16 Aug 5 Benefits of Using a Social Listening Strategy in Your Business
You might be thinking social listening is having a beer at the bar and soaking in the cacophony of sound that permeates most bars. Although we’d be happy to knock back a cold craft beverage and shoot the breeze with you anytime, social listening is something different. Social listening as described by Trackmaven “…is the process of monitoring digital conversations to understand what customers are saying about a brand and industry online.”
Social listening then, is monitoring conversations happening online and using the information gained within your business. Here are five benefits of doing so.
Number One: Identify Your Target Audience
You may already know who typically buys your product or service, but do you know where to find them online? What about demographics you may not have thought of?
Social listening allows you to identify who is talking about your brand or industry, when they are talking about it, and where they are having that conversation. Once you know this, you can choose where to focus your efforts, who you should be talking to, and what platforms you should be on.
Number Two: Reach Your Biggest Fans
Social listening can help you identify your biggest fans. These are the people faithfully referring your business as the best in your field. They love your brand and happily promote you without prompting or compensation.
Identifying these individuals and engaging with them is just good business. Research shows that 74% of buyers have been influenced in their buying decisions through word-of-mouth marketing.
As Social Media Today puts it: “A happy customer that talks about you without being asked, is marketing gold. Continue to build upon those relationships.”
Number Three: Improve Customer Service
“Today, complainers – haters are the canaries in the coal mine. They are the early warning detection system for your business.” – Jay Baer via Cision.
When you start listening, you will get compliments, but you will also get complaints. Responding swiftly to both will level up your customer service and increase engagement with your brand.
Research by Sprout Social shows that 34.5% of consumers prefer to reach out to brands via social media over other methods like email at just 19.4%.
It is important to note that with social media being near real time, consumers expect to be responded to within four hours of reaching out. Swift action by the business is crucial to maintaining high levels of customer service.
Done right, social listening can increase your customer service level, satisfaction, engagement, and trust in your brand.
Number Four: Increase Your Competitive Intelligence
Now before you throw on your aviators and play the Mission Impossible theme song, this is not about spying on your competitors. Paying attention to the top businesses in your area, what’s working for them, and what is not can shed valuable light on your own strategies and guide your future decisions.
Listening to your competitors can help answer questions such as: What conversations are your competitors engaging in? How are they responding to the market or are they not? What processes can you improve on or what best practices should you consider?
You just might identify an opportunity to do something that others have not even thought of.
Number Five: Forecast the Future
Social listening can help you identify behavioural trends in data and provide you with the opportunity to target your product or service at specific times to maximize results. This type of predictive analysis can be used both short and long term depending on the amount of data available.
The value of utilizing historical data to inform your future decisions is large and should form an important part of your overall strategy. As mentioned in our post, Analytics for Business Leaders, using data can help you make better decisions, stay agile, and positively impact the bottom line.
Brandwatch puts it this way: “Bringing social data into day-to-day decision making in a non-invasive way can help boost future results.”
As you can see, social listening can be a very useful business tool and has many benefits for your organization.
Social listening is one component of our comprehensive analytics package designed to provide you with powerful insights into the competitive landscape around your business. If you would like to know more about how we can help you with social listening and more, contact us today!