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Social Media Monitoring – Don’t Lag Behind Your Competitors

It is no doubt that social media has taken the online marketing world by storm. Social Networks monitoring has become a fundamental part of the marketing strategy. Studies suggest that by the start of the year 2014 nearly 60% of the marketers worldwide implemented the practice of social media listening as part of their marketing strategy. Studies further indicate that about 24% of the brands have plans to use it by the end of the year.

Social media monitoring offers myriad of benefits to the marketers. One of the major benefits is that it helps the marketers find social media ROI (return on investment). Social media monitoring helps the marketers get valuable data to derive measurable results. If you are wondering how to use monitoring to be at par with your competitors, the following tips would greatly help you:

Know how/what your customers think

If you are proactive and monitor different keywords related to your business you can get a vast amount of valuable data. You can further filter the keywords that are campaign or product specific. This would help you get exact details of who your target audience is and what are their sentiments relating to the products.

For example: if you are monitoring the social networking conversation about a product related to man, you may find that women account for maximum number of mentions about the product. You can use this data to alter the message to increase the positive mentions and assess if the new message works in your favor or not?

Spot the websites that create maximum buzz

The business owners usually consider the number of quality mentions as a yardstick to judge the success of a campaign. This has been a traditional approach. However, in the future to analyze the campaign success it is pivotal that you do more than clip count the positive mentions. The key to remain successful in the long run is to monitor the social mentions as well as consider the customer sentiments on other online platforms like blog forums and interpret the true media impact. As business owner, you can use this information to know the best performing sites and use them to your benefit for your future campaign.

Know what your customers feel about the brand

By social media monitoring you can measure the brand sentiment to exactly know how your customers feel about the brand and what issues needs to be addressed. This information can be used not only for marketing purposes but also for improving your sales and customer service.

You can align brand sentiment with new campaigns and product releases to determine the effectiveness of the products. If you have recently released a new product and find that the ratio of negative mentions exceeds the positive ones, you would immediately know there is some problem with the product and that you need to fix the problem immediately to push the sales.

Garner the market information

It is important that you listen to the feedback of more than one customer about the products or services. Through social media monitoring you can keep a tab on the hot topics being discussed in your business niche. You can also identify the new trends within the industry to generate content and create maximum buzz within the industry.

Know your competitors

It may sound unethical and inappropriate that social media monitoring allows you to spy on your competitors but in the present day competitive industry, it is vital to know everything what your competitors does because they are spying on you. Social media listening allows you to identify the weak spot of your competitor brands; they may not be present on a particular social networking channel present or not focusing on a key issue relating to the product. This may open up a huge avenue of new opportunities for your brand so that you can connect better with your existing and potential customers and demonstrate your services.

One of the important things to know about social media listening is that it is a continuous process and it must be done on a consistent basis as per the latest trends. By incorporating social media monitoring in your daily work routine, you can find key insights and strengths and weaknesses of your competitor as well as your brand.

Using the services of a special social media monitoring company or use tool like explic8 offered by germin8 allows you to make the most of the social media monitoring and deliver better results than by getting your staff do the things manually.