Marketers have been incorporating social media into robust marketing campaigns for years. It’s how a large number of companies boost exposure to their brand and drive traffic to their website. However, the relatively new trend of social listening falls under the category of artificial intelligence. This is the way in which brands use social media to find out how consumers think and feel.
When it comes to the use of social listening for brand development, the possibilities are endless, especially with the help of companies like NetBase. NetBase is known for helping brands optimize the return on their investment in marketing through data analysis. The information analyzed is obtained through artificial intelligence. In fact, top companies around the globe have used NetBase to improve the performance of their marketing campaigns. Below are ways in which you can employ insights from social media analytics.
Improve Your Comprehension of the Market:
One of the most important aspects of brand success is understanding the market. In fact, failure to do so can be expensive because it can cause you to aim at the wrong target. Social listening helps you comprehend chatter that occurs on social media to understand current and ever-changing consumer needs. It’s a fact-based approach to the development of marketing campaigns based on real-time data. The data is obtained from numerous platforms and online sources, not just social media.
Study the Competition:
Gaining a competitive advantage is critical, especially in a crowded marketplace. Social listening enables you to find out what your competitors are doing and which of their tactics appear to be working. You can also gain intelligence like when they are releasing a new product. This type of information is abundantly helpful because it can serve as a guide for how you will release products. The same applies to companies that offer services.
Get to Know Existing and Prospective Customers:
Across industries, there has been a lot of effort put into understanding customers over the years. From extensive in-person focus groups to electronic data gathering of all kinds, there’s a reason why so much time and money is spent on understanding consumers. In order for a brand to meet the needs of their customers, they must understand those needs. Failure to do so will negatively impact sales. In fact, not understanding your customers can mean the beginning of the end, especially if you have stiff competition.
Better Understand What Works:
It’s been said that the definition of insanity is doing the same thing and expecting different results. In effect, marketing as usual without taking time to understand what needs to change does not make logical sense. It can become an exercise in futility because you are going in circles without taking time to figure out what works. Social listening serves to provide artificial intelligence that can prevent errant marketing campaigns. Having accurate knowledge of the market and your potential customers can result in marketing campaign tweaks that drastically change your results.
Improve Customer Service Metrics:
There’s only so much that you can glean from customer reviews because they are not always balanced. Social media analytics provides a way to truly find out what customers think and how they feel about your brand. The value here is tremendous given the exorbitant cost of acquiring a new customer. It’s much more cost effective to spend time retaining a customer by optimizing your service levels and meeting their needs.
Frankly, given the extensive amount of data that can be obtained through social listening, not using this tool doesn’t make business sense. It isn’t a fad, it’s a strategic method for maximizing the return on your investment in marketing. Social media analytics is here to stay.