For this reason, numerous entrepreneurs decide to turn towards social media monitoring for answers. This is effective for several reasons. First of all, most (if not all) of your audience is engaging with your brand through social media, at least in some way. Therefore, tracking your brand mentions, associations and interactions in the world of social networks might turn out to be a quite lucrative method to get answers. That being said, there are several ways in which social media monitoring could help you build a stronger marketing strategy.
Recognizing your biggest challenges
The first step in building a strong marketing strategy lies in identifying the greatest obstacles your brand is bound to encounter. For instance, you can see the general lack of awareness, the lack of people’s trustworthiness of your product, the failure to see your product/service as a priority or unwillingness to subscribe to your newsletter. By recognizing your biggest challenges, you’ll be able to set smarter goals, which brings us to our next topic…
One of the most important things you need to understand is that the only way to achieve your dreams is to decide on the goals that will lead you there. For instance, about 83 percent of all people cannot clearly verbalize their goals, while 14 percent of them who do have tangible goals tend to be up to 10 times more successful.
Surveying your demographic
The next vital step you can achieve through media monitoring is the ability to identify your demographics. Knowing the number of female users, most loyal age group, whether you’re appealing to the urban populace, people with college experience are just some of the things you can get an answer to in this way.
In addition, the purchasing power of your audience may also determine the cost of your products, as well as how often you come up with a newer version or a paid upgrade. Finally, when it comes to your social media marketing, just knowing where the majority of your audience is coming from might be enough to help you build a stronger marketing strategy.
Increasing brand awareness
In order to turn people into customers, you first need to make sure they’re familiar with your brand. For this to work, you need to go past common brand recognition and achieve brand awareness. The way in which this is supposed to work is fairly simple. By personalizing your message and making sure it reaches its target demographic through adequate channels, you can raise the brand awareness of your company through the roof. In this way, you can transcend the traditional B2B or B2C limitations and go straight towards the more efficient P2P marketing.
Creating a loyal fan base
By understanding the needs, concerns, and complaints of your target audience, you can create a loyal fan base more efficiently and turn even some of your dissatisfied customers into brand ambassadors. Sure, when they send an email to your customer service or make a complaint in the comment section of your official social media page, they expect you to reply. However, through social media monitoring, you’ll be able to spot negative social media mentions elsewhere, as well. This will create an impression of you as a brand that actively listens to its customers at all times.
Determining the most important metrics
In order to make an estimate of how successful your marketing campaign is, you need to set some parameters that will help you determine this. For instance, you can put a focus on reach, clicks, engagements or the frequency at which the hashtag with your brand name appears across various social networks (so-called hashtag performance). Aside from this, you can also set the bar a bit higher and decide to focus on the number of purchases from people who came to your e-store from one of your social media accounts. Either way, knowing what you’re looking for is the key to setting rational goals and obtainable objectives.
Checking out your competition
At the end of the day, with the help of a social media monitoring platform, you can also survey your competitors and measure your progress against them. Even though, in theory, you should only compete with yourself, the truth is that this is not always the best course of action. If you know about any special deals made by your competitors, this will help you coordinate an adequate response. When planning a corporate event, it helps with your schedule to avoid other events within your industry. Either way, this is one of the most important functions that you need to start using.
The main reason why social media monitoring is such a popular data-harvesting tool is due to its cost-efficiency. By surveying the social media activity of your audience, you have the shortest and simplest way of reaching the data you need. The time- and effort-saving aspect of this trend cannot be underestimated either.
**About the Author: Claudia Paisley Propp is a Social Media Strategist and writer at BizzMark.