I just had another piece of Forrester research publish – this one on brand monitoring. Lest you think I went on a Kerouac-ian benzedrine + caffeine writing tear…I didn’t (but what’s the frequency, Kenneth?).
As you may know, I’ve been following the brand monitoring market for a couple of years and since publishing the Q3 2006 Forrester Wave on the space, it’s clear that the market has shifted. That’s why I plan on updating the Wave in Q3 2008.
In the meantime – it’s clear that not all brand monitoring firms are created equally or should be used for the same purposes. But marketers who don’t work to understand the differences before sending out an RFP or running a pilot are in essence using Plinko as their selection process.
I believe that three primary applications of brand monitoring have started to surface, based on buyer goals, vendor capabilities and intent, and business needs. Clients can read the full research, "New Uses For Brand Monitoring," which explains how and why the three applications matter. The summary:
J.D. Power and Associates acquired brand monitoring firm Umbria,
combining industry-focused consumer satisfaction and rankings with
consumer-generated media (CGM) insights. The deal highlights the use of
brand monitoring as a key input to formulating marketing, brand, and
product strategy. Interactive marketers and social media strategists
interested in using brand monitoring must choose a tool based on
business objectives, recognizing that the market now addresses three
distinct applications: 1) mining customer insight to formulate
strategy; 2) quantifying social media to compare with other metrics;
and 3) identifying influencers in order to participate in online
conversations.
Much deeper analysis forthcoming later this year. In the meantime, Forrester clients – feel free to set up an inquiry via your account manager to learn more.
P.S. I think our Forrester Marketing Blog Feedback Survey is still open…