SOLUTIONS FOR CORPORATIONS READ ALL ABOUT IT HOW NEWS MONITORING CAN HELP A BUSINESS COMPETE. bloomberg.com/content-service

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1 READ ALL ABOUT IT HOW NEWS MONITORING CAN HELP A BUSINESS COMPETE

2 It s important for companies of all sizes to stay up-to-date on their industry, competitors and customers. And, with so many media outlets publishing 24/7 on every platform, it can be difficult to keep up with all of the competitive and industry intelligence that investors and executives depend on. For many companies, news monitoring services can help. Using a monitoring service can help companies stay abreast of all relevant coverage and sources and, ultimately, turn information into a tool to help them compete. This paper covers how companies can use a news monitoring service effectively and what to consider when they select a service. USING NEWS MONITORING SELECTING A SERVICE 3 5 2

3 USING NEWS MONITORING No two businesses are exactly alike, and companies differ in terms of exactly what they re looking to track and why. Some businesses, particularly small ones, may find that a service that provides a curated selection of clippings is sufficient. Other companies have large communications teams that can repurpose multiple news feeds into their own media report for stakeholders. It s important for companies to consider their needs and which news monitoring format will help them to be most responsive. Brittany Lett, business and client services manager at Cognito Analytics, explained this in more detail. It depends on what [a company is] looking for and what the company s priorities are, Lett said. Sometimes, it can be to monitor their company and all of its regions. Sometimes, it s for competitors, either overall or in specific business units or product lines. Or it s looking at overall industry news. What are the key companies in the industry, and what are the key stories that executives need to be aware of? 3

4 USING NEWS MONITORING Topics to Monitor Companies might use a news monitoring service for a few different reasons. The first and most obvious one is to monitor media coverage of the business itself. Virtually every company has an interest in following how the media is covering it, getting an understanding of public sentiment and examining the response to each action it takes. Understanding external coverage can help a PR team be strategic in their actions. Another reason to use a news monitoring service is to keep an eye on the competition. For product, business development, strategy and salespeople, it s helpful to follow coverage of competitors to understand the sentiment and perception around them so that a company can respond appropriately. Observing trends and the customer environment also can help provide insight into changing customer tastes. This knowledge can influence sales and product development. For example, sales teams can use news monitoring to ensure that they re informed about the companies and individuals they re targeting for sales or nurturing. And insight into customers can inform the creation of new products and the evolution of existing products. Finally, companies can use media monitoring services to understand their industries on a broader scale. Businesses need to know what s happening in the marketplace, as well as understand the greater macroeconomic forces that impact their market and operations. News monitoring services are also useful for companies that need up-to-date information about their customers and suppliers, which helps businesses be more proactive in understanding coming changes in revenues or costs. Who Can Use It Some companies send daily newsletters just to the communications team, Lett said. Some send daily newsletters to global executives. Some send global newsletters that go out to every major time zone Asia, Europe, the U.S. highlighting the news in that region so that executives know what s going on. Some of it is PR reporting monitoring what s happening with PR coverage, showing the results of PR campaigns and how effective they ve been. The content provided by a news monitoring service is useful for individuals and departments across a business. News coverage can guide senior executives on strategic and major issues by providing insight into sales, industry intelligence and the market s response to their decisions and performance. Additionally, a news monitoring service is necessary for public relations and corporate communications departments to monitor company coverage and plan effective press strategies. 4

5 SELECTING A SERVICE Key Criteria After a company has decided that it needs a news monitoring service, the next question is how to choose the service, particularly with so many solutions available. Again, companies precise answers may vary, but their general sentiment often boils down to one basic idea. People want to have a partner, Lett explained. They really want to have someone help them look good and take that time off their plate. Companies looking to engage a news monitoring service should consider the following: Depth, Breadth and Credibility: Does the news monitoring service cover all of the necessary publications, regions and languages? Speed: Does it pull up-to-date news and deliver it in a timely fashion? Cost: Can a company invest in the service without breaking the bank? Functionality: Can the news monitoring service effectively filter and deliver appropriate content? 5

