What is Brand Monitoring And Why It Is Important In 2023?
The internet is an amazing tool to use for brand marketing. To survive in this digital world, a brand must have a good image for it to succeed.
Reputation is everything that a brand needs, especially if you’re in the online market. A positive online reputation can make a brand successful, but a negative one leaves a sticky footprint that can take years to scrape off.
With the advent of several internet technologies taking place, people are talking about a brand in more ways than ever possible.
So when it comes to finding out what customers and competitors are talking about a brand, “Brand Monitoring” plays a commanding role.
Brand Monitoring will help you understand how people feel about your brand, and in this article, we’ll talk more about brand monitoring and why it is essential in 2023.
Table of Contents
What is brand monitoring?
Brand Monitoring is a business process of tracking and identifying the brand mentions on several different channels. Knowing when and what people are talking about your brand will help you understand people’s perceptions and collect audience insights.
It is carried out to respond to several different conversations happening around your brand. The primary goal of brand monitoring is to provide in-depth analysis on where and when discussions are taking place on various forms of media and how they can be addressed to improve the brand’s health.
Why is Brand monitoring important?
Brand Monitoring is not about what people are saying about your brand. It’s also about understanding what people are trying to say about your brand and how you can use this information to support and grow your brand.
Here are some significant reasons why brand monitoring is essential in 2023
1. Improves Customer Service and Increases Loyalty
2. It Helps You Improve Your Product Better
3. Identify Sales Opportunities
4. Opens Up Lines of Communication
5. Tracks Competition and Their Performance
1. Improves customer service and increases loyalty
Monitoring your brand and attracting potential customers is only halfway to reach success.
Building trust among customers and earning their loyalty is important to generate a continuous flow of income.
To make this happen, you need to listen to your customers, respond to their complaints, and help them with your timely support.
Whether it’s related to product issues or issues in the company’s service, several customers take their complaints and queries to social media.
However, it becomes vital to respond to these questions because they significantly impact brand perception.
At these times, brand monitoring plays a crucial role because it keeps track of all queries and complaints to give helpful responses promptly.
With the help of brand monitoring, you can provide better customer service to increase brand loyalty and retain them effectively.
2. It Helps you improve your product better
Brand Monitoring is an effective way to gather insights about your product worldwide.
People may be expressing their views online by writing reviews or expressing their opinions on social media.
Some of these may include tips or suggestions to improve your product in a much better way.
This will help you identify where your product is lacking behind and how you can build a better product dedicated to your customers.
You have to put your 100% effort into brand monitoring.
Doing this will help you keep track of all the biggest complaints that customers have spoken or written towards your brand, and you can make product improvements accordingly
3. Identify sales opportunities
Apart from serving in customer service and product improvements, brand monitoring also helps to identify sales opportunities.
Several people discuss online on several social media channels before deciding to buy a product online.
They even seek honest reviews or opinions within their friends or family circles, asking for some clarifications.
Identifying these conversations happening for a particular provider and providing customer assistance will help customers make quick decisions and convert them into customers.
You can also identify dissatisfied customers of your competitors and connect with them at the right time to help you boost your sales.
4. Opens up lines of communication
Brand monitoring not only helps you in tracking and analyzing but also allows you to open up lines of communication between you and your customers.
Responding to all your customer’s conversations and making a visible presence shows the consumers that you are ready to help them with any related queries or questions.
Communication plays a crucial role in building relationship with customers and it’s important for establishing your brand as a customer-centric business that actively listens to customers and cares about what they think about your brand.
5. Tracks competition and their performance
Tracking competition and their performance is a great way to win and acquire disgruntled customers.
You can run an analysis of your competitor’s branded keywords and see what people are talking about them.
Are there any complaints? What kind of experiences are customers having towards their brand?
Analyzing these questions will give you a clear idea of how to compete against the competition. In some cases, you will also get the opportunity to connect with disgruntled customers.
Why Measure Your Brand?
Measuring your brand’s performance helps you understand how it’s perceived by customers and how it’s doing in the market.
By tracking key metrics, you can identify areas for improvement, capitalize on opportunities, and stay ahead of the competition.
Here are some reasons why you should measure your brand:
To Improve Customer Experience and Loyalty
Monitoring your brand helps you identify areas where your customer experience may be lacking.
By tracking metrics like customer satisfaction and brand sentiment, you can see how customers feel about your brand and what areas you need to improve on.
This, in turn, can help you enhance customer loyalty, as customers are more likely to stay loyal to a brand that consistently delivers a positive experience.
To Identify Sales Opportunities
Measuring your brand’s performance can also help you identify sales opportunities.
For example, by tracking metrics like brand awareness and reputation, you can identify areas where you may be underperforming compared to your competitors.
This can help you target your marketing efforts more effectively and capitalize on new sales opportunities.
