Home – 3 Reasons Why the Scope of Your Media Monitoring Matters

3 Reasons Why the Scope of Your Media Monitoring Matters

Posted on 09-25-2015 by Megan Burnside

Napoléon Bonaparte once said, “Four hostile newspapers are more to be feared than a thousand bayonets.” We may be firmly ensconced in the digital media age, but his remarks still hold true—whether you’re a would-be emperor, a presidential hopeful or a corporate leader. For those tasked with media monitoring, it’s important to keep in mind as well. Print is still a formidable tool, and staying abreast of what’s being said across a broad array of business information, news and digital media sources is even more important today than it was centuries ago. Here are three reasons why you need a media-monitoring tool that encompasses both print and digital sources.

1. Prepare to Compete

One reason for robust media monitoring is, of course, to uncover competitive intelligence to inform decision-making from the R&D department to the C-suite. A few years ago, Inc. magazine published an article about competitive intelligence, which shares the experience of the founder of Qworky, a software company. Worried that a competitor was preparing to launch a product similar to the one his own company was developing, he began tracking his rival. By following the news and information released by his competitor and analyzing the data to understand the frequency of positive messaging, he was able to anticipate the competitor’s product launch and release a limited version of his own software to gain the advantage of being first to market.

2. Take a Global View of Your Business

Thanks to modern travel, the Internet and digital communications, distance is no longer a barrier in the business world. Of course, this provides another reason for monitoring media across a comprehensive range of local, national and international sources.  To succeed in today’s global business environment, you need access to relevant licensed and open Web content including news, business information, broadcast and social media so you can respond proactively when unrest in China or a strike in Bolivia sends out ripples that could negatively impact your business. Likewise, you can uncover business opportunities in the far-flung reaches of the globe. 

3. Delight Your Customers

Satisfied customers are at the heart of your business, reason enough to keep track of the buzz about your latest marketing campaign, press release or product launch. By understanding what works—and what doesn’t—with near real-time access to media and the ability to effectively track trends, you can develop new products and services or respond quickly to customer disappointments and boost your ratings with prospects and customers alike.

Of course, given the fragmented media landscape, some might say it’s easier said than done. Relying on multiple monitoring tools can help you capture a wide perspective, but valuable time is wasted jumping from tool to tool and aggregating information manually. Plus, you still lack visibility into premium news and business information not available on the open Web. That’s why using a media-monitoring solution that consolidates relevant, trustworthy sources in one place is critical. Are you currently gaining a comprehensive view of media to inform and enhance decision making?

3 Ways to Apply This Information Now

  1. Request a 14-day trial of LexisNexis® Newsdesk to see what you could be missing.
  2. Explore some of the other media-monitoring posts here on the Biz Blog.
  3. Share this blog on LinkedIn to keep the dialogue going with your colleagues and contacts.

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