10 Ways To Measure the Value of Social Media Monitoring
Have you ever wondered how effective your social media monitoring strategy is or if it is even worth implementing at all?
Then you need to be exposed to how effective your social media listening approach is and how much ROI you get from this approach.
Most professionals find it hard to measure the value of social media monitoring as they would do in other situations. It’s worth answering several questions that come to the mind of business owners or marketers when trying to explain the sense of social media monitoring.
Some people want to know if there are benefits associated with developing social media listening capabilities. Others wish to understand if it worth their money.
For some others, the race is on to find out the best social media monitoring platform they can. These persons are also concerned about how affordable these platforms are.
It is not surprising to come across individuals, marketers, and agency professionals who ask these questions every day because the field can get really confusing, especially as the number of social media monitoring platforms are rapidly growing.
Some of these platforms are available for free, others offer an affordable package, while several others are quite expensive. In some cases, a platform would not openly reveal its price to the public.
With these peculiarities in place, your social media monitoring plan could range anywhere between $10 and $50, 000 monthly. If you want to prove the value of social media monitoring to yourself or you want to find out for your clients, here are the 10 sure ways to measure the value of social media monitoring.
1. Finding New Business Leads
Research has shown that 78.6% of salespersons who use social media make more sales than those who don’t. This implies that many conversations that take place on social media convert to sales for a brand.
All you need to gain potential business leads are a few industry-related searches with intent to purchase keywords.
You can identify thousands of potential clients, markets, and revenue sources with a media monitoring platform such as Fammio.
2. Measuring Social ROI
Many marketers think it is impossible to measure Social ROI. It might not be a perfect evaluation, but it is possible to do it.
You can use different scales and metrics to determine interactions, notice new subscribers, measure views, impressions as well as comments on major channels, blogs, and social media communities.
You can also analyze the correlation between conversions, web traffic, mentions, and referrals with the number of transactions, client turn out, as well as traditional sales.
3. Competitive intelligence
You can achieve an understanding of your or your client’s company industry to help see how well brands are doing.
Be sure to track your and your client’s competitors and their brand performance. It will help better understand how brands are doing when compared to their industry opponents.
An understanding of the industry will help you identify opportunities in the market, gaps that should be filled as well as the best strategies for brands.
4. Optimizing Campaigns
You can access data from previous marketing campaigns through social media monitoring and find out how successful or well-received a marketing campaign was.
Social media monitoring can help you discover changes in brand awareness levels, community size, and consumer base to determine the reach of a campaign as well as its success.
Report lead capture from promotions, brand reach, and content shareability can be measured using data gotten from social media monitoring.
These measures will help you gauge the impact of an ongoing campaign and the effect of a previous campaign.
Social media has made it possible and common for customers to complain about brands to the public, and this has put fear into the minds of many businesses who want to avoid getting their reputation marred.
Social media monitoring(SMM) can be used to avert such fears by monitoring brand mentions on social media and taking note of changes in mentions, negative sentiments, or high level of mentions.
You are on your way to achieving a stellar online presence with great SMM and SEO strategy.
6. Increase Customer Satisfaction
People prefer to complain on social media than make phone calls to customer service hotlines. This shows the importance of monitoring and engaging with commenters.
Social media are your lead and customer communication channels that you don’t need to miss. Media monitoring will help increase customer trust and satisfaction. It will significantly reduce call center load and customer service costs.
7. Creating Better Pitches
The ability to track social conversations will give you an advantage over other entrepreneurs or agencies. You can create a better pitch only when you will understand the client’s customers and business.
Your clients would be impressed if you can pinpoint unaware areas where consumers are responding to their brand or using their products. Also, you can point out a market or growth opportunity they can explore based on your findings. It will help you to impress your client and win him forever.
8. Getting Feedbacks
Social media listening will help you understand how your users relate to your product, and it doesn’t matter if your product is a new or existing one.
Using media monitoring, you can find out:
- if you are focusing your marketing resources right;
- if your social media campaigns perform well for you;
- if you are targeting the right or wrong markets.
9. Prevent a PR Crisis
Sometimes social media monitoring can save you from a PR crisis or an incident that would affect your brand image.
Social media listening allows brands to detect threats and avoid crises before they occur or escalate.
Check company alerts daily or weekly to detect brand mentions increase and volume of its conversations. You can get alerts about an unexpected peak of the company mentions, topics, and negative conversions.
10. Find Influencers
You will use Google search to find brand influencers, advocates, or industry experts. However, the results can disappoint you.
Social listening can help you get more relevant and active results based on your keywords. It will help you build a good influencer list.
You can determine the best topic influencers based on your search results(measure by the number of subscribers, post, views and more)
Your marketing team has to engage with the found influencers’ list. They can reach them by email, phone number, or via private message. It all depends on you and how you will build your relationships with topic influencers.
There are a lot of ways how social media monitoring can be used. You have to understand what goals you want to achieve using it.
Every business is specific. Social media monitoring brings insights and improvements for those who are engaged in it.
Have doubts about how to use it in your company?
Do not hesitate to get in touch and find the best implementation for your business.