All of a sudden, social media has made media monitoring the hottest game in town because of its advertising prowess. Think again. Media monitoring is not only a marketing or PR tool, it is also a powerful force that can help any organization shape its business strategy. It can help any company create more revenue and gain market share, as well as indicating the markers to enable a company to adjust to shifting circumstances in real-time. It also helps organizations gauge the smallest factors and the biggest trends that can impact their success. Here are some reasons why incorporating media monitoring into a strategic planning process can be highly beneficial.
Nobody can avoid technology and how it can influence decisions. In any organization, incorporating media monitoring can help spot innovations even before they reach the market. Yes, it’s difficult to foresee them, but signs can be easily monitored. It can also locate new geographic markets, thus providing a bigger market share. It can identify consumer trends and keep track of them as it constantly and rapidly changes. Most importantly, if not for everybody, it can keep an eye on competitors by staying ahead of them. Monitoring their moves can help an organization gather competitive intelligence.
Now that’s not all there is to it. Furthermore, media monitoring steers organizations clear from risky moves and blind sides. Risk assessment is part of a business plan, but reviewing media coverage provides valuable insight, allowing an organization to make smart decisions. Think BlackBerry and how it was blindsided by Apple when it launched the first iPhone. It’s important to scan surroundings to gather clues if there are disruptive forces hanging about.
It’s a fast-moving world and keeping up is a highly-valued skill. Today, planning a strategy is not just an end-of-the-year event because of the everyday changes in different market scenarios. Business plans should evolve continuously and adapt to dynamic conditions. Using media monitoring to watch and observe emerging and developing changes can help any organization to be more alert and thus, stay competitive.
Now that’s not all there is to it. Furthermore, media monitoring steers organizations clear from risky moves and blind sides. Risk assessment is part of a business plan, but reviewing media coverage provides valuable insight, allowing an organization to make smart decisions. Think BlackBerry and how it was blindsided by Apple when it launched the first iPhone. It’s important to scan surroundings to gather clues if there are disruptive forces hanging about.
It’s a fast-moving world and keeping up is a highly-valued skill. Today, planning a strategy is not just an end-of-the-year event because of the everyday changes in different market scenarios. Business plans should evolve continuously and adapt to dynamic conditions. Using media monitoring to watch and observe emerging and developing changes can help any organization to be more alert and thus, stay competitive.
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