The real estate market is hot in Singapore right now, and competition abounds for a firm seeking to connect expatriates and others with the right short- or long-term rental property.
So, it’s essential that MichaÅ Nowak, owner of RentInSingapore.com.sg, stay apprised of changes in the marketplace.
“The real estate there is trending so hot,” Nowak says, “so I’m monitoring the whole real estate industry and my competitors to see what’s going on in the market.”
Nowak isn’t alone. The world of online media monitoring is developing fast, and those who run PR and marketing campaigns know that many monitoring tools are available.
Each tool offers something different. Yet many businesses put all their eggs in one basket, missing precious information about their brand, competition and industry.
Here are three strategies to implement in order to get the full picture of how a brand is doing online:
1. Monitor media alerts.
In business, the ability to react swiftly to the latest industry developments and trends can make the difference between signing a fat contract and watching your business go under. So, the first aspect of media monitoring to consider is timing.
If you always keep your finger on your brand’s pulse, you can react immediately to any opportunity or crisis.
In Nowak’s business, there is a lot of consolidation, and he is interested in seeing which companies are being bought. Through monitoring, he learned that a competitor had been scooped up by another company, changing the lay of the land in the Malaysia real estate market.
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“I’m focusing on keywords that I’m interested in and keywords for the competition and keywords for certain terms in real estate,” Nowak says.
2. Estimate the impact.
After tracking the articles in which a brand is mentioned, you should extract three important pieces of information:
· Where was your brand mentioned?
· What does it say about your brand?
· What is the content’s impact on the audience?
Though the first two are easy to get (simply by reading the article), many firms miss the third and most important aspect.
It is incredibly important to monitor the impact of press releases, says Aleksandra Andreasik, PR manager with RTB House, which runs digital ad campaigns for clients such as Microsoft, Trivago and Toys R Us. (Like Nowak’s firm, RTB House uses Boost the News.)
“When you distribute a press release or publish an expert article,” Andreasik says, “it’s good to know how editors react to what you distributed or how many people actually read it.”
The company recently distributed a press release in Poland and abroad citing its analysis about what makes the perfect banner ad. RTB House analyzed hundreds of advertising campaigns for clients in 33 markets—including the Czech Republic, Greece, Poland, Russia, Turkey and Ukraine—to see which elements best elevate campaign performance.
Real-time monitoring helps RTB House plan further PR activities, promote articles or boost visibility if it sees that a particular press release isn’t attracting as many people as the firm was hoping for.
How does it help you to know that your brand was mentioned in an article, if you don’t know how many people that article reached?
“You can see that you are mentioned, but one article is not comparable with the other one,” Nowak says, “because the one has coverage of 1 million reach, and the other has coverage of 1,000.”
3. Monitor social media.
It’s also important to know how online content performs on social media. There are many tools that reveal how many people are sharing an article, who they are and what are they saying about a brand.
This is important, because it’s the most sincere kind of feedback you could ask for. By monitoring social media, you can get the picture of what people are saying about your brand and join the conversation to find out more about what people are expecting from you.
Major brands such as Coca-Cola use such mentions to determine customer sentiment, Nowak adds. “Or they can find negative PR, and then respond to it,” he says. “It would be helpful in specific industries like banking, finance, where it’s really important not to have one customer unhappy, because he will just make things really difficult on social media.”
Using intelligence gained through his monitoring tools, Nowak sometimes engages with people inquiring about his company. “They’re asking other people if they can use this website, and is it free, and if it’s safe to use to website, and how do go about I log in,” he says.
He then describes what the website does and reassures the potential customer about security.
Smart organizations should use all three popular media-monitoring strategies. Each monitoring tool has its strong and weak points, and the best approach is to combine them. Choose a set of monitoring tools to cover all three strategies; that should provide a full picture of the brand’s performance online.
This article was written in partnership with Boost the News —a media monitoring tool that allows users not only to monitor news about chosen topics, but also to estimate the traffic of selected articles, and to promote articles that are important to them.