There are more and more companies sprouting up every year dedicated solely to monitoring online media. These companies are improving their products as the digital media world evolves.
Nowadays the best tools will capture all online mentions, both social and traditional media, which in effect replaces a clipping service while adding new services. After harvesting the data from traditional media outlets with an online presence, social networks, blogs, discussion boards and video and photo sharing sites the monitoring tools will analyze the posts/articles.
Not every monitoring product will capture posts from all these locations, so make sure you ask the salesperson or analyst that is demoing their product for you what sources they monitor.
The top products will provide trends in conversation, sentiment breakdowns, tag clouds, gleaned insights for marketing and public relations purposes, opportunities for engagement and much more.
These products can range from $1,000 at the low end to $100,000 at the high end. Even if you don't have any money for monitoring services, you should be manually monitoring your brand. There are plenty of free tools to search by tag/key term. Google alerts, Google News, Google Blogs, Twitter search, Ice Rocket, Twendz, Technorati, etc. are a good place to start.
No matter what, make sure you are listening.
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