6 SELECTING A SERVICE Content Scope Depth, breadth and credibility are among the most important factors for companies to consider when selecting a news monitoring service. Lett stressed the importance of identifying what kind of news content a company is looking for, and then assessing whether a monitoring service can deliver on those requirements. It depends a lot on the scope of the work, she said. You ll get some people that want global coverage and some that just want news that s U.S.-focused or specific to their region. There s also languages. It really does depend on the client. If they re looking for a completely global solution, they re really going to want to make sure the provider has all the languages that they re interested in. When considering a news monitoring service, Lett recommended asking for a list of publications to which the service has access. Many industry trade publications now exist behind a paywall, and a news monitoring service may or may not have access to this content. Make sure to also ask in what form and by what method a news monitoring service can deliver content. Some services may offer only online clippings, but a company wants print, or vice versa. Some news monitoring services may also be able to integrate with existing in-house content management systems for easy distribution to executives. Limitations Another factor to consider is usage limits. Lett said that when choosing a news monitoring service, clients need to be aware that there are restrictions on what they can do with the content. For example, if you want to send to your global staff, you may need additional content rights, Lett said. Some regions are more specific [in terms of compliance laws] and they have more barriers and hurdles to jump through. Clients need to take into consideration that many publishers are cracking down on the sharing of content. Lett noted that news monitoring services are especially beneficial for companies looking to get news from a specific region of the world in a local language. She recommended asking monitoring services up front whether they can provide such coverage. WE SPEAK YOUR LANGUAGE It can be hard enough to decipher news about your company even without language barriers. Bloomberg s news monitoring product provides global coverage, often in local languages. By offering Bloomberg content from around the world, it s easier than ever for our partners to get the news they need when they need it and how they need it. 6

7 SELECTING A SERVICE Speed and Cost Companies should also consider how quickly a news monitoring service delivers content. Services that offer news feeds might be updated frequently, for example, while ones that only offer clippings may just send a daily . In terms of cost, an important aspect to consider when selecting a news monitoring service is price for value. If you re getting a lot of good information, price isn t as much of an issue, Lett said. Companies that choose to take monitoring in-house may find the cost cheaper than selecting a service that provides a filtered selection of relevant clips. Regardless of which solution is chosen, many companies are realizing the value of news monitoring and are expanding the budget allotted for such a service, redistributing funds from other areas of the company that will benefit from monitoring, such as sales and product development. If you re getting a lot of good information, price isn t as much of an issue. Product Functionality Finally, consider how a news monitoring service pulls its news. Some services are staffed with account reps who manage the account on a daily basis and can provide customer service and answer questions, while others are powered by automated bots that scrape the Internet. The advantages of an automated service include lower cost and the ability to source a wide range of news sources. A major disadvantage, though, is the inability of such services to discard irrelevant information. With human-led services, someone is always available for questions, and the account team can sift through content to ensure relevancy. On the other hand, human-led services often are more expensive and are not a fail-safe solution, as relevant news can still be missed. A third option is for companies to incorporate news feeds into their internal content management systems and create their own reports. Lett recommended that companies pursue a news monitoring service that offers a hybrid approach. You want the best of both worlds, she said. A hybrid service will really be able to deliver to the client what they need, which is tailored content in a format that works for them. 7

8 MOVING FORWARD The news cycle operates 24/7 and shows no sign of slowing down. In such a fast-paced environment, it s important that companies use a news monitoring solution to stay ahead of the game. Companies should take into account various factors such as depth and breadth of content, speed, relevance, credibility and cost to select the service that best meets their needs and that will ultimately help them compete. GET NEWS MONITORING FROM BLOOMBERG The Bloomberg Content Service offers a news monitoring product that allows clients to easily and flexibly monitor coverage of their own companies, competitors, suppliers, industry and customers. This news monitoring tool is the only one available that provides companies with the full universe of Bloomberg s news content. Get the news about your company, supply chain, industry and customers that your investors and executives depend on, delivered in a flexible, easy-to-use feed. 8

9 START THE CONVERSATION Keeping up with what your industry and competition is easier with the right news monitoring service. Bloomberg s news monitoring product helps you get insight into coverage of your business by Bloomberg News. To learn more, visit. About the Bloomberg Content Service The Bloomberg Content Service is the leading provider of global business and finance news, photos, video and data for more than 1,000 media outlets and companies in 60+ countries. > For all inquiries, visit The data included in these materials are for illustrative purposes only Bloomberg L.P. All rights reserved. S DIG 0714