Monday, 1 December 2014

The benefits of social listening for brands

Social media is about conversations and social media managers are nothing but social media managers. Just like in any other conversation, the ability to listen is key to generating understanding.

Social listening is the process of identifying and analysing what is being said about a brand on various social media platforms. 

This monitoring of social media conversations ought to take place along the customers’ entire lifecycle. This is very crucial as an attentive brand manages to maintain relevancy with its customers.

 Valuable customer intelligence is gathered also in this way. Marketers can interact with their customers in a better way than hitherto possible.

The market
Brands can glean useful insights about a market for a new product or service. By mining user-generated content on social networks marketers can discover what their customers and prospects are saying about new improvements they would like to see in a product or service.

Competitive Intelligence
Social platforms have made it easy for brands to identify who their competitors are how the market reacts to their products and services. Brands can also gather critical intelligence about what customers are looking for that is not being offered by their competitors.

Customer service
Social listening improves customer service delivery. Due to the avalanche of digital tools and social conversations, brands can quickly respond to the enquiries and complaints that are made by their customers. It is 6x more expensive to get a new customer than keep an existing one. In this regard, social listening plays an important role in customer retention.

When brands respond to customer queries in a timeous and conclusive manner, they are able to foster recurring business.

Purchase Signals

Another key insight businesses are often seeking is what are the last signals of a purchase, both of their product and others. What leads one to buy and one to stray? Social listening tools enable companies to monitor those purchase signals and ascertain what a serious buyer is looking for.

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