There are many benefits when it comes to businesses using the internet to their advantage. For one thing, by having a social media presence and using the right tools, smaller companies can, in a way, compete with larger businesses, something that was not really possible in the past. In turn, business is becoming a more competitive area, with companies needing to be tech savvy in order to gain ground or remain ahead of their competitors.
What is Social Media Listening?
Social media listening is the process of identifying and