As 2015 comes to a close, C-suite executives are busy planning how to make the most of 2016. If you’re in the midst of strategy sessions, you’re no doubt contemplating how to gain market share and create more revenue in the coming year.
As part of this process, you’ll have to determine how best to steer your product and marketing strategies. Will you expand into new markets? Develop new product lines? Fund new initiatives?
As you evaluate various scenarios, you’ll certainly rely on several sources of important input to make strategic decisions. There are the expert opinions of your team, the customer data your company has collected, and several independent sources of market research.
But have you also factored in the unique insights that can be gathered from broadcast media monitoring?
If you think broadcast monitoring is only useful in measuring PR results, think again. It can be a powerful force for helping you shape business strategy now, as well as providing the markers that will enable you to adjust to changing conditions in real-time. Broadcast monitoring has great value in the strategic planning process by helping you assess the macro and micro forces and trends that impact your success.
Here are six ways to incorporate broadcast media monitoring insights into your planning process.
- Spot tech innovations early
The rapid innovation we’ve experienced over the last several decades shows no sign of abating. Every decision you make will be influenced by technology. While it’s hard to foresee future developments, there are often signposts. Broadcast monitoring can help you minimize threats and plan to take advantage of emerging technologies. Before committing to a specific direction, search the 30-day archive to identify relevant, early stage technologies by partners, suppliers or competitors.
- Find new geographic markets
Technology has made the world a smaller place. Globalization means greater opportunity for businesses of all sizes, as both geographic borders and time barriers fade. TVEyes provides comprehensive insight into all 210 US DMAs and major international markets, so you can understand what’s happening in marketplaces as close as the local Des Moines, Iowa, market or across the pond in London.
- Identify consumer trends
Is there a market for your product? The numbers may say no, but consumer tastes can change rapidly. Keep your finger on the pulse of purchasing trends by using broadcast monitoring to track the morning talk shows.
- Stay ahead of competitors
The forecast for a proposed new initiative may seem promising – until you learn a competitor has similar plans. Before you set any plan into play, understand what each of your competitors is saying to both national and local broadcast media. Local interviews on hometown stations often reveal important competitive intelligence.
- Avoid risky moves
Executives need to assess risks before embarking on any new strategy. For example, if you’re considering expanding into international markets, you’ll first need to consider the potential risk of economic downturns or political instability. A review of broadcast coverage can provide valuable intelligence into a region’s issues, allowing you to make smart decisions about whether or not to move forward.
- Avoid the blindside
Even brands that have owned their markets for years can be suddenly toppled by unforeseen competitors. This is what happened to BlackBerry after Apple launched the first smartphone. That’s why it’s essential to scan the media environment to pick up clues about potential disruptive forces.
Keep in mind that in today’s fast-moving world, strategy planning isn’t a one-time event. Your business plan should be constantly evolving and adapting to changing conditions. Keeping track of developing and emerging changes will help you stay competitive and be more agile.
Don’t have a broadcast monitoring service? Read our eBook, Making the Case for Broadcast Media Monitoring, and download the checklist, Helping you Choose the Right Broadcast Intelligence Provider.