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Thursday 10 July 2014

MEDIA EVALUATION - An inevitable part of the business world

Media: Probably the most powerful entity ever invented by man, which at times could also be a double-edged sword. While the media offers countless possibilities to spread your message to wider audiences, mismanaging it could also result in adverse publicity impact of which, could be devastating. Media – whether print, TV, online or social – serve up news and entertainment that acts as a valuable vehicle for corporate messages and campaigns to piggyback on. Normally, organisations manage media through the help of PR and advertising units.

What you mean by Media Evaluation: Analysing the effectiveness of a corporate’s media relations of where they stand in their industry among rivals, by generating reports briefing key messages, tone and volume. In a nut shell, Media Evaluation means finding out the media reach of a particular brand among the public. The purpose of media evaluation is to provide clients with much needed information using specialised tools.

Who all are keen on Media Evaluation ?: Companies those shows interest in marketing campaigns and who invest in PR and Advertising always need the assistance of Media Evaluation as they play an essential role in identifying the client’s brand reach among the public. For good management, good measurement is essential.

Almost all the industries do periodic media analysis to keep a close watch on the development of their company’s growth, products reach among the public or their competitor’s growth. But in my perspective as a Research Analyst, media evaluation should also be used to learn from customer feedback. This would ring truer than ever for a consumer-centric industry like the Retail and Food Beverage industry.

To drive home the point, it’s pertinent to note how a reputed food chain suffered because of a negative online feedback from a customer. If they were aware of media monitoring by that time, they would have surely avoided such a scenario.

Travel & Tourism and Retail Technology industries too are benefitted much with the help of Media Evaluation, as its mandatory for them to keep an eye on their customers’ views. Also for Retail Technology companies, it is mandatory to watch closely the development of their competitors and customers feedback on those products, where Media Monitoring plays a very vital role.

Companies that show faith on PR Industry definitely need the help of Media Evaluation to keep an eye on their growth.  PR professionals gain immensely by Media monitoring as they allow them to enhance their relationships with clients and also to develop new strategies to improve the reputation of their organisation.

Media Evaluation helps the PR professionals to locate the company’s financial, business and marketing stats, where they stand among their competitors, new trends, and customer feedback and also allows them to give feasible explanations in meetings.

Any business organisations interested in the development of their company in this competitive world and who sternly take public perceptions of their company would prefer to reach out for Media Analysis. Except for non-profit organisations, all other industries are benefitted by using Media Evaluation.

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