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How Expensive is Brand Monitoring?

By Aaron Minc on October 30, 2015

Your business does not have to remain idle and passive while others drag your company’s hard-earned brand and reputation through the mud. However businesses often struggle in deciding between working with an attorney or signing up for a brand monitoring service.

 

canstockphoto0196230-thumb-500x333-63919What is Brand Monitoring?

Brand monitoring is the process and act of setting up a business analytics process that will monitor the various discussion channels in the media and online to better understand public perceptions regarding the brand or business. A thorough brand monitoring service will not only monitor keywords and discussions directly about the business, but also related discussions, perceptions, and keywords associated with your company. A good brand monitoring company should provide actionable information that protects the business from an array of threats including:

  • Counterfeiting – For companies producing consumer goods, the concern of counterfeit goods and products is paramount. Each year bargain hunters are tricked by shady resellers who claim that a product is authentic when it is not. Large companies can lose millions in revenues due to fake goods and knock-offs.
  • IP monitoring – As a business, your intellectual property in valuable. Whether it is a company logo, a trademark, or other valuable information unauthorized use of these marks, symbols, or other intellectual property can lead to consumer confusion and significant damage to a brand.
  • Discussion monitoring – The way people discuss your brand in public and on social media channels can have a real impact on the business’ bottom-line. Brand monitoring should make you aware of negative discussions, perceptions, and reviews.
  • Competitor monitoring & analysis – Understanding what your competitors are doing can give your business a tactical advantage. While not every brand monitoring package will include this service, it is often useful.

The above captures some of the main responsibilities a brand monitoring service can provide.

How Much Can I Expect to Pay for Brand Monitoring?

As with any product or service, you get what you pay for. If you engage with a cut-rate service of individual from a site like Fiverr, you probably shouldn’t expect much. While the cost is likely to be minimal, the return on the investment is also likely to be, at best, minimal if you receive any return at all. If you happen to hand over the keys to the kingdom and allow the low-cost vendor to make changes, there is a high likelihood that they will engage in quick fixes that do more harm than good in the long run.

If you choose to engage with a more reputable full-service brand monitoring service, costs escalate rapidly. A full-service brand monitoring solution for a mid-sized company can cost $5,000 a month or more. For major markets like New York or Los Angeles, prices are likely significantly greater. Furthermore, as the size of the company and scope of the monitoring increases, these costs can quickly escalate. Furthermore, despite the cost of most brand management vendors, if you need to take legal action against infringers or individuals who post false and defamatory material you will need to find an attorney or pay extra to have the brand monitoring company hire one on your behalf.

However. By working with an attorney who handles IP infringement, removal of false and defamatory postings, and provides online reputation management services your company can not only save money by working with a single party, but also benefit from the convenience of having a go-to attorney to handle brand and reputation issues.

 

dontwastemoney-thumb-500x334-61452Rely on a Brand Protection Attorney

If your small business or corporation needs help removing false or disparaging posts online or identifying and pursuing intellectual property infringers the experienced Internet defamation removal lawyers of Meyers Roman Friedberg & Lewis, LPA can help. To schedule a free no-obligation initial consultation call (216) 831-0042 or contact us online.


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