For the full series see http://tale2tell.com/premiere-pro-tutorials/

In this third tutorial on Media Encoder, Andrew shows how to create and use 'Watch Folders' which are folders linked inside of Media Encoder which 'watch' for any footage item that is dropped into them and then encodes that footage item to any other output type of your choice. Andrew shows how to create and set up your watch folders as well as explaining some of the limitations of watch folders as they presently work