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. In addition, a report from Amiando showed that only 20% of marketers are listening on 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 increase 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.
Social listening allows for proactive social customer care. It allows you to gather insights on your customer feedback quickly. For example, 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 comprehend their customer satisfaction rate better.
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 solve problems and retain customers.
Using the information you gather through social media monitoring on your customers, competitors, or target markets, you can gather insights to help you understand the market regarding a product. The type of information that you can gather is:
Social listening is a great way to find new customers and leads. By monitoring conversations that include your brand or your competitor's brand, you can always turn visitors 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 their chances of turning into a lead.
Also, another way to find new business opportunities is to monitor keywords related 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.
Record and compare how successful your campaigns are performing using a variety of metrics. For example, you can listen to conversations online with social data, giving you a picture of how your campaign is performing or is being talked about. When measuring engagement, keep a lookout for metrics related to retweets, comments, replies, hashtags, and impressions.
Once you have launched your product or promotion, it is always good to track the URL and monitor its performance. Look out 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 to keep them engaged with your brand since happy customers turn out to be the best product promoters. So reach out to them to start building strong customer relationships.
Reputation and Crisis Management
Remain alert to potential crises. The most straightforward method to keep an eye out 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 to 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, businesses can maintain 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?
Ranya is a serial entrepreneur with over 8 years of experience working on the HubSpot CRM. She loves pushing her sleeves up , and getting s*** done. When she is not running her HubSpot partner agency, you can find her upside down on her yoga mat.
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