Knowing your key performance indicators (KPIs) and the direction you want them to travel in is crucial for any commercial endeavor. After all, how can you tell if the modifications you have made have had any impact if you don’t know what your starting points are?
It’s crucial to pay attention to your KPIs, monitor social listening analytics, and generally underestimate your company data. It provides you with data to base your work on, so you can stop speculating about whether your efforts have had an impact and start relying on actual data changes.
Listening to social media is no different. It is crucial to grasp this on a deeper level in addition to taking efforts to monitor social media, participate in online discussions, and monitor where and when your business is being discussed. You can use social media listening metrics to determine whether the online discourse about you and your company is changing and whether the changes you are making are having a good impact.
Definition of Social Media Listening
Nobody will be surprised to learn how important it is to understand your audience if you want to manage your business successfully. You’ll be able to make sure that your company provides what customers desire to a greater extent if you have a deeper awareness of their wants. Customers don’t always express their needs clearly, though. In fact, a lot of times people are aware of a problem but aren’t sure how to solve it, which is an ideal situation for social listening and your company to work together on.
Social media enables social media teams to keep an eye on social media for any mentions of you or your company. This happens when individuals ask a friend about you, search for you on social media, or have a typo in their name. It doesn’t simply happen when your brand is mentioned or you get a direct message. Additionally, it enables you to keep a keen check on online industry discussion, keeping you one step ahead of the competition and guiding your understanding of potential business decisions to boost client satisfaction and revenue. Any organization can benefit greatly from social media, and social media listening is simply one technique to make sure you do.
Metrics for social media listening that every marketer should monitor
While social listening is unquestionably important for the development of your company and increased brand awareness, what you do with this information is what matters most. After all, sitting back and doing nothing with the knowledge you already possess is a waste of time.
You can get a sense of things like brand mentions, brand recognition, how consumers are feeling, and even whether people are inclined to suggest you to others by looking at the data in the appropriate way and keeping a watch on metrics.
The good news is that you can use a variety of social listening indicators to get a better overall picture.
Ratio of Voice
A fantastic technique to determine your market share is to gauge online customer sentiment about you and compare it to that of your closest rivals. A share of voice online used to just relate to online advertising efforts, but nowadays we understand that being talked about online means more than just your advertisements and the promotional materials that are being exposed to your customers. A good method to have a solid knowledge of where you are in terms of market share compared to other similar companies in your sector is to measure how often people are talking about you and understand how things like online advertisements and product launches influences this.
Feedback from customers Everyone wants to hear how satisfied their customers are, but it’s also important to receive comments on negative customer experiences. After all, how can your company make changes to enhance this if you don’t know what is making your customers unhappy? Customers may feel that using social media is preferable to contacting a business when they have issues. It’s a terrific method to understand what’s occurring and make any necessary changes to your business to measure this in terms of how frequently this occurs and whether internet users have similar gripes.
When businesses consider lead generation and ways to increase sales, social media frequently gets overlooked, despite the fact that it is an excellent method of doing so. You can find people who are looking for what you sell by using social listening, and you can then suggest your product to them. For instance, a person might seek advice on which estate agency to hire to sell their home. Although they haven’t directly specified your brand, you might reply and offer them a free valuation, which would result in a quality lead. It would be shortsighted to discount social media as a potential source of leads for any successful business, therefore it is best to examine as many of them as you can. Just be sure to keep an eye on the numbers as you go so you can determine what is effective and what you might need to adjust in the future to improve lead creation.
Reach on Social Media
It seems sense that if you are working hard on a social media campaign, you’ll want to make sure your efforts aren’t in vain. You may use social listening to monitor when people are talking about your brand and whether this activity increases as your social media strategy evolves. Additionally, you may keep track of the number of views your posts receive and analyze which ones perform better than others in order to improve your future social media initiatives. Reaching the correct audience can seem unachievable since social media algorithms can be challenging to understand. However, examining your reach and observing the effects of posting various sorts of content will help you determine what is and is not working.
What good mentions you receive online is a metric you should definitely pay attention to. Knowing how many mentions you presently receive and whether they increase or decrease based on your company behaviors is crucial. This gives you a clear indication of whether what you’re doing is effective (i.e., your positive mentions rise) or whether you need to change things up since your brand is receiving fewer favorable mentions. This gives you the assurance that the changes you are making are for the better. Naturally, going above and beyond and responding to these favorable remarks can also increase your social media reach; once you have everything in place, things can start to come together rather quickly.
Using stats to tell a story
One of the best things about being aware of how your brand is performing online is that you can provide the rest of your company with factual information. It is simple to think that your company’s social media teams are interested in things like brand mentions and social media reach, but when presented properly, this information can be crucial for your entire business.
For instance, analytics that show a new advertising campaign has raised positive mentions online may be exactly what your teams are looking for if the entire firm has been working hard on it. By demonstrating how customers are praising your excellent customer service online, you may reassure your customer care personnel who are feeling overburdened by the volume of contacts.
Give your teams examples based on social listening data so they can understand the impact of the work they are doing behind the scenes. Everyone wants to see that their efforts are paying off, and social media mentions are a terrific way to translate this into concrete data that is easy for everyone to comprehend.
The fact is, social media provides us with so much information about our business, our clients, and our rivals that it doesn’t make sense to not take use of this. The best technologies can help you bring all of this data together, and social media is a reliable way to get as much of it as you can. Monitoring your social listening metrics is crucial because it enables you to see things like how many people are talking about your competitors and whether this decreases when they start talking about you more. This is exciting information that should be used to inform your employees about the state of your company.