Brands develop products and hope that consumers will love and purchase them. Most of us have days when we come up with an idea and think that we can put something together and become the next somebody. We give up because we don’t think anyone would buy it and settle for a 9-5 instead. How are brands confident enough to release a product, some succeeding, and exceeding expectations. Years ago, brands relied on focus groups and surveys, among other things, to conduct market research. Time-consuming and expensive studies could take weeks, months, or even years, depending on the study, this is fine and still widely used research by marketers. Fast forward to this decade; we can get customer feedback quickly and free from the consumer. Social media has become a place where consumers express their frustrations, excitement, and love or hate a brand or a product. Brands can’t ignore social media; it has become an essential part of their high ROI strategies.
What is Social Listening?
“A process of monitoring social platforms for mentions of your product, brands, competitors, and more.” Listening tools can monitor the entire web, so this is not limited to your social platforms.
4 Benefits of Social Listening
Brand Reputation: Brands can monitor and track mentions of their products and their brands’ overall health. Brand24 is a social listening tool that targets businesses small or big at a low monthly cost of $49 per month for small businesses—providing analytics that gives your company a better understanding of consumers talking about your brand—allowing you to respond to consumers quickly and fix issues if any. Get instant notifications and protect your online reputation.
Competitor Analysis: I recently had a social media consultation with a potential client; he told me that he does not have a competitor and that he was his competitor. Not the case for you because even Amazon has competitors. Social listening tools allow you to see how your brand is perceived and your competitor’s brand. You can use Mention to monitor your competitors with monthly plans starting at $29. Through Mention, you can learn about your brand, competitors, and your industry. Mention offers a free 14-day trial for new customers, and you can cancel your services at any time.
Identify Ambassadors: Influencers tag brands to their post to help consumers discover those brands. Consumers trust influencers; identifying them and collaborating with them is one way to expose your brand to a broader audience. Micro-Influencers should not be ignored as they have become just as important. They have a higher engagement rate and connect with their followers, who sometimes view them as a friend. Digimind is an intelligence software; it helps you understand your competitive environment, market trends, and consumer insights and identify influencers.
Industry Trends: Social listening allows you to gather and analyze information about your industry. You can explore discussions that consumers have that you can use to position your products better. You can pick on industry trends before they start or fade and capitalize on them. Finally, Google Alerts is the last tool that you can use for free. However, it focuses on web monitoring. If you don’t have a large following, this would be an excellent tool to provide weekly or monthly notifications.
Social media is an invaluable tool that brands should use to communicate with consumers and learn valuable insights. Social listening allows your company to easily monitor conversations, learn customer pain points, and join discussions. You can find gaps and pain points that you can fix like Fashion nova did, and is now a go-to place to shop for curve women. You can monitor your competitors and industry trends to benchmark success. Find out shifting and growing trends in real-time, tweak marketing strategies, and fix or create new products.