Social media listening is a valuable tool for agencies, brands, and clients to understand better how their customers behave on social media. As such, specific key business metrics can come from this analysis.
The results of social listening exercises give companies valuable insights into their client base and potential customers, as well as competitor intelligence. The resulting information can drive decision-making that will impact a company’s strategy, marketing, and communications. Social listening is a valuable tool but can also be a daunting exercise. Many metrics can be measured, and much of what is possible to measure varies depending on the type of social media channel companies analyze.
What to listen for
It provides information that can help companies take advantage of opportunities. The most valuable insights are tracking customer service issues and queries, negative feedback, product and service recommendations, positive reviews, and brand mentions. It allows companies to identify what the customers like about their products or services and how they rank them in the market among other similar products they offer. This information helps develop new products and services that address gaps identified in their current offerings.
In addition to providing information on customer needs, listening also offers valuable insight into competitive positioning and what customers perceive as the value attached to their offerings. What is essential for businesses to know is that consumers are aware of the competition and mostly base their purchases on quality, price, and convenience. It makes it imperative for companies to analyze how their match is performing in the market at all levels to develop effective strategies from the insights gained from social media listening.
How can social media listening benefit a business?
1: Identify trends and opportunities
It allows companies to identify critical trends, emerging issues, and opportunities. Known as ‘Strategy in Action,’ this type of analysis can identify ‘hot buttons’ or potential areas that can create opportunities for a company.
2: Use data to understand customer behavior
Media listening provides valuable information on what specific groups of people are saying about particular products or services. It helps companies understand the trends in customer behavior, which allows them to conclude what customers like and dislike on a product or service basis. The company can also use this information to develop customer profiles and key influencers who may influence the purchase decision.
3: Impact brand perception and competitor intelligence
In this regard, social listening provides significant insights into how customers perceive their company’s brand. They can also use this information to determine if a leak detects on their side and where it exists.
4: Seek competitors’ reactions to events, launches, and acquisitions and take advantage of this opportunity
It gives companies an insight into their competitors’ activities and how they perceive them. This analysis allows companies to identify any changes in behavior by the competition, which they can use to develop effective strategies for dealing with such situations. In addition, social media listening provides valuable insight into the competition’s reaction to acquisitions and launches. They can use it to plan a response that can enable the company to benefit from this situation.
5: Marketing communications strategy
It gives companies valuable information on what people say about their brand or product on social media. This information can develop effective campaigns focusing on customer needs. Companies can also use this analysis to determine their competitors’ strengths and weaknesses and adapt their marketing strategies accordingly.
Social media listening is a powerful tool that can help businesses develop strategies from the insights gained from customers’ behaviors and preferences. This analysis can determine how to respond to competitors to remain in the market or create new offerings that address customer gaps.