Wednesday, August 27, 2008

Online Reputation Market worth £60 million

In their latest report 'The Online Reputation and Buzz Monitoring Buyer's Guide 2008', E-Consutlancy believe that the market for monitoring reputations online will be worth £60 million in 2008. This market, made up of companies such as Brandwatch and Cymphony, is therefore set to grow by 30% by the end of the year.

Companies are realising that monitoring and measuring their reputation across their delivery and customer interaction channels provides the opportunity to understand what users are actually saying. Furthermore, by feeding this information back through the organisation they can potentially improve products & services (and hopefully not just to prep the lawyers for another round of 'cease & decist' letter sending).

We've had clients of our company Ideal Interface take a look at these online monitoring solutions and start using them, so it comes as no suprise that the market is growing. But what's in-store for 2009 and beyond?

This was a question I asked Gile Palmer at Brandwatch recently. His reply was:

I think 2009 could be an interesting year for technologies like Brandwatch - for starters they will get better at the core job - alerting people when interesting/worrying things appear online as well as giving a more medium term / long term view.

There's no doubt that the Online reputation monitoring is heating up. WPP has recently moved to buy TNS, who have their Cymphony social media tracking service, for a reported £1.1 billion. This has led some industry observers (including myself) to assume that larger players are looking to enter this growing market.

Interesting times ahead then....

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