Social media listening is a vital aspect of business, but it’s also often neglected. What separates successful and high-performing businesses from struggling ones is often how much time they put into social media to understand the customers. NetbaseQuid offers a wide range of listening technology and services, including passive (streamed) data collection and active (interactive) engagement through conversations, to level all playing fields that enable businesses to stand apart from their competition. Engaging with customers is important for business success. From building customer loyalty to generating brand awareness, NetbaseQuid offers multiple listening technologies and services that enable businesses to engage their users on multiple channels actively. This article discusses social media listening strategy, its importance, and what businesses can do with the information gathered.
What is it?
This strategy is a way to collect information from social media and then use that information to make better business decisions. It is also called social media monitoring and social intelligence. Social media can include multiple forms of communications, including blogs, tweets, forums, and more that provide insights into their businesses. Beginning to monitor social media can be intimidating. Still, the benefits of having a strategy to listen to can be valuable because they are often the difference between having a successful business and struggling. Some companies struggling for years have made huge improvements in their sales, profitability, or brand recognition by paying attention to what their customers are saying about them on social media.
What information does it provide?
A proactive approach to managing social media provides valuable information for businesses. It can provide insights into consumers and how they are viewing your brand. It allows businesses to get a sense of their market and find out what needs to be improved if anything. It also helps you understand what your customers want and act on it. By listening to social media regularly, businesses can respond quickly when a problem or complaint needs to be dealt with immediately. In this way, it can prevent potentially dissatisfied customers from spreading negative information about your company simultaneously, allowing you to respond and save face.
What are the benefits of this strategy?
It is an important part of any marketing plan. The ability to track and control what people say about your brand is priceless. It is also a valuable way to know what aspects of your business should be improved. Here are the benefits:
1. Allows companies to monitor trends and changes in the market.
It allows companies to study the data, trends, and changes in the market. The ability to understand the opinion of potential customers about a product or service can lead to changes in marketing campaigns. For example, suppose there is negative sentiment about an upcoming product release due to high customer demand and a low supply because of a manufacturing issue. In that case, businesses can use this information to plan for better planning and execution of their social media marketing strategy.
2. Provides vital information that businesses need to be successful.
Social media allows companies to conduct customer research from various perspectives. These opinions can help businesses understand their customer’s needs and desires. For example, if there is a positive response about the price of a product, businesses can plan for the best period to introduce future price increases or reductions.
3. Helps companies remain competitive.
It allows companies to know how they seem in the eyes of their customers. If a company’s market share increases because they are providing a better product or service, this can be valuable information that can help them maintain their competitive edge. Also, if one company is stepping up its game and taking actions to improve, businesses can use this information to adjust how they do business accordingly. For example, suppose an organization plans to send out a campaign to promote its brand and products. In that case, they can tweak their social media strategy to focus on different platforms or distribution avenues as necessary.
How do businesses use it?
Social media listening should be used in conjunction with other marketing strategies. For example, some companies will monitor their success on social media but will not make any changes to how they are doing business to stay competitive. On the other hand, some businesses will only use it to react to complaints or negative comments. Here are a few examples of how businesses use this strategy.
1. To monitor potential customer dissatisfaction and jump up and fix it if it is a problem.
Understand how dissatisfied customers feel about certain aspects of your product or service, and then act quickly to stop any potentially damaging rumors from spreading through social media.
2. To learn more about your market and what they want.
It allows businesses to understand their market and what they want. It is important to focus on the right pieces of information that will help you make better business decisions. Focusing on the most valuable information will allow you to make the most out of your time by spending it on social media platforms where there is actionable information, rather than monitoring irrelevant platforms that do not provide insights into how customers feel about your business.
3. To conduct customer research.
It allows businesses to learn about their customers and their needs for your product or service. You can use this information when deciding on your marketing strategies and how you want to respond to compliments or complaints about your brand. For example, suppose there is a complaint about the quality of your product. In that case, you can sit down and evaluate how satisfied customers are with the product, how long they have used it, and what other things they were thinking about when complaining. The information gained from it will help you make the best business decision and maximize your time.
An effective social media listening strategy relies on the ability to analyze information and take action accordingly. If a specific piece of information is not of value, it should not be included in the monitoring process. Companies can use this to understand their customers and their market and monitor all complaints or praise with an eye toward potential product shortages or increased demand due to consumer satisfaction.
