As the name suggests, brand monitoring is about monitoring what is being said about your brand. However, it is way more complex than that. Brand monitoring is one of the most important business analytics processes which deals with strategically monitoring different channels on the web or social media in order to discover and eventually react to the different sentiments about your company, products, brand and anything explicitly connected to the business.
A brand’s online reputation is noticeable to the consumer and targeted demographic base.
In this dynamic and ever-changing era, you need a complete insight of your brand in order to compete in the market. Brand monitoring services used to be reserved for large corporations with huge PR budgets in the past, but not anymore. With the tools and services available to small businesses today, brand monitoring can be achieved and is, in fact, well within any brand’s reach.
This process is an essential part of business intelligence for almost any type of company out there.
To help in this vital process, there are lots of tools available in the market, which will make web and social media monitoring possible. All of these tools are not the same however, as the process is quite complex. Each one has its own approach, methodology, metrics, depth of analysis, channels measured, reports and UI.
Brand Monitoring on Social media
Social media networks are undoubtedly a strong communication channel for any brand. Through these platforms, customers voice out their opinion of your products/services, concerns and complaints. The best strategy is to stay honest, understand their opinion and be generous towards your customers. Their constructive feedback will prove valuable to make things better.
This interaction with your customers will foster a good and positive perception of your brand.
If you pay proper attention to the consumer of your product, you can grow your business abundantly. Which will potentially put you on the map as a user-centric brand.
Monitoring your social media presence is important because SM are gathering places filled with people’s thoughts, opinions and concerns about you, your competitors and your field of operation. Some of these people may express disappointment about your services, while some others may be looking for a product like yours (marketing leads). By reacting fast, both situations can have a positive income for your business. However, you wouldn’t know any of these without monitoring.
Source: The Importance of Brand Monitoring