Why Social Listening Matters To Get Ahead Of Changing Market Dynamics

Why Social Listening Matters To Get Ahead Of Changing Market Dynamics

Apr 01, 2021 3 min read

Data comes in all forms of numbers. You have the statistics, traffic diversion, number of shares, conversion rates, and revenues. But if you're only looking at the numbers, you're missing out on something important - the more human side of data.

That is social listening. It's listening to what the people are saying over social media, looking for the trends and opportunities in a sea of noise, and leveraging it to grow your business.

Changing Marketing Dynamics

An ongoing study at Reach3 Insights stated that 76% of the surveyed customers have picked up new habits, behaviors, and routines during COVID-19. Consumers are increasingly trying out new products during the lockdown, and 36% of the respondents plan to continue using new brands going ahead.

This includes digital marketing tools, virtual meetups, strategic video content, native content, and social media to create the necessary push and pull. Marketing strategists need to alter their focus and adopt more ingenious ways to plan and synergize efforts to respond meaningfully.

Even as organizations face financial constraints, available marketing budgets must be invested in innovative ways to create brand recognition and recall as consumer spending patterns undergo a significant shift.

Make more thoughtful, more cost-effective decisions when it comes to your customers and brand. But don't confuse social listening with tracking your mentions. It goes beyond that. It involves using advanced software to follow relevant conversations on social media.

Example below shows how Statusbrew listen’s to conversations.

Social-listening-statusbrew

Social listening tool addresses many missed opportunities by monitoring your brand name and marketing campaigns, products, niche industry, or any other keyword you decide is relevant. Plus, social media listening platforms, like Statusbrew, covers all the social platforms your brand is present on and you will also get analytics that shows your brand's growth, potential, and reputation at a glance.

Before you decide to invest your time, effort and money in a social listening platform, see if any of the below-mentioned scenarios resonate with your brand.

  • Improve your customer service by keeping an eye on what your customer is talking about

  • Be proactive to avoid a social media crisis using social media listening tool. It tracks mentions and then sorts them into positive, negative, and neutral, allowing you to see if and how sentiments are changing (also known as sentiment analysis). If you see several negative mentions suddenly growing, it's a clear sign that something is going in the wrong direction.

Example of sentiment analysis.

Keyword-Sentiment-Analysis

  • Ideas for new products and services. Don't just know what people think about your product or service—understand what they think about your industry. What's missing that your brand can offer them?

  • Find new customers or clients. Your social listening tool can point you to people looking for your industry relevant product or service and people who are unhappy with your competitors. This can get you lead generation.

Of course, the growth is never handed on a silver platter. Using the right tool is the first step, but brands also need to engage—and engage well with your audience based on what the social listening tool tells you about your brand, your products, and your industry.

Change is inevitable. We are at a vital inflection point where our decisions will be influenced by the new economic scenario, changing business dynamics, and the development of a post covid social order. We have to keep up with the pace.

With Statusbrew, listen to social conversations about your product, brand, or any industry topic. Look beyond your feed and engage with new audiences.

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Anjali Kandey

Anjali is a marketing manager at Statusbrew. She likes to write content that addresses a solution. She can be found in her garden when not on her computer.