Importance of 360° Measurement
In a world drowning in data, media monitoring has evolved tremendously to keep up with a new digital era. Gone are the days where brands could rely solely on news clippings to learn about how their companies were performing, especially in a time dominated by the Internet and presence of social media sites. With brand mentions and conversations spread across different sources of information, it has never been more vital and pressing for PR and marketing professionals to adopt a 360° measurement approach in assessing the overall performance of their brands.
As its name suggests, a 360° measurement framework is a collection of all data on your brand’s coverage all on one platform. It allows you to analyse the volume of coverage across all data sources and garner comprehensive and meaningful insights on your brand’s performance.
Here are some ways a 360° measurement framework can be important and beneficial to your brand:
1. Provides a ‘Big Picture’ overview of your brand’s performance
As mentioned, having a 360° view of your brand’s performance means monitoring and assessing all sources of data covering mentions and conversations in relation to your brand, be it solicited or unsolicited. Possible sources of data would include:
- Mainstream media sources such as print, online, radio and broadcast news
- Social media sources such as social networking sites, blogs and product review websites
- Your company’s web traffic through a Google Analytics integration
Media intelligence tools such as Meltwater allow you to create dashboards that capture the above information and track other insights (e.g. Sentiment Analysis and Trending Topics) all in one place. Here is an example of how the dashboard will look like:
Figure 1: Meltwater Dashboard to track the news coverage of shoe brands
Meltwater’s Dashboard allows you to collate all brand mentions in one place; the use of charts and graphs can help you to visualise and understand your data at a glance.
Eventually, the above list of data sources may expand over time as new game-changing platforms of communication and information enter the media landscape.
Social media, for instance, is a gamechanger in the traditional media landscape. An integral part of our daily lives, social media has given us a platform to voice our own views on different companies and brands. Your brand now has direct access to what consumers truly think or talk about in relation to your company, making it a fundamental data source to monitor, and unlike traditional new sources, such coverage cannot be controlled or managed.
Hence, with a lack of control on the coverage your brand receives, it is increasingly important to set up an all-in-one-place platform to monitor this data. This ensures that your company covers all ground and gets a big picture overview of how your brand is performing.
2. Captures real-time analysis
A 360° measurement framework also incorporates the use of real-time analysis, where not only is all your data in one place – it’s up to date as well.
One of the biggest pros of using media intelligence tools is their ability to capture and present data as and when it happens. Hence, your company can keep on top of the latest news and report the data in less than half the time.
Real-time analysis allows your brand to observe events within your industry as they unfold and act accordingly, if needed. This also means the ability to spot potential threats and crises or discover new opportunities for exposure early. The use of real-time data can be beneficial in deciding your next marketing or PR strategy in terms of what content to develop or what approach to take.
There are brands who have successfully made use of the real-time data they have collected to engage their audiences. Through observing and responding to events as they happen, these companies were able to create eye-catching and creative content that resonated well with their audiences. They also made use of real-time data regarding their consumers such as location data to develop more personalised content.
3. Incorporates the practice of benchmarking
Assessing how your brand performs in isolation may not always be the best approach as you will be exposed to internal biases and misconceptions, giving you a skewed evaluation. To get a more honest perspective of how your brand is performing, it is essential to monitor the performance of your competitors to know where your brand stands within the industry.
Using a 360° measurement framework instils the practice of benchmarking, where your brand can compare its performance with that of its competitors through analysing its share-of-voice. Share-of-voice refers to the volume of media mentions of your brand which in turn gives a gauge of the market share your company owns.
The following chart shows the share-of-voice for three global shoe brands within APAC during the first quarter of 2019:
Figure 2: Share-of-Voice for different shoe brands (Jan-Mar 2019)
Nike can be observed to have a greater share-of-voice, implying that it has a greater market share as compared to Adidas and New Balance. Having greater news coverage as compared to other brands could imply a brand is more popular or more talked about as compared to others. Nevertheless, further sentiment analysis is needed to learn more about the brand’s reputation.
Other than market share, benchmarking provides insights on what is being said in relation to your competitors. You will be able to observe what the media or consumers are talking about or focusing on when it comes to other brands, giving you an idea of your competitors’ strengths and latest business and marketing tactics.
For instance, should Adidas be a competitor of your brand, Meltwater allows you to find out what is the latest news on Adidas. Here are some of the trending keywords in relation to Malaysia news coverage on Adidas during March 2019:
The keyword “World Cup” can be observed to be one of the more prominent topics, implying that Adidas may have recently collaborated with a sporting event. Further analysis brought us to arrive at the news of Adidas paying equal bonuses for their sponsored players in the FIFA Women’s World Cup which was picked by Malaysian sources and gained a high level of reach.
Thus, monitoring competitors’ data keeps you up-to-date on the latest developments in your competitors’ businesses such as product launches, changes in management or PR crises, and hence, an opportunity to learn from them.
Moreover, with the use of real-time analysis, having a 360° view of data on the latest news within the industry can help you detect potential competitors that may pose as a threat to your brand early. Thus, your brand can develop suitable strategies to anticipate any possible change or disruption.
4. Useful for various aspects of business, not just PR
Adopting a 360° view of your brand is not just useful for PR. This approach can also be used in practice to support other business functions and departments.
For instance, a ‘big picture’ overview of your brand’s performance can assist the board and C-level executives in how they govern the organisation, set organisational goals or make business decisions. For instance, anticipating what competitors will be doing next will allow board executives to decide their next move, be it adapting their visions to follow the trends of competitors or keeping to their original goals. The conventional approach of focusing on financials and KPIs is just not cut out as a comprehensive indicator of how a company is performing, especially with the growing importance of other indicators such as media coverage and online reputation. Take for instance the success of Instagram where its overwhelming online popularity and usage led it to be bought by Facebook for US$1 billion.
Other than board executives, product development and risk management teams can also benefit from a 360° measurement framework. Product developers can keep up-to-date with changes in consumer preferences and demands, taking them into consideration as they create new products or improve current ones, while risk managers can detect potential threats to the business early. Thus, using a 360° measurement framework can provide meaningful and actionable insights that could benefit different departments of your company.
If you now understand how important it is to have a 360° view of your brand performance, how can you make the move? Media intelligence tools such as Meltwater make it simple to incorporate a 360° measurement framework to assess the performance of your brand. With its easy-to-use interface, Meltwater allows you to develop well-structured dashboards presenting all your fundamental real-time data clearly in one place, making it easier and convenient to access any insights you need to improve your brand performance. Hence, you can stay on top of the latest news and social conversations about your brand as you work out your next move!