• Wednesday, June 12, 2024
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BusinessDay

The soft power of Social Listening

Number of Nigerians on social media hits 36.7 million — Report

One of the outstanding developments of the 21st century has been the growth of social media. As it continues to increase in popularity, with nearly 60% of the world’s population active on social networks, social listening has become a crucial strategy for brand growth.

What is social listening?

Social listening tracks and analyses conversations, mentions and trends on social media platforms to gather insights about your target audience, brand, competitors and industry. It helps businesses make informed decisions and tailor marketing strategies effectively.

Why is social listening essential?

Social listening helps small businesses and marketers stay connected with their audience, identify trend, and address customer concerns. Here are seven reasons why social listening should be a crucial part of your marketing strategy:

Understanding customers’ needs: Social listening helps you uncover what customers truly need and expect from your products or services. This valuable information can guide you in improving or adjusting to meet customer expectations better.

Identifying pain points: You can discover and address customer frustrations promptly by monitoring conversations, increasing satisfaction and loyalty.

Monitoring industry trends: Keeping track of industry-specific conversations lets you stay informed about emerging trends and new opportunities in your market.

Competitive analysis: Social listening allows you to monitor your competitors’ activities, helping you identify their strengths and weaknesses and make informed decisions on positioning your brand.

Generating leads: Engaging with potential customers and addressing their questions or concerns can help convert them into paying customers.

Improving customer service: Responding to customer complaints or issues in real-time provides better service, leading to higher satisfaction levels and a positive brand reputation.

Gauging campaign success: Analysing social media conversations surrounding your marketing campaigns helps you understand their effectiveness and adjust your strategies accordingly.

By incorporating social listening into your marketing strategy, you can gain invaluable insights into your target audience’s preferences, expectations, and concerns. These insights can help you make better business decisions, improve customer experiences and drive growth.

Read also: What colour says about your brand

Social listening versus Social monitoring

Social listening and social monitoring are closely related concepts, but they serve different purposes and require separate strategies.

Social monitoring tracks and analyses mentions, conversations, and trends on social media platforms. This practice involves identifying and monitoring relevant keywords, phrases, hashtags and brand mentions to understand what people say about your business, industry, and competitors. Businesses can gain valuable insights, identify potential opportunities or threats, and make informed decisions based on collected data.

Social listening, however, goes beyond merely tracking and analysing data. It involves better understanding the context, sentiment, and emotions behind social media conversations to understand your audience, their needs, and preferences. Social listening enables businesses to identify patterns, trends, and insights that inform their overall marketing strategy, product development, and customer experience.

Unlike social monitoring, which focuses on data collection and analysis, social listening emphasises empathising with the audience, identifying pain points, and proactively addressing their concerns to foster meaningful relationships and brand loyalty.

Social listening best practices

i. Set clear goals

Setting clear goals for your social listening strategy helps you stay focused and ensures that you’re gathering valuable insights. Here are six specific goals you can consider:

Brand awareness: Measure the reach and engagement of your brand on social media to understand how well your brand is resonating with your target audience.

Reputation management. Monitor conversations around your brand to address negative feedback and promote positive sentiment proactively.
Competitor analysis. Monitor your competitors’ social media activity to identify their strengths, weaknesses, and marketing strategies.

Product development: Gain insights into your customers’ needs, preferences, and pain points to inform product updates or new offerings.
Customer service. Identify and respond to customer inquiries and complaints on social media to improve satisfaction and foster loyalty.

Trendspotting: Stay updated on industry trends and hot topics to capitalize on opportunities and maintain a competitive edge.

By incorporating these objectives into your social listening strategy, you’ll be better equipped to gather meaningful insights and make data-driven decisions.

ii. Analyse sentiment

Sentiment analysis helps you understand the emotions behind social media conversations, allowing you to gauge overall customer satisfaction and identify areas for improvement.

For example, a restaurant might use sentiment analysis to track customers’ opinions about its new menu. Positive sentiment about a particular dish could indicate its popularity and potential for becoming a signature offering, while negative sentiment might highlight the need for recipe adjustments or staff training.

iii. Engage and respond

Engaging with, and responding to, social media conversations is vital to show that you value customer opinions and foster brand loyalty. Ensure you respond to questions, thank customers for positive feedback and address negative comments professionally.

iv. Set realistic expectations and be patient

Setting realistic expectations and being patient are crucial when implementing a social listening strategy. Social listening is a long-term commitment that requires continuous effort and adjustment. It may take time to see tangible results, but with perseverance and a data-driven approach, you’ll be better equipped to make informed decisions and improve your business.

Last line

By following best practices, addressing common pain points, and learning from successful examples, you can develop a robust social listening strategy that drives business growth and fosters customer loyalty. With a well-executed social listening approach, your brand can thrive in today’s competitive landscape.