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What is at the core of any Effective Social Media Monitoring Initiative?

I came across this article from Brand Quarterly, couple of weeks ago, on 5 steps for online protection of brand.

I have shared the link here for quick reference - http://www.brandquarterly.com/strategizing-brand-5-online-brand-protection-steps?ref=quuu

What really struck for me was how important point no 2 of ‘Monitor social media’ is and how central it is to all the other points. So the points mentioned here for making a case of Social media monitoring are:

While it is one of the biggest opportunities for business, it is a double-edged sword as it also poses one of the biggest threats to business.Businesses need to register on social media sites, regardless of whether the platforms are giants or minnows, and proactively monitor across them in multiple languages for brand abuse, customer issues and any negative sentiment that needs to be dealt withMonitoring should include sentiment analysis, rogue or fake sites selling your product, employee abuse, sites linking to unindexed …