To Track Competition and Their Performance
Monitoring your brand also involves keeping a close eye on your competitors.
By tracking metrics like market share and customer satisfaction, you can see how your brand stacks up against the competition.
This can help you identify areas where you need to improve and also help you stay ahead of the competition by capitalizing on their weaknesses.
To Optimize Your Product and Marketing Strategies
By measuring your brand’s performance, you can also gain valuable insights into your product and marketing strategies.
For example, by tracking metrics like customer feedback and sentiment, you can identify areas where your products may be falling short or where your marketing messages may not be resonating with customers.
This can help you optimize your strategies to better meet the needs and preferences of your target audience.
To Make Data-Driven Decisions
Finally, monitoring your brand’s performance helps you make data-driven decisions.
By tracking and analyzing data, you can make informed decisions about everything from product development to marketing campaigns.
This can help you make more strategic decisions that are grounded in data rather than relying on guesswork or intuition.
Key Metrics for Measuring Brand Monitoring
When it comes to brand monitoring, there are several metrics that you should track.
Here are five key metrics that can help you evaluate your brand’s performance:
Brand Awareness:
Brand awareness measures the level of familiarity that customers have with your brand.
This can be tracked through metrics like website traffic, social media engagement, and search engine rankings.
High levels of brand awareness can be an indicator of strong marketing efforts, while low levels may suggest that your brand needs more exposure to reach your target audience.
Brand Reputation:
Brand reputation measures how customers perceive your brand based on their experiences.
This can be tracked through metrics like customer reviews, ratings, and feedback.
A positive reputation can help you build trust with customers and improve brand loyalty, while a negative reputation can harm your brand’s image and result in decreased customer satisfaction.
Brand Loyalty:
Brand loyalty measures how likely customers are to continue doing business with your brand.
This can be tracked through metrics like customer retention rates, repeat purchase rates, and referrals. High levels of brand loyalty suggest that customers are satisfied with your products and services and are more likely to recommend your brand to others.
Brand Sentiment:
Brand sentiment measures the overall emotional tone associated with your brand.
This can be tracked through metrics like social media mentions, sentiment analysis, and customer feedback.
Positive sentiment can help build brand loyalty and attract new customers, while negative sentiment can damage your brand’s reputation and harm customer relationships.
Competitor Analysis:
Competitor analysis measures how your brand compares to competitors in terms of market share, customer satisfaction, and other metrics.
This can be tracked through metrics like website traffic, social media engagement, and customer reviews.
By understanding how your brand stacks up against competitors, you can identify areas for improvement and capitalize on opportunities to differentiate your brand in the market.
Tracking these key metrics can help you better understand how your brand is performing, identify areas for improvement, and make data-driven decisions to optimize your brand strategy.
How can locobuzz help you in brand monitoring?
To conduct online brand monitoring, you can follow these steps:
1) Identify your target keywords, which are the specific words and phrases relevant to your brand that you want to track.
2) Set up Google Alerts to receive notifications when your target keywords are mentioned online
3) Use social media monitoring tools to track mentions of your brand on platforms like Twitter, Facebook, and Instagram
4) Monitor online reviews and respond to them using tools like Yelp and Google Reviews
5) Analyze the data you gather to identify areas for improvement and measure the success of your online efforts.
By following these steps, you can effectively monitor your brand online and take steps to improve your reputation and reach.
What can a brand monitoring tool be used for?
It can be used to track online mentions of your brand
- Identify influencers
- Measure brand sentiment
- Conduct competitor analysis
- Manage crisis situations.
By tracking mentions of your brand online, you can stay on top of what people are saying about your business and respond to any questions or concerns.
In the event of a crisis, a brand monitoring tool can help you track and respond to negative mentions of your brand in real-time, helping to minimize the impact on your reputation.
Overall, a brand monitoring tool is a valuable resource for businesses looking to track and analyze their online presence and reputation.
Real-life examples of how brand monitoring has helped companies
Nike
Nike used their brand monitoring system to identify influencers who were talking about their products and the fitness industry.
They were then able to reach out to these influencers and build partnerships and collaborations, helping to promote their brand and reach a larger audience.
Apple
Apple used their brand monitoring system to track customer feedback about their products.
By analyzing this data, they were able to identify common complaints and use this information to improve their products and address customer concerns.
Starbucks
Starbucks faced backlash after a video of two black men being arrested in one of their stores went viral.
The incident sparked a nationwide boycott and negative media attention.
Starbucks used their brand monitoring system to track the conversation online and identify customer complaints.
They were then able to address these complaints and take steps to improve their customer service and inclusivity.
Maximize the value of the brand using a brand monitoring tool
Brand monitoring is crucial to ensure the success of a brand. It allows us to track and measure the performance of our brand and its reputation across different channels and platforms.
By monitoring our brand, we can ensure that it is effectively reaching its target audience and maintaining a positive reputation.
