Achieving the maximum ROI from your marketing and sales efforts depends on making sure each and every one of those efforts aligns seamlessly with your brand strategy.
Which brings us to our next point: what if your brand strategy is not as effective as you think?
Perhaps the most common mistake in building a brand strategy is one made all-too-often by businesses that are simply not customer oriented enough, and that is basing it on assumptions and not data. Employing useful and accurate data is the best way to ensure your strategy is worth pursuing.
Therefore, before developing your strategy, do your research and capture this essential information.
The easiest way to capture the data that matters to you is to use media monitoring and media analytics. This process will enable you to identify trends in your target market, discover influencers, and uncover competitive intelligence to determine your next steps.
Here are five reasons why you need to use media monitoring and analysis to build an outstanding brand strategy.
1. Identifying trends in your target market
Getting people to fill out a survey is one of the most challenging ways to collect data on market trends. The rub is that, without this knowledge, it’s impossible to create a successful brand strategy.
There’s an easier way to learn about trends in your target demographic. Knowing what your target audience is talking about on social media is a simple way to understand what matters to them. And you can identify the most common trends by monitoring keywords and hashtags related to your business.
2. Discovering influencers
From Baby Boomers to Gen Z, consumers have become desensitized to ads. Nowadays, they want to hear about your brand from someone they trust, a.k.a. an influencer.
How can you find the right influencers in your industry?
Comprehensive media monitoring and analysis not only helps you pinpoint key influencers, but also helps you discover respected journalists and bloggers who will more than likely be ready and willing to publicize your brand.
3. Attracting influential attention to your brand
Knowing who the right influencers are is fantastic, but it’s not enough; if you aren’t benefitting directly from the impact they might be having on potential customers, your brand reputation will be no better off. From your media monitoring platform, you can directly target influential contacts and reach out to them on social channels.
4. Learning what your customers think about your brand
We now know that customer-focused brands are boosting their profits and increasing their customer lifetime value.
You can learn just what your current and potential customers think about you by listening to them on social platforms. This is where social media monitoring comes into play.
Use media monitoring to learn what your customers are saying on social media, and understand what their perception is about your brand. This will help you decide what you should and shouldn’t do in your brand strategy.
5. Seeing what your competitors are doing
Learning from competitors is a great way to correct your mistakes and see what you are missing. Before launching your new brand strategy, you should have a look at what your competitors are doing.
With media monitoring and analysis, you can discover what type of marketing and advertising efforts they are making, how much attention they are getting, and what influencers they are engaging with.
The new digital era has made media monitoring and analysis a must-have for businesses that want to build a data-driven, effective brand. If you would like to learn more about the benefits that media monitoring and analysis can bring to your brand, schedule a demo with a trusted platform, and explore how they can help you make important decisions in every aspect of your branding strategy.