'Your brand is what people say about you when you’re not in the room'
Jeff Bezos, Founder of Amazon.
With social listening, your customers know you’re in the room,
and they still tend to say what they have to say.
Social media listening, also known as social media monitoring, is the process of identifying, recording and analyzing what is being said about a company, individual, product or brand on the Internet using a social media monitoring tool. A study by the Altimeter group showed that only 42% of businesses are using social listening to learn from their customers. A report from Amiando showed that only 20% of marketers are listening in social for the benefit of the business.
The insights you can gather about your brand, customers, potential customers, products and competitors with social listening can be valuable, and if used intelligently can result in an increase in revenue. In this post, I will highlight some of the many reasons social media listening is essential for your business to continue to grow by using the benefits of social media listening.
Reasons To Use Social Media Listening in your business:
Customer Service: Social listening allows for proactive social customer care. It allows you to quickly gather insights on your customer feedback. Are they happy with your product? Are they satisfied? Are they content? How are they reacting? The real magic for a brand is filtering the customer feedback to better comprehend their customer satisfaction rate. Given that customer acquisition is 6x more expensive than retention, social listening provides a platform for brands to connect and engage with their customers to not only solve problems, but also to retain customers.
Market Research: Using the information you gather through social media monitoring on you customers, competitors or target markets, you are able to gather insights to help you understand the market with regards to a product. The type of information that you can gather is:
- How is your competition interacting with their customers and potential customers?
- What style of marketing campaigns have they launched?
- What are people saying about them? What are the topics being discussed?
- How are they handling positive or negative comments?
- What new products are they developing?
- How does your product compare to the competition?
- Is there room in the market for a product like yours?
- Your buyer persona: where do they spend their time online?
Lead Generation: Social listening is a great way to find new customers and leads. By monitoring conversations that include your brand or your competitors brand you can always turn a visitor into a lead by answering their questions, comments or concerns. Social media platforms have proven to be the best place to follow, join or start a product related conversation. The more informative, helpful information you provide the customer with, the higher the chances of them turning into a lead is. Also, another way to find new business opportunities is to monitor keywords that relate to people’s problems and needs or their frustrations with a competitor’s product. In addition, if you are engaging in social listening, you may have a chance to pull an interested buyer via responding to their social conversation, and turning it into a dialogue with one of your sales crew. Don’t waste these opportunities.
Campaign Measurement: Record and compare how successful your campaigns are performing using a variety of metrics. With social data, you can listen to conversations online giving you a picture of how your campaign is performing or is being talked about. When measuring engagement, keep a look out for metrics related to retweets, comments, replies, hashtags and impressions.
Influencer Marketing: Once you have launched your product or promotion, it is always a good idea to track the URL and monitor its performance. Look our for how many times it was shared and by who. This will help you identify who your biggest brand influencers are. Find them, and reward them with giveaways, special offers, or trial products etc… You want to try keep them engaged with your brand since happy customers turn out to be the best product promoters. Reach out to them to start building strong customer relationships.
Reputation and Crisis Management: Remain alert to potential crises. The most straightforward method for to keep an eye our for possible crises is to monitor the volume of conversation about your brand online. Should you notice a sudden peak occurs, or engagement around your brand appears to be increasing at a rather unusual rate it is recommended take you take a close look into what that conversation is about. It could either be the start to an alert that your community manager needs to respond to or it could be a positive thing where your customers are praising your product. By listening in on the conversation, you understand why the level of engagement has increased. You can then respond accordingly.
Social listening has become an important business intelligence tool and an integral part of the entire customer lifecycle. By understanding what is possible by effectively using social listening tools, a business is able to maintain the harmony with their customers. Check out this post to learn how to monitor social media.
I would love to hear your comments about social media listening. What has your experience been like? What tools have you used? Have you found it to be useful for your business in any way? Let me know by leaving a comment below.