Insurance in business is usually not a very fun subject. It usually implies an expense because in many cases there is not much need for it. Service businesses, for instance, must have some form of business insurance if they are renting space from someone. Will it ever be used or truly needed. Not likely but if something happens and it’s there you will feel pretty good about that ‘expense’. Of course, there is the issue of health insurance but we’ll just let the politicians fight that one out.
I am learning to see how the act of online reputation monitoring and management (or online business listening as I am prone to calling it these days) is a new and improved form of insurance for a business.
New and improved? Yes, that’s right. Traditional insurance is important after some negative event has already occurred. Of course, most companies try to prevent the bad things from happening even though their insurance is there to protect them. Why? Because when they use that insurance their costs to have it in the future increase. In other words, you may have the insurance but it’s better for everyone if it is never used.
Well, online monitoring and listening are types of insurance. They act very differently than traditional insurance in that the activity is as much proactive as it is reactive. By being aware of the complete business environment through online monitoring a business can prevent more things from actually happening. By catching that disgruntled customer early in the process a business can avert or avoid a much larger customer service issue. This saves, time, money, reputation and so much more. It’s like an insurance policy that truly protects rather than just covers you.
Would you rather find out about an issue after it has had time to fester in the marketplace or when it is just starting to smolder? What kind of damage can taking this approach prevent? It’s almost immeasurable.
Would there be a benefit if you were alerted to an industry concern earlier than a competitor? Would you get benefit if you had an insurer that was actively looking to see just how you sit in the marketplace against competitors? Of course you would.
If you could buy insurance that could actually prevent disasters rather than just react to them would you see it as something more than just an expense? Of course you would. It would be an investment at that point because it could be adding or saving real dollars that impact the bottom line.
Tracking online activity is a form of business insurance that you simply cannot afford to be without. If you do you are simply exposing yourself to greater risk than should be acceptable in today’s marketplace.
Are you going to need more insurance to stay ahead of today’s business climate? Yes, you do but with online reputation monitoring and online business listening you will be insuring yourself in a way that looks a lot more like an investment.
Interested in seeing how Trackur can help you listen? Request more information or a demo today!