In the age of social media successful business leaders understand the importance of media monitoring – not only for reputation management but also for sales and development strategy, competitive intelligence and customer retention. "It takes 20 years to build a reputation and five minutes to destroy it." So said Warren Buffett in what remains his most famous quotation. Today, this sentiment is more vital than ever: a brand is only as good as its reputation and it is critical that you protect what, alongside your people, is your most precious asset.
Performing a simple internet search can provide you with a plethora of examples of negative reviews, comments or chatter on social media that have a lasting impact on the reputation of long-established brands. Think supermarkets and horsemeat, BP and Deepwater Horizon and Epicurious's disastrous Twitter campaign after the Boston Marathon bombings.
Monitoring your business's reputation – in good times and bad – is the most basic building block of a reputation management strategy. Properly implemented, a good reputation management strategy can make the difference between a hiccup and a catastrophe. Monitoring what is being said about your company, brand and competitors can give you an edge when it comes to sales, strategy and development.
Successful business leaders in the age of social media need to be aware of the opportunities a properly implemented reputation management strategy can provide in every area of business operations. Here are the five main reasons why monitoring what is being said about your company, brand and competitors is crucial to managing negative feedback and using the positives to your advantage:
View our infographic for a quick glance at the 5 reasons you need to monitor what's being said about your company, brand and competitors.
1) Manage negative media coverage
Even a tiny amount of negative publicity can quickly balloon into severe reputational damage. You need to have eyes everywhere - social media, blogs, reviews, news, print.
When you employ a proper media monitoring strategy, you will be able to collate what is being said about you or your competitors in the media. The multitude of online media platforms and publications means that this key information may come from reviews, articles, blogs, quotes or syndicated posts that you would not otherwise have seen. Each mention is an opportunity for you to build a relationship with a potential partner, a blogger, a journalist, a reviewer or simply one of your evangelic customers. When you are aware of what is being said in real time – you can also mitigate something negative before it gets out of hand.
It may be easy to overlook the importance of traditional print media in the face of social media. A good media monitoring tool will also allow you to monitor what is being said about your company in newspaper articles, magazine features and industry journals from around the world, as well as across the web.
2) Know when something is working
The best information about your customers comes directly from… your customers! Monitoring what they are saying about your brand's successes gives you a powerful tool when it comes to sales and product development strategies.
Having the right tools will allow you to celebrate or share a brand success with your customers and fan base. This is also a critical part of a communications strategy. By monitoring what is being said about you on the web and social media you will know what to capitalise on and when it will be most effective.
3) And when it is not…
By monitoring your social media, you or your company can respond quickly, interact swiftly and protect your reputation online.
Business leaders that are not monitoring their company's reputation often find out that something is not working when it is too late to take any effective action.
If you listen to your audience or consumers during development or early stages of a brand or product launch, you can make changes quickly or save time and money by pulling all the available information together.
4) Your customers are your evangelists
Your existing customers will often provide your brand with the best, free publicity. Repeat clients buy your company's product or service because they like and trust it. When they say something good, knowing when to use it to get more attention is a clear advantage.
Attracting new customers will cost your company five times more than keeping an existing one, According to Lee Resource. Retaining existing customers is as critical for sustainable business growth as attracting new ones. Knowing what nurtures your existing clients is a prerequisite for getting noticed by others.
5) Stay ahead of the competition
Knowing what is being said about your competitors gives you a clear communications advantage and offers you the opportunity to ensure that your brand stands out. It can help ensure you don't make the same mistakes your competitors have in the past. By monitoring what is being said about your competitors and key news themes related to your field, you will be able to formulate a sales and development strategy that will keep you one step ahead of your competition. Rivalry with a competitor can also be used as a powerful internal motivator and knowing what is being said about the opposition will inform you on how you talk to your staff about the future.
Staying ahead of the competition does not mean simply being aware of their brand, but placing yours in front.
By identifying popular trends in real time, social media can provide a business with a competitive advantage that even half an hour ago would have seemed unattainable. This can also be called 'Newsjacking'. Take Oreo. The popular chocolate and cream biscuit brand displayed an ingenious mixture of traditional ad placement and social media Newsjacking during the 2013 Super Bowl final. When the lights went out due to a power outage, Oreo combined its real-time media monitoring data and its expensive half time advertising slot to show a dark picture, with an Oreo biscuit in the corner, alongside the slogan, 'You can still dunk in the dark'. This was re-tweeted more than 14,000 times in the next two days.
Want to implement a media monitoring solution? We can help
LexisNexis Newsdesk is a media monitoring and analytics solution that allows you to search, analyse and share critical information necessary for making informed, data-driven decisions. It gives decision makers rapid and easily digested data on key news, events and trends that affect a business with comprehensive coverage across media types, languages and countries.
Offering access to both print and web content – ranging from newspapers, websites and broadcast news sources to blogs and other social media channels in a single, easy-to-use interface, LexisNexis Newsdesk improves visibility into the business-critical intelligence you need. The broad range of Web content available allows organisations to monitor what's being said in near real-time – ensuring you can respond to trends with greater agility. LexisNexis Newsdesk also enhances your ability to turn complex data sets into easy-to- digest charts and graphs and to distribute meaningful insights enterprise-wide using alerts and customised newsletters.
p.s. 3 ways you can apply this information right now to better understand news monitoring and analytics