Media Monitoring as a Research and Development Tool
Research and development is the bricks and mortar of any successful business. Brands such as Google, Johnson & Johnson, and Volkswagen invest billions of pounds in this function every year, according to Fortune. Having billions to spend on R&D is a luxury that few companies can afford, but thanks to media monitoring there’s a much cheaper way to carry out research and development!
Media monitoring to inform product research and development
The social sphere is a researcher’s goldmine, waiting to be tapped into. But where do we start? A social media monitoring tool can act as our compass and help us find direction in a sea of data. Social media monitoring can contribute to product research and development in a number of ways. For example, unearthing audience wants and needs. Such insights can be used to facilitate new product strategy. Social media monitoring can also help find faults in existing products so we can use mend the fault before our competition get there first!
The aim of product research and development is to reflect the needs of the market and our audience, so it’s time to listen up and hear them out. Click here to view our previous post and find out examples of brands that are using social media monitoring for product research and development.
Keeping a finger on the pulse of our competition’s is vital if we want to become or remain a key player in our industry. By using a media monitoring tool such Meltwater, we can filter conversations by sentiment and shed light on the failure and successes of our competition. Positive comments tell us the areas where they excel, so we can replicate similar strategies. Negative sentiment allows us to understand where they’ve failed, so we can avoid doing the same. We can also filter comments by geographic spread. This is a key metric of most successful competitive benchmark analysis. If, for example, we know our main competitor is receiving a lot of press in China, chances are high that there’s also a need for our service in this location. Additional benchmarking metrics to consider include:
- Media exposure
- Trending theme word cloud
- Share of voice
- Top sources
Research and development is a high-level strategic function. Whilst it can be easy to become engrossed in what’s going on with our audience and in our industry, it’s also important to look future afield. A media monitoring tool is essential for macro analysis. Future changes in the economy, technological landscape and law can have a tremendous impact on future strategy, throughout all corporate functions – not just R&D. It’s better to be informed than be sorry, right? With instant media alerts, we can be the first to know of developments, allowing us to tweak our strategy accordingly.
Click here to chat with a Meltwater consultant and learn additional ways a media monitoring tool can help with strategic decision making.