We can also measure the return on investment of our marketing campaigns and determine which strategies are most effective. Overall, brand monitoring is a powerful tool that allows us to protect and enhance the value of our brand.
Why Do People Unfollow Brands on Social Media? How to Keep Your Followers Engaged
People may unfollow brands on social media for a variety of reasons.
One common reason is that the brand’s content is not relevant or interesting to them. Another reason may be that the brand is posting too frequently or not providing enough value in their posts.
To keep followers engaged, brands should focus on creating high-quality, relevant content and posting it consistently.
They should also interact with their followers, respond to comments, and use analytics to track engagement and adjust their strategy accordingly.
Additionally, running social media campaigns, contests, and giveaways can also help keep followers engaged.
5 Brands That Became Bigger Than Their Products by using brand monitoring tools
- Apple – Apple’s brand is known for its sleek design, user-friendly interface and innovative technology.
The company has used brand monitoring tools to create a loyal customer base and build a reputation as a leader in the technology industry. - Coca-Cola – Coca-Cola has built its brand around the idea of happiness and positivity.
Through brand monitoring, the company has been able to create a strong emotional connection with its customers and maintain a consistent image across all its products and advertising. - Nike – Nike’s brand is synonymous with fitness, athleticism and motivation.
The company has used brand monitoring tools to create a community of brand ambassadors and influencers, who help to promote its products and share the brand’s message. - McDonald’s – McDonald’s has become one of the most recognized fast food brands in the world.
The company has used brand monitoring tools to track customer sentiment and adapt its menu and advertising to meet changing consumer tastes. - Tesla – Tesla has become a household name and is the leader in electric vehicle market.
The company has used brand monitoring tools to track customer feedback and identify areas for improvement in its products, as well as to stay ahead of the competition.
Locobuzz Brand Monitoring Tools
Locobuzz
Locobuzz is a unified customer experience platform that converges technologies like Artificial Intelligence, Machine Learning, Big Data, Analytics to help brands forge stronger relationships with their customers and increase their lifetime value.
Its a complete Customer Experience platform.The platform is highly scalable, secure, and reliable, offering innovative and agile technology to help brands improve their customer’s lifetime value.
With an integrated suite of features, including Business Intelligence (BI), Artificial Intelligence (AI), deep analytics, and big data, we provide a comprehensive solution for managing customer experiences.
Our platform stands out with its exceptional measurement and analytics capabilities, inbuilt BI tools, and AI-augmented insight analysis, made possible with the integration of ChatGPT.
These features enable you to quickly create custom visualizations and uncover actionable insights.
With competitive benchmarking across touchpoints, including but not limited to PR activities, you can stay ahead of the competition.
Locobuzz is also a one-stop solution for your complete social media monitoring, covering news forums, discussion forums, news, and forums in addition to social media.
Our platform’s brilliant UX design makes it easy to use, enabling faster and smarter actions.
By using Locobuzz, you can become more customer-centric, allowing you to do more for your customers with fewer resources.
Our platform will help you enhance efficiency, productivity, and enable data-driven decision-making at your organization.
With access to actionable intelligence, you can improve the lifetime value of your customers.
Our team of customer success partners is dedicated and passionate about helping our clients achieve their goals.
They will work closely with you to understand your specific needs and challenges, and come up with a solution to navigate your problems effectively.
Whether you are looking to reach the C-suite or just streamline your CXM process, our team is here to help.
How can locobuzz help you in brand monitoring?
Locobuzz provides comprehensive brand monitoring capabilities that will help your brand in every way to build its presence worldwide.
It gives you real-time data about what customers are talking about your brand and how your brand positively stands in front of them.
This platform gives you instant, powerful analytics for any topic and filters by demography, location, language to understand and develop your brand’s health.
Locobuzz provides advanced analytics reports with automated alerts to save time and focus more on strategy.
The best part about Locobuzz is its competitive benchmarking feature.
It has an intelligent interactive dashboard that provides all the competitor’s metrics to help brands make effective business decisions and stay ahead of the curve.
Locobuzz is also a one-stop solution for your complete social media monitoring, covering news forums, discussion forums, news, and forums in addition to social media.
Our platform’s brilliant UX design makes it easy to use, enabling faster and smarter actions.
Conclusion
Just a recap, Brand monitoring is the process of tracking and analyzing mentions of a brand, product, or service online.
It is important because it helps businesses stay up-to-date on how their brand is being perceived and talked about on the internet.
It also helps businesses identify and address any potential issues or negative sentiment in a timely manner. In 2023, brand monitoring is more important than ever due to the increasing importance of online reputation and the prevalence of social media and other online platforms.
Locobuzz provides businesses with a unique brand monitoring platform. If you’re interested in learning more about Locobuzz’s brand monitoring capabilities, be sure to check out our platform.
