The world is said to be on the brink of multiple revolutions and the revolution in customer service and engagement is not any less notable. The need for brand tracking that allows optimal customer engagement has become crucial to the survival of any organisation. Companies like Kodak, which filed for bankruptcy despite it having invented home and digital photography, are typical cases in point of what failure to adapt to the evolving real time customer engagement strategy, can do to an organisation regardless of its stature. To this end, brand monitoring with the objective of enhancing customer engagement has become prevalent in modern day businesses. It is an intricate process of strategically tracking the conversation surrounding your brand so that you can effectively use the information to maintain a cohesive relationship between a business and its clients.
Techopedia explains brand monitoring:
‘Brand monitoring deals with regularly and strategically investigating media and online resources in order to discover and eventually react to the different sentiments that you and your competitor’s brand are experiencing. This means monitoring the brand’s reputation and proactively reacting to press and customer concerns and reactions in order to foster trust in the brand’
The benefits of monitoring your brand:
- Although your reputation is not as tangible as your product or service, it is not any less important. According to Aon Risk solution, damage to reputation /brand has emerged as the #1 risk facing companies worldwide. Brand monitoring allows a business to manage its reputation
- It helps develop platforms for the discovery of new ventures or even collaborations with customers while learning the language that customers best respond to.
- It helps boost loyalty and builds trust among existing clients while drawing in new customers because it allows the business to know exactly what a customer needs and/or expects
- It allows the business to foresee risk areas and strategise ways of remaining relevant in the face of increased competition.
One of the most helpful tools of modern day web media and its large reach, is that it is has added an element of closeness between a business and its client that was not possible before; it has increased the need for greater brand differentiation and more personalised business-customer engagement. It has redefined customer service and made it possible for businesses to “walk in the shoes” of their customers.