Wondering about how to monitor your brand or from where to start? We are here to solve the puzzle for you!
There are various ways companies can start Brand Monitoring if they aren’t doing it already and to significantly enhance the value they derive from it if they have already started to do something. Bangladeshi marketers are also emphasizing on brand monitoring nowadays.
Here are a few steps:
- Collect off the shelf solutions
- Data for brand monitoring
- Tools to monitor your brand mentions
Off the shelf solutions
These solutions are generic that collect a limited amount of data and resell that to everyone for a fee. You get the same data (that cannot be customized) that your competitor gets. The value that you derive from such solutions is minimal and primarily satiates your desire to have a solution in place but won’t provide you any competitive advantage.
Off the shelf products primarily deal with text-based data and with the proliferation of cameras in every smartphone, the newer content being generated is usually in video or image-based.
Most companies start with off the shelf solutions and soon realize that there is an extremely limited amount of value that can be derived from such cookie cutter and inflexible solutions.
Find data for Brand Monitoring
Where to find data for brand monitoring?
However, there are a lot of sources online that have a subtle and maybe not so visible impact on a Brand on a daily basis.
Some of these sources are:
- eCommerce sites (lower price, higher ratings, and position of competing products)
- Online forums (What is said about your brand)
- Review sites such as TripAdvisor or any other niche sites (What brand do people recommend)
- Self-review areas in sites such as Amazon where consumers can review products using Video or Image-based content
- Social Media such as Twitter, Facebook, etc (Are they talking about you and to you?)
- Niche websites dedicated to a group (Specialized niche sites have an outsized impact on consumer decision making)
- Data Aggregation sites such as Expedia and other travel sites (Reviews and suggestions for improvement)
- Online influencers and their followers (What do they say about your brand or about your competitor’s brands)
- News – Global and Local news sites and newspapers publish pieces that usually portray negative issues about a Brand to attract eyeballs
- Television – Investigative stories about a Brand and its quality or harm to consumers are usually pretty popular segments on local television
Negative effects of not focusing on Brand Monitoring
Some of these negative consequences of not investing in any form of Brand Monitoring are listed below:
- Dilution of the Brand Equity
- Harm to the Brand and the Company name
- Significant loss of sales due to the negativity associated with a Brand
- Loss of market share due to subtle but effective pricing by competing brands that DO monitor their brands
- Loss of market share due to the positioning of the brand – physically or virtually with respect to competing brands
- Long term decline in Brand Equity and perception leading to stagnant growth and the eventual demise of a company
Web scraping techniques have been and continue to be effectively deployed to monitor and collect information online and present the data in a relatively instant manner to enable micro or macro level decision making by company executives.
If you are a company executive and haven’t thought about using such services, you are falling behind your competitors already.
Or you can contact us. We focus on “Online Brand Monitoring” and use our amazing technologies to help companies monitor their brand online.