When C-suite executives develop their 2017 strategic plans, they gather information from every corner of the organization. Financial results, sales pipelines, marketing conversions, and product timelines will all play a role in guiding the direction of the organization over the next year. But what about insights from broadcast media monitoring?
An evaluation of the broadcast media landscape, including coverage about your industry and brand, is instrumental in determining the course of your business. There isn’t a single CEO, for example, that doesn’t care deeply about their brand’s reputation or the competitive landscape. A search of broadcast media monitoring coverage can yield insights that may persuade you to revise messaging and even to shift course entirely.
Let’s take a look at how broadcast media monitoring can influence some of your most important initiatives.
Set the Benchmark for Reputation
Your reputation may be an intangible asset, but it’s an important one, nonetheless. More than ever before, customers are basing their purchase decisions not only on what products you sell, but on who you are. That’s why 65% of global business executives say reputation management is a top priority, according to a survey by the Reputation Institute. As leaders map their corporate strategy for the year, they can benchmark the state of their reputation against the rest of the industry as well as that of brands of similar size.
Identify New Target Audiences
Do you have plans to expand into new territories? Use broadcast media monitoring to gain a better understanding of local news and issues that may affect your plans. Likewise, PR execs can identify journalists to target with outreach efforts as a way to build brand awareness in these new markets.
Be Sure Your Brand Story Connects
Storytelling is the latest marketing buzzword, but it’s one brands should embrace. Telling compelling and relevant brand stories can help you connect with consumers on an emotional level. But to make such a connection, you first need to understand what is capturing your audience’s attention. Broadcast media monitoring help you identify relevant trends and pinpoint the themes resonating with your target audiences. This insight can help you develop the brand-related stories most likely to tap into their interests.
Monitor Advertising and Logo Placements
National brands invest a significant portion of their budgets in television advertising, sponsorships, product placements, and publicity outreach. But measuring the reach and effectiveness of these initiatives is challenging, especially if you don’t have a tool that monitors broadcasts in all 210 US DMAs, and on major networks and cable stations. With broadcast media monitoring, however, you can detect, track and, most importantly, measure television appearances of your logos, products and people. This insight will provide you with highly accurate reports showing the full reach and value of your placements.
Gather Better Business Intelligence with API Feeds
The integration of reliable, accurate big data from diverse sources can illuminate new opportunities and help you mitigate risk. Combined with internal customer information and other external sources, broadcast media monitoring data will provide you with significant insights into the consumer behaviors and attitudes that impact your brand. This type of business intelligence can help you develop more effective strategies in both existing and new markets.
Evaluate Competitive Threats
Broadcast media monitoring is also an incredible source of competitor information. Beyond data about the reach and effectiveness of a competitor’s big announcements, it can also help you anticipate customer moves. For example, local broadcast stations often cover competitor actions that impact the local economy, but which the networks don’t find especially newsworthy. These insights can help you evaluate potential market disruptions and help your organization plan counter-competitive strategies.
Enhance Executive Dashboards
Your strategic plan dictates the key performance indicators that should appear on executive dashboards. While all businesses will incorporate revenue and sales metrics, the most successful also include KPIs that track reputation. Broadcast media monitoring reports can help you monitor the health of your reputation directly from your dashboard, so you can see at a glance who has been talking about your brand and when.
As you work through the strategic planning process, broadcast media monitoring can provide important context for every corporate initiative. By integrating relevant insights about your media environment, trends, markets, and competitors, you can set yourself up for a successful 2017.
Learn more about using broadcast media monitoring by requesting a free trial of TVEyes.