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As the leading provider of global media monitoring services, our long experience in the sector has taught us at eMedia Monitor a lot about the needs of communication and PR professionals. One of the most frequent interests of our clients when they seek eMM’s help is to be able to analyze both their own media activity as well as their competitors’. What advertising campaigns do they have in place? Where do they appear? What impact do they have?
The answers to these questions are invaluable to both agencies and brands themselves. Competitor analysis aims to identify the strengths and weaknesses of rival companies and compare them to one’s own. Thus, businesses can gather knowledge to formulate and develop effective action plans as well as for strategic decision-making.
Let’s dive into how media monitoring tools help to track competitors comprehensively and what benefits this provides to communications and PR professionals:
Getting an overall view of the strategies that competitors have in place is a complex challenge because it involves the constant observation of multiple sources. However, it can guarantee some very precious information such as which communication channels work best for them or which ones do not work at all for the respective target group.
Media monitoring facilitates the analysis and evaluation of the various marketing channels and thus enables the acquisition of such knowledge. Depending on the tool, users can track traditional media like TV, radio and press or digital sources which include podcasts or online news. With eMM’s 360 degree media monitoring solution, clients can monitor multiple information sources of their choice via our online platform and do not need to purchase multiple tools to track competitors in each media outlet.
For start-ups and emerging companies, the analysis of the competition is a fundamental step for the survival of the business in the first phase of its life. Here, media monitoring is also a great ally, since it helps companies to identify who their competitors are.
For national as well as international companies, media monitoring allows the observation of content from different regions and countries and so offers a comprehensive view of the industry landscape and the different actors involved. eMM customers, for example, can choose among more than 75 countries to monitor the media or get a country package that allows tracking content from the top media sources of a single region.
Besides analyzing marketing channels and identifying competitors, media monitoring tools provide a range of very beneficial metrics that enable a broad analysis of competitors, their campaigns, products, events, and much more in the media:
Sentiment of the Mentions: find out whether media coverage about a competitor’s brand or product is positive, negative or neutral.
Mentions’ Volume: how many times a competitor has been mentioned in the media coverage. It is a simple yet very valuable metric.
Development Over Time: it provides an overview of the development of mentions over a period of time. It is thus possible to discover whether competitors are increasing their presence in the media or whether they are becoming less and less relevant.
Share of Voice: find out who dominates the conversation in the media. It allows professionals to make comparative analyses using visualization tools such as the eMM Analytic dashboard and see where the own brand is positioned in relation to the competition.
Key messages or topics: to conduct a qualitative analysis of monitoring results, users can detect key topics of mentions about competitors. eMM offers an advanced AI-based feature that performs near real-time analysis and provides users with a title and summary of the content, saving not only valuable time but also money.
Relevance of the sources: identify the sources of information that say the most about the competitor’s company. For example, whether they are national TV stations with a wide reach or local stations.
By taking all these metrics provided by media monitoring into account, professionals can make the right decisions regarding their strategies and stay ahead of the competition.
The large portfolio of big and small companies that rely on our media monitoring platform to track competitor activity and increase their knowledge about their industry is our endorsement. What are you waiting for to get ahead of your competitors and succeed? Contact an eMM expert to get a free demo and create a media monitoring plan that fits your unique needs.
You might also be interested in:
Safeguarding Companies and Brands Against Misinformation through Media Monitoring
Building an Effective B2B Content Marketing Strategy
Measurement and Evaluation: Empowering Communications and PR with Valuable Data
