Even if you are failing to monitor your brand's reputation across every media channel, you can be sure that other people are making the effort for you.
Media tracking is a crucial step towards protecting your company's profitability, as how the company is represented across these platforms can have a significant effect on how individuals and other businesses choose to interact with you.
So, who is likely to be keeping tabs on your brand's reputation?
Present and potential employees will be checking out your company online and offline. Not many people would want to work for a company that is being slated by the media or former workers, so negative feedback can harm your ability to attract and retain staff.
In fact, a recent study from PRCA and YouGov found 92 per cent of communications professionals believe media monitoring is crucial for employee recruitment and retention.
When deciding whether to trust your company with large invoices and orders, your suppliers may look your brand up online and through the media. If they discover your company embroiled in a scandal, they may be influenced to decline your custom.
According to GE Capital Retail Bank's second annual Major Purchase Shopper Study, 81 per cent of consumers research purchases online before heading in store.
This means you could be facing the risk that your shoppers may discover a former customer's complaint that has gone unresolved and decide to make their purchase elsewhere.
When deciding whether to fund your company, a wise investor will perform thorough research. If your brand name comes up in reference to any negative stories or posts, it is likely that the individual will choose to invest in something a little less risky.
Your competitors are likely keeping tabs on the industry and, by default, your company's performance. If your brand was to experience a hit to its reputation in some way, it is possible that these rival businesses would take advantage.
For instance, the recent Bendgate scandal saw many of Apple's competitors releasing advertisements designed to capitalise on the story.