The “Brand” of a company carries a significant worth.
Brand Equity is what defines this worth and is defined as
A value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent
This value for all kinds of brands is significant and as an example, in 2015, the Apple brand was valued at $247 Billion by WPP.
In an online world, “Brand Monitoring” is essential and companies that do NOT invest in any form of Brand Monitoring are bound to face serious negative consequences as a result.
Negative effects of no Brand Monitoring
Some of these negative consequences of not investing in any form of Brand Monitoring are listed below:
- Dilution of the Brand Equity
- Harm to the Brand and the Company name
- Significant loss of sales due to negativity associated with a Brand
- Loss of market share due to subtle but effective pricing by competing brands that DO monitor their brands
- Loss of market share due to the positioning of the brand – physically or virtually with respect to competing brands
- Long term decline in Brand Equity and perception leading to stagnant growth and the eventual demise of a company
We focus on “Online Brand Monitoring” and use our amazing technologies to help companies monitor their Brand online.
Web scraping techniques have been and continue to be effectively deployed to monitor and collect information online and present the data in a relatively instant manner to enable micro or macro level decision making by company executives.
If you are a company executive and haven’t thought about using such services, you are falling behind your competitors already. They have been using these techniques for a while or have recently approached companies such as ScrapeHero to help build their online Brand Monitoring solution.
Typical Online sources for Brand Monitoring
There are the obvious sources of “Brand Monitoring” which people immediately with negative brand mentions and the biggest sources are “Social Media”.
However, there are some many more sources online that have a subtle and maybe not so visible impact on a Brand on a daily basis. Some of these sources are:
- eCommerce sites such as Amazon or eBay (lower price, higher ratings and position of competing products)
- Online forums (What is said about your brand)
- Review sites such as Yelp or TripAdvisor or many other niche sites (What brand do people recommend)
- Social Media such as Twitter, Facebook etc (Are they talking about you and to you?)
- Niche websites dedicated to a group (Specialized niche sites have an outsized impact on consumer decision making)
- Data Aggregation sites such as Expedia and other travel sites (Reviews and suggestions for improvement)
- Online influencers and their followers (What do they say about your Brand or about your competitors brands)
How to do Brand Monitoring right
There are various ways companies can start Brand Monitoring if they aren’t doing it already and to significantly enhance the value they derive from it if they have already started to do something.
Off the shelf solutions
These solutions are generic that collect a limited amount of data and resell that to everyone for a fee. You get the same data (that cannot be customized) that your competitor gets. The value that you derive from such solutions is minimal and primarily satiates your desire to have a solution in place but won’t provide your any competitive advantage.
Most companies start this way and soon realize that there is extremely limited amount of value that can be derived from such cookie cutter solutions.
A solution built just for you, with your needs and requirements in mind – completely configurable to your changing needs – that is what we promise.
All this is usually associated with a high cost, but ScrapeHero’s goal is to build this solution for you for a very affordable cost. While the costs may be higher than the “off the shelf solutions”, the relative value you derive for your dollars will be significantly and proportionally higher.
ScrapeHero has assisted large companies with the definition, refining and building of these custom solutions and we can help you too.
Call us and pick our brains for free – there is nothing you have to lose. Become a hero at your company by proposing this investment to the head of marketing, sales, strategy, brand or walk right into the CEO’s office and walk out with a promotion !
Today isn't too late to get started