquire insight regarding the company, the products and/or services it offers, its brand, and anything else that is connected to the business. It’s a way to monitor a brand’s reputation, including how it is received by the consumer base, the targeted demographic, and the general public.
What is Brand Monitoring?
Brand monitoring is a strategy that is involves researching the Internet and other forms of online media on a regular basis and in a strategic manner. A company can then use the information that is acquired through this process to react to the responses that they – and their competitors – are receiving. Essentially, brand monitoring means checking a brand’s reputation and reacting to any concerns that customers and the press may have about that reputation in a proactive manner in order to develop trust in the brand.
The Benefits of Brand Monitoring
There are several key benefits that brand monitoring offers for businesses. These benefits include:
- Identifying and addressing copiers. There are a lot of things that brands have to deal with, including brand infringers. These infringers are constantly analyzing the names and popularity of brands so that they can ride on the coattails of their popularity. Brand monitoring makes it possible for a business to locate infringers that adopt brand and domain names that are very similar to their own, which could lead to confusion for a company’s targeted demographic and the general public. Trademark law exists to protect both companies and consumers from unfair competition. Brand monitoring serves as a way to enforce trademark law.
- Addresses reactions from consumers and competitors. Brand monitoring makes it possible for businesses to react to the responses of consumers and competitors – both positive and negative. These responses are commonly expressed on social media, forums and complaint websites. Brand monitoring also makes it possible for businesses to monitor the representations of their competition of their own brand, typically by way of negative reviews and comparative advertising.
- Improves the impact of marketing. In today’s business world, marketing efforts have to be more relevant and targeted than ever before. Information obtained from customers is key to ensuring marketing efforts are relevant and targeted. Intent, sentiment, likes and dislikes – the more a company knows about its targeted audience, the more personal their advertising efforts can be.
- Create better products and services. In order for a business to attain and maintain success, it must offer excellent products that are specifically geared toward its targeted audience. Gone are the days when consumers waited for the products and services that companies produce; consumers want to have their say, they don’t want to settle, and they will search for the companies that offers the best products and services. Customers write and read reviews online, and they speak their mind on social media. This provides opportunities for brands to learn about their customers and what they expect. Brand monitoring allows companies to collect feedback from customers so that they can develop better products and services.
- Improves customer service and retention. It’s far less expensive to retain existing customers than it is to attract new ones. Brand monitoring allows companies to keep their existing customers happy by improving the service that they offer, thereby turning them into loyal customers that will continue to choose that company, which keeps the revenue coming.
- Increase sales. Brand monitoring can also be used to generate leads and making closing times faster. This, in turn, allows for greater sales.