Total spend on media analysis and coverage consultancy in the Gulf crossed $ 25 million
The ongoing global credit crunch has actually boosted media monitoring and analysis operations in the Gulf, with many private and public companies increasing their media analysis budgets, according to a regional media expert.
The head of Mediastow, the leading media advisory and intelligence agency in the MENA region, Mohamed Elzubeir attributes the growth to the need of public and private sectors in the Gulf to better understand the market, the industries they are working with as well as the economic and marketing significance of the media discussions at the local and global level.
According to Mohamed Elzubeir the total spend on media monitoring and coverage analysis and consultancy in the Gulf rose sharply in 2008, reaching the $25 million mark in the first ten months of the year, of which 20 per cent was government spend.
Elzubeir elaborated: "The monitoring industry actually shines in times of crises as companies need accurate market data to make informed decisions and know better their standing in the market and hidden perceptions of their products. Companies now believe that knowledge is power and they are investing heavily, keeping this aspect in mind."
Elzubeir says media monitoring goes beyond media clippings and he puts forth the view that only qualitative analysis, which includes share of voice, share of favorable discussions, tonality, perception analysis, mass advocacy indexes and key messages penetrations will help companies emerge victorious in troubled times.
Elzubeir adds that media monitoring provides insights into a company’s operations, competitors and industry trends, fuelled by the professionalism of the media community that supports effective media monitoring results.
"The global financial crisis has highlighted the need to keep a good eye on what the media says and leverage it to expect the best and prepare for the worst. We see that many public and private sector organizations are dedicating bigger portions of their marcom (marketing communications) budgets to media monitoring and analysis."