Social Media Monitoring offers opportunities for a more strategic approach
Do you want to get more out of Social Media? Or Are you still one of those businesses that are using social media monitoring (SMM) tools and services tactically or maybe not sure if you are using the right SMM tool(s) based on your specific business needs?
By tactical SMM, we mean the common use of social media tools for simply analyzing daily activities across specific social media to track online conversations around your brand, responding to negative or positive comments, or evaluating your marketing campaigns. If so, you should be aware that SMM also offers opportunities for a more strategic approach to get you ahead of the game, as we explained in the recent Ideya’s Social Media Monitoring Tools and Services Report.
"In order to realize a long term value from SMM you need to integrate SMM with other business processes. This may include measuring the strategic business impact of social media marketing, strengthening initiatives for social customer engagement, expanding strategies for increasing retention and revenue from current customers, implementing social media campaigns to acquire new customers, and so forth".
Successful enterprises across all industries are continuously looking for the possibility to strategically improve and optimize their social engagement with their customers and prospects and measure the success of their social customer care services and marketing campaigns. They are investing into social media programs such as employee advocacy, social selling, social recruiting, social advertising, influence marketing, etc. and employing various SMM technologies to support their programmes and solicit public opinions about their brand and products, shape their online presence and develop strategies to engage and harness the social paradigm. By definition, more customers, higher customer satisfaction and loyalty, and cost reduction through possible automation are always strong in focus.
To measure the value of their social media activities, companies should look at the overall results they are generating, and carefully examine how social media was engaged in increasing their bottom lines through growing revenue and increasing efficiency. The chart below illustrates some of the key ways the social media can affect your business performance.
FIGURE 1: The Ways Social Media Monitoring and Engagements Can Impact Your Business Performance
Source: Social Media Monitoring Tools and Services Report, November 2017
For instance, you can shorten your company’s sales cycle and accelerate revenue by generating multiple impressions for your online content across the vast social media channels, employ social targeting and advertising or influencer marketing, and build and leverage the credibility, trust and relationships to win a prospect's business. This can be significantly augmented by successfully integrating social media with traditional marketing strategies at every stage of the buying process.
Similarly, in terms of customer services, you can use social customer care tools with strong workflow management to actively monitor and improve customer services and customer satisfaction by increasing resolution rate and lowering resolution time outside call centers, as well as increase brand loyalty and awareness by actively engaging with customers and addressing their questions and concerns. Your relationship with customers and their experience with your brand should be of the utmost importance.
If used right, social intelligence offered by social media technologies can create true business value for your business by supporting every area of your business from understanding consumers’ needs and behaviours, competitive landscape, creating risk management plans, increasing customer experience, and satisfaction, to executing product development and campaigns, and building consistent, long-term and profitable relationships with your customers.
Choosing the Right Social Media Monitoring Tools for Strategic Evaluation
The social technology industry is maturing rapidly through innovation and acquisition delivering increasingly sophisticated analytical capabilities, with unique personalized engagement and automation.
- Established SMM vendors are frequently improving their products by introducing new features and coverage to accommodate their clients’ needs and respond to continuous changes imposed by social network companies such as Facebook, Twitter, Snapchat and others. Some top vendors are developing features that go beyond monitoring, listening, or social media management, and are gradually converging their platforms with content management, social advertising, social customer experience, social relationship platforms, to name a few.
- Furthermore, more advanced SMM tools are employing artificial intelligence (AI) in various ways to improve data discovery, data analysis and engagement function to get ahead of competition. Some forms by which AI is making an entrance into social media marketing and customer care are: ad targeting, chatbots, image recognition, smart alerting, predictive customer service, tailored recommendations, and others. If you want to stay ahead of the game, you have to understand these new technologies and what they might mean to you.
As a result of these rapid innovations, making a strategic and educated choice about which social technology can best address an organization's needs and justify social media investment, has become a complex and multifaceted task for organizations.
According to Ideya's Report on Social Media Monitoring Tools and Services, there is no single SMM tool or service provider that can effectively measure and address all aspects of social media. SMM technology providers aim at delivering unique SMM solutions in terms of technologies they apply, key product features and pricing they offer.
This often presents challenges to organizations that are just embarking on SMM or upgrading their existing SMM activities and it is difficult to make an informed decision without having a complete overview of the current options and new trends. For that reason, Ideya has put together a report offering you the analysis and access to over 150 SMM tools and services profiles worldwide, product screenshots, comparison tables by product features and pricing, and the latest updates on SMM technology market that are continuously shaping your social media strategy, so you can quickly and strategically select SMM tools based on your specific business and social media goals, product requirements, and budget, be it for long-term social media monitoring or specific project. We expect that these aspects are important for outlining the SMM strategy and selecting specific providers.
The Tool Key Features and Factors Impacting Selection Process
As discussed in the Report, understanding the data management, data analysis and visualization features as well as process management and user interface of a specific tool is of the utmost importance, as well as understanding what differentiates it from its competitors.
Nevertheless, you should also understand key social media monitoring functions and product applications, as well as take into consideration other factors influencing purchasing decisions such as pricing, product and service availability, vendor's industry focus, and possibly review SMM vendor's reference client listing, which demonstrate vendor's professional experience and credibility.
A summary of key findings from the SMM Tools and Services Report can be found in our most recent 2018 Presentation (included below) and SMM Tools and Services Report Excerpts 2017 and we hope they will be both helpful in broadening your knowledge and understanding of SMM technologies and help you in the selection process. You may also be interested in reading the Social Media Marketing Strategy Guide published by Smart Insights. Enjoy reading and do leave a comment or questions if you want to know more about how to better use social media monitoring tools for your business.