Trying to Understand And React To Consumer Buying Habits Is Not New
Long before social media interaction was the rage, executives tried to understand the buying habits of their customers using primitive marketing tools. Focus groups gave companies a glimpse of consumer buying habits. Focus groups highlighted the likes and dislikes that hovered around popular brands.
But retailers never really knew what customers wanted until products hit the market. That system worked for some companies, but in today’s competitive market, executives need to know what their customers want before they invest in advertising, new store locations, and product development. Brands need to know what consumers really want, and brand executives need to understand the trends and the topics that impact their revenue stream.
Back in the old retail days, companies tried to tell consumers what they wanted. And that worked until Facebook, Google, and other tech companies became the engines that fuel consumer buying. Thanks to social media, consumers started telling the brands what they wanted and how they felt about service, quality, and prices. Companies started to listen to consumers through social media sites. A new form of marketing came to the surface in the business world. Marketing people call that form of marketing social media listening.
The Definition of Social Media Listening
Social listening is the way companies analyze trends and consumer conversations in their industry. Social listening helps executives understand where, how, and why these conversations happen. And Social listening lets companies know what consumers really think about products and brands without mentioning them. That information helps executives improve products, develop future marketing campaigns, and formulate an effective program that builds consumer and brand partnerships.
Is Social Media Monitoring The Same Thing As Social Media Listening
Social media monitoring is another tool in the new social marketing toolbox. Social monitoring is all about tracking and responding to the messages on social media sites. Tracking gives brands information, but that information isn’t always current. Social media monitoring tells companies what’s going on. Social listening tells companies why consumers act and react a certain way before they actually act.
Social media monitoring analyses some consumer data. Social media listening analyses all available consumer data. Social listening provides a lot of useful information. The five key elements produced by social listening make it a worthwhile marketing endeavor.
The Five Key Marketing Elements Produced by Social Media Listening
NetBaseQuid, the award-winning social media analytics platform used by global companies to build and run brands, identified five key elements that make social media listening an important marketing and business growth tool. Those five elements are Brand Health, Industry Insights, Competitive Analysis, Marketing Campaign Analysis, and Event Monitoring.
Brand Health feedback gives companies a way to measure the public’s perception of their products and brands.
Industry Insights helps brands analyze discussions and changes that develop in their industry.
Competitive Analysis keeps executives up-to-date information on their competition in terms of new product development, prices, deliveries, and overall performance.
Marketing Campaign Analysis gives executives the feedback they need to tweak marketing endeavors or eliminate them. Finding out how successful a marketing campaign will be before it starts is an important ingredient in increasing a company’s revenue stream.
Event Monitoring helps companies measure the success of special events that promote new products and brands. Consumer responses during a conference or marketing event give executives the ability to identify the weak spots and reinforce the positive elements in those conferences and events.
Discovering what consumers love about a brand, as well as the issues they have with certain products make social listening an important tool in today’s ever-changing global marketplace, according to NetBaseQuid.