Social media monitoring applications
There’s more to social media monitoring than counting mentions of your company or brand.
Companies are now monitoring beyond brand keywords to glean important information about the market, competitors and consumers. In 7 Reasons Why Banking & Financial Sector Can’t Miss Out on Social Media Listening, Nikitha Sattiraju lists some of the less-utilized social media monitoring applications that can significantly benefit PR and marketing strategies. The applications benefit all industries — not just the financial sector.
1. Understand market trends and customer preferences.
Seasonal or annual market changes often dictate how a company markets its products. Companies can monitor trends and products by their keywords and determine what people are saying about them. For example, a bank may monitor “loans” and discover conversations about interest rates being too high. In response, the bank could choose to offer lower interest rates to attract new consumers or increase customer loyalty.
2. Find potential customers.
Consumers are constantly on the lookout for better product, and they use social media networks to get recommendations for them. Through social media monitoring, you can find the conversations that indicate their interest and make your brand available to them. Monitoring industry keywords and phrases reveals conversations from consumers shopping around for products.
Make sure your social media monitoring service can also track message boards and forums, as they often contain questions and in-depth discussions about products and the industry.
3. Identify social media influencers.
A good product review by a social media influencer is often more effective than a paid advertisement. Likewise, when an influential person shares a bad experience with a brand, it can do a lot of damage.
If you notice a conversation is gaining traction, add a reply — whether the post is positive or negative. If it’s negative, it’s crucial to make every effort to correct the influencer’s issue.
4. Understand customer sentiment.
Customer feedback can be used to improve existing products and design new products and features that better meet their needs. When Microsoft announced the Xbox One would involve used-game restrictions and an always-online requirement, consumers were outraged. Microsoft ended up completely reversing those decisions before releasing the Xbox One so it wouldn’t lose its customers to its Sony PlayStation rivals.
5. Manage customer relationships.
Perhaps the most well-known use of social media monitoring is for customer service. More consumers are taking to social media to ask companies questions or voice their complaints. In fact, 72% of consumers expect brands to respond to their inquiries within an hour. Social media monitoring catches all mentions of your brand so you can answer customer questions promptly and address their concerns.
6. Analyze the competition.
Can ECM software fix the social media records management problem? — TechTarget
Social media records management presents a new challenge for companies. Is enterprise content management software the best tool to aid in this effort? In this Article. Related Content. Five ECM technology trends that can affect your ECM .