With new artificial intelligence and improved and enhanced filter options, it has never been easier to monitor everything that is said about companies, brands, and individuals in traditional media and social networks.
But there are literally dozens of media monitoring platforms to choose from, and they make all kinds of promises about who can do that.
Think of the options for turning your head. With so much innovation, it takes a lot of work to check complaints and choose the best solution.
In the meantime, in this article, I will discuss – at a high level – what marketers should look for when evaluating media monitoring services so that you know what criteria to consider when making this decision.
This is one of the first things marketers think about when choosing a media monitoring service provider. But this is really just one piece of a three-piece puzzle.
Media monitoring services consist of three basic components:
- The first piece of the puzzle is the news feeds that they can access. Which multimedia vehicles do they monitor, how much of their content can they access and receive only plain text or photos and images that also appear?
- The biggest cost of switching to a new media monitoring provider is to train the team to use the platform. From this point of view, ease of use is a critical factor: the longer the team takes to learn how to use the system, the greater the implementation costs.
- The third piece of the puzzle – and this is where I see the greatest earning potential – are the narrow AI filters that can be used to process large amounts of traditional and social media results that are impossible to evaluate manually.
Monitoring of most media
Most media monitoring platforms can access the same source feeds.
There may be platforms that have exclusive licensing agreements with one or two media channels, but most media monitoring platforms have almost the same content.
This is further complicated by the fact that almost none of the media providers make it easy to see which channels they serve. The only way to get a quick and immediate response to those who receive it is to fill out a spreadsheet of the stores you want to track, send it to your sales representative, and ask them to manually check if it sells.
The Platform Interface
We have long known that ease of use leads to adoption. The easier it is to use a software product, the more people use it and the more successful organizations use it.
When you finally have access to more social and traditional media than you can read, how easy is it to filter and process all of that data to find the proverbial needle in a haystack?
This is what you want to know.
The people behind the platform
Since these are the first days of automated sentiment analysis and natural language processing, and because there is still so much information that buyers need that is not readily available, choose a supplier that is willing to bridge the gap between features and performance having training and support is probably the most important thing to consider.
What kind of integration program is there to familiarize you with the new platform? Getting a dedicated customer representative is a great start. But is there any kind of structured curriculum that will take you from a beginner to an advanced user, and how long does it take to complete this training?
The big picture
In addition to considering these three important pieces of the puzzle, there is one more important thing to consider when purchasing a multimedia monitor.
Think about where you are currently in your organization’s hierarchy compared to where you want to take it in the future.
If you want to sit on the board, you need precise criteria that…
- Show the business impact of your marketing efforts
- Withstands CMO or CFO investigations
- It is presented in a language that the CEO pays attention to.
This means that you need a way to map the customer journey and understand how recognition turns into opportunities and how opportunities turn into revenue and how monthly revenues translate into value for the customer.
From a sources point of view, this means that you need a way to pull external data to your media monitoring platform to make comparisons with things like sales, pipeline earnings, stock price, and number of candidates available at your company, the share of votes, purchase intentions and even consumer confidence index.