Buzz monitoring
Encyclopedia
Buzz monitoring is the keeping track of consumer responses to commercial services and products, to establish the marketing buzz
surrounding a new or existing offer. Similar to media monitoring
it is becoming increasingly popular as a base for strategic insight development alongside other forms of market research
.
Buzz monitoring involves the checking and analysis of myriad online sources such as internet forum
s, blog
s, and social network
s. Data can be provided in real time, which means that critical issues can be picked up instantly. It is also comparatively inexpensive compared to other market research
tools and can actually guide further product and service developments. Influence
is a key question in buzz monitoring – does this particular person and/or this particular piece of content matter and is it influencing others? Hence, the influence of a source is an important buzz monitoring metric
that should be benchmarked.
Buzz monitoring is implemented by businesses for a variety of reasons, namely to improve efficiency, reaction times and identify future opportunities. Insights gained can help guide marketing and communications, identify positive and negative customer experiences, assess product and service demand, tackle crisis management
, round off competitor analysis
, establish brand equity
and predict market share
.
Marketing buzz
Marketing buzz or simply buzz — a term used in word-of-mouth marketing — is the interaction of consumers and users of a product or service which serves to amplify the original marketing message. a vague but positive association, excitement, or anticipation about a product or service...
surrounding a new or existing offer. Similar to media monitoring
Media monitoring
Media monitoring is the activity of monitoring the output of the print, online and broadcast media. It can be conducted for a variety of reasons, including political, commercial, scientific, and so on.-In Business:...
it is becoming increasingly popular as a base for strategic insight development alongside other forms of market research
Market research
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy...
.
Buzz monitoring involves the checking and analysis of myriad online sources such as internet forum
Internet forum
An Internet forum, or message board, is an online discussion site where people can hold conversations in the form of posted messages. They differ from chat rooms in that messages are at least temporarily archived...
s, blog
Blog
A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...
s, and social network
Social network
A social network is a social structure made up of individuals called "nodes", which are tied by one or more specific types of interdependency, such as friendship, kinship, common interest, financial exchange, dislike, sexual relationships, or relationships of beliefs, knowledge or prestige.Social...
s. Data can be provided in real time, which means that critical issues can be picked up instantly. It is also comparatively inexpensive compared to other market research
Market research
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy...
tools and can actually guide further product and service developments. Influence
Social influence
Social influence occurs when an individual's thoughts, feelings or actions are affected by other people. Social influence takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales, and marketing...
is a key question in buzz monitoring – does this particular person and/or this particular piece of content matter and is it influencing others? Hence, the influence of a source is an important buzz monitoring metric
Software metric
A software metric is a measure of some property of a piece of software or its specifications. Since quantitative measurements are essential in all sciences, there is a continuous effort by computer science practitioners and theoreticians to bring similar approaches to software development...
that should be benchmarked.
Buzz monitoring is implemented by businesses for a variety of reasons, namely to improve efficiency, reaction times and identify future opportunities. Insights gained can help guide marketing and communications, identify positive and negative customer experiences, assess product and service demand, tackle crisis management
Crisis management
Crisis management is the process by which an organization deals with a major event that threatens to harm the organization, its stakeholders, or the general public. The study of crisis management originated with the large scale industrial and environmental disasters in the 1980's.Shrivastava, P....
, round off competitor analysis
Competitor analysis
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats...
, establish brand equity
Brand equity
Brand equity is the marketing effects and outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name. Fact of the well-known brand name is that, the company can sometimes charge premium prices from the consumer . And,...
and predict market share
Market share
Market share is the percentage of a market accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the "dollar market share" metric very useful, while 61% found "unit market share" very useful.Marketers need to be able to...
.