Three key applications for brand monitoring

[Posted by Peter Kim]

As you may know, I've been following the brand monitoring market for a couple of years and since publishing the Q3 2006 Forrester Wave on the space, it's clear that the market has shifted.  That's why I plan on updating the Wave in Q3 2008.

In the meantime - it's clear that not all brand monitoring firms are
created equally or should be used for the same purposes.  But marketers
who don't work to understand the differences before sending out an RFP
or running a pilot are in essence using Plinko as their selection process.

I believe that three primary applications of brand monitoring have
started to surface, based on buyer goals, vendor capabilities and
intent, and business needs.  Clients can read the full research, "New Uses For Brand Monitoring," which explains how and why the three applications matter.  The summary:

J.D. Power and Associates acquired brand monitoring firm Umbria,
combining industry-focused consumer satisfaction and rankings with
consumer-generated media (CGM) insights. The deal highlights the use of
brand monitoring as a key input to formulating marketing, brand, and
product strategy. Interactive marketers and social media strategists
interested in using brand monitoring must choose a tool based on
business objectives, recognizing that the market now addresses three
distinct applications: 1) mining customer insight to formulate
strategy; 2) quantifying social media to compare with other metrics;
and 3) identifying influencers in order to participate in online
conversations.

Much deeper analysis forthcoming later this year.  In the meantime,
Forrester clients - feel free to set up an inquiry via your account
manager to learn more.

P.S. I think our Forrester Marketing Blog Feedback Survey is still open...

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Comments

re: Three key applications for brand monitoring

Looking forward to the Q3 2008 Forrester Wave.

re: Three key applications for brand monitoring

Pete,When you cross-post, I'm not sure if I should cross-comment! Anyway, great summary! But you forgot the critical #4 to close the loop: 4) Customer service, experience and loyalty. This final phase is more operational, but leads back into your first application of strategy formulation -- to complete the cycle.But then there's a separate category...strategic analysis of brand monitoring. For example, where do you go to for help on integrating consumer-generated media metrics into your a brand's econometric media models? You might go to Nielsen BuzzMetrics for that, but you certainly wouldn't go to most others. I'm not talking about deriving metrics to compare...I'm talking about actually comparing the metrics once you have them.Then there's another separate category -- one where many of the brand monitoring firms are dancing a fine line. It is called planning, and in some cases it can even bleed into action. Influencer ID is one aspect of it, but only one of many.Good luck with your next wave!Max