Why media monitoring is not the grudge purchase you think it is

Think of the last time you crashed your car. Not a nice experience, was it? Broken glass everywhere, that sinking feeling of despair, nosy onlookers craning their necks and then the inevitable exchanging of details with the clown who just bashed into your baby. Hopefully, you made that grudge purchase some time ago, that insurance policy that now will come into effect to restore your vehicle to its former glory.

“This is the same with contracting a media monitoring company for your business, although media monitoring should never be the grudge purchase it is perceived to be,” says Joe Hamman, CEO and founder of Novus Group, one of South Africa’s largest media monitoring companies.

“Of course, the good news is that by signing up with a reputable media monitoring company, we can help a business avoid the crash before it happens.”

More than a comprehensive policy

Media monitoring has grown out of its humble beginnings where companies would sporadically check up in the media what is being said about them and then respond accordingly, to a powerful tool allowing businesses to analyse consumer discussions and trends, and so tailor their strategies to meet demands.

“The media monitoring landscape is becoming increasingly sophisticated, tailored and integrated and will in time become part of a company’s operational landscape to stay ahead in a digital world that is evolving rapidly. As the media landscape evolves, so does the need for comprehensive media monitoring,” Hamman says.

Looking over the wall

One of the ways a business can leverage media monitoring, is through competitor media monitoring. “This can be an effective proactive tool for a business looking to gain insight into today’s dynamic market landscape, since it allows a systematic approach to analysing large amounts of data, which allows them to understand competitors’ media presence. By understanding competitor strategies and market trends, businesses can refine their own approaches and identify opportunities to showcase their strengths. Media monitoring also allows them to identify areas where the business falls short and position services accordingly.  In fact, seeing which media, influencers and platforms a company’s competitors are using can enhance their own targeting efforts,” Hamman says.

Growing your client knowledge  

Media monitoring benefits every sector and its impact is becoming all the more prevalent in understanding a company’s clients better. “Take online retailers as an example. They can leverage media monitoring to understand buying patterns and target audiences virtually in real-time. In fact, with the integration of AI and automation for tracking, insights, and reporting transforming media monitoring, companies can benefit from gaining deeper insights into public perception. This shift allows for more accurate and efficient processing of data, to provide a clearer understanding of the impact of media on business operations,” Joe says.

The louder the noise, the more the whisper matters

The total amount of data created and consumed globally, is expected to reach 120 zettabytes by the end of this year, up from 64 zettabytes in 2020. Therefore, the need for customisation in media monitoring to access relevant information quickly is more critical than ever and can help businesses sift through the noise. “Novus Group has Telegram alerts that have become an important business enabler. Companies can set specific keywords and monitor selected media sources to receive alerts on relevant information helping to focus on what truly matters,” Joe explains.

A step further on this, is cross-platform analysis as a vital tool for organisations to gain a holistic overview of what is being said about their brands. Hamman concludes “The importance of voice, video, and image recognition will only continue to grow in coming years. AI can be vital in this regard, as the technology can help media monitors deliver a more comprehensive view of how brands are perceived across different media formats. With 35% of businesses globally using AI and another 42% exploring its potential, media monitoring will also find increasingly innovative ways to integrate the technology. Finally, media monitoring will act as the news bringer, the herald and the trusted advisor, first amassing all the voices and the opinions, then collating the data, before analysing and presenting the information. In short, in a world full of loud contradictory voices, media monitoring becomes the subtle voice of reason and by embracing these advancements, companies can more easily navigate the complex media environment. Ultimately, they need to make informed decisions based on comprehensive and precise insights.”

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