Many South African businesses and individuals are still struggling to recover financially from the effects of the pandemic – and it’s having a knock-on effect on insurers, according to recent research.
Insurers are being challenged to better understand the immediate needs of their customers while positioning themselves for potential growth. That’s where media monitoring is emerging as a cost-effective and customisable tool to stay abreast of trends and how their brands are perceived.
Monitoring brand reputation is a critical competitive advantage, and keeping track of media coverage and online conversations about an insurer’s brand assists them in understanding public perception, says Joe Hamman, founder and director of Novus Group. This can help mitigate against the potential risk of negative media coverage and social media posts in a proactive way.
“Media monitoring becomes an invaluable tool in empowering insurers with access to real-time insights into not only trends and news, but how well their brand is stacking up to competitors. With this information, insurers can rapidly adapt their strategies to create solutions that better reflect current customer concerns,” says Hamman.
Improving customer service is another important advantage of having access to media monitoring. By monitoring customer feedback and concerns on social media and other platforms, insurers can address issues promptly and improve customer satisfaction. Furthermore, by tracking and analysing media coverage, insurance companies can better understand the effectiveness of their marketing and PR efforts, helping them fine-tune their communications strategy to raise brand awareness.
One of the concerns about media monitoring is that it’s expensive and time-consuming. Not so, says Hamman. Budgets are set up front, depending on the needs and objectives of the business, and results are tracked by means of a user-friendly dashboard. This dashboard provides a detailed overview of essential information, and Novus can also compile reports for further analysis, saving the business time and resources.
“Like insurance, media monitoring shouldn’t be a grudge purchase. It can be the cornerstone for any South African insurer to stay informed about industry trends to managing crises, and having sight of any brand mentions that can positively or negatively impact on their business,” said Hamman.
For more information on the Novus media monitoring offering or to speak to one of our specialist consultants, please click here.