3 Reasons why companies who evaluate their brands are more likely to succeed
Evaluating the performance of your brand in the media is a vital ingredient in determining it’s success. Brands are living things and from the first day that they are born they change, evolve and even die. Media Evaluation is an critical tool which can be used to keep track of your brands health. Here are 3 simple reasons why companies who evaluate their brands are more likely to succeed.
1. Great decisions are based on solid data
It might seem obvious but the best decisions are based on the latest and most accurate data. If you’re aware of all the variables in a situation then you are much better placed to react appropriately. Companies who actively evaluate their brands in the media have a very clear picture of exactly how it’s portrayed and importantly – who their key influencers are.
2. The best ideas sometimes come from your competitors
There’s no point investing resources trying to reinvent the wheel. If your competitors brand is having incredible success and your brand has hit a plateau then there’s no shame in evaluating their media coverage and comparing it directly against your own. This kind of exercise can provide incredible and valuable insights into what they are doing differently and what you may need to change. Even if you’re brand is number one, there is always something you can learn by consistently benchmarking against your competition.
3. Cause & Effect have always defined success
It doesn’t matter whether were talking about today or two thousand years ago, an awareness of the relationship between Cause & Effect has always dictated who succeeds and who fails. Measuring the relationship between the two is a critical part of improving ‘how you do what you do’. If you’re responsible for a brands image it’s vital to keep track of how that brand is being portrayed. Working hard, issuing press releases and hoping, is not enough. You must measure the effectiveness of your communications decisions and then adapt your actions appropriately.
Brands who follow the above rules will at worst strengthen their image and eliminate misspent efforts. At best they will grow and take their position as one of the leaders in their industry.
Brian McCarthy
Brian McCarthy is the Sales & Marketing Director with Newsaccess Media Intelligence, based in Dublin 2. For more information on Media Monitoring & Analysis contact Katrina: joycek@newsaccess.ie or 01-6799403
