Brand Monitoring & Competitor Analysis
Brand monitoring as a tool allows businesses to immediately respond and act on any public mentions they may have received. It also helps them take advantage of good publicity or spot a crisis before it actually happens or begins to snowball. It is also a great way to receive honest feedback on how products are viewed and talked about.
Similarly, competitive analysis is an essential tactic to keep track of what competition may be doing.
A good brand monitoring service can support business objectives in several ways:
- Traditional as well as digital media will be scanned regularly and thoroughly for any conversations about the business
- Conversations in multiple languages can be tracked, providing greater insights. Businesses can further analyse key message delivery and reach, how effective campaigns have been as well as other meaningful key performance indicators
- The data that has been mined can be used to refine business strategy. A good monitoring service will combine technological tools with human research to clearly understand context, local references, and other nuances that artificial intelligence may not always pick up.
Competitor analysis plays an equally critical role in businesses. It can help with business operations as follows:
- The careful analysis allows businesses to spot gaps, if any, in the market, and create an offering to successfully fill that gap.
- Knowing what products competitors may have in the pipeline helps businesses plan their own future strategies and product lines.
- It helps plan marketing strategy better because the right kind of competitive analysis will provide insights on the benefits and qualities that consumers are looking for in products. Businesses can then market their products to match consumer requirements.
Additionally, there are several other types of monitoring that can be chosen based on the needs of the business, such as reputation analysis, communications measurement, leadership benchmarking, stakeholder analytics and more.
If you are looking to boost your business strategically, using the benefits provided by brand monitoring and competitor analysis, get in touch with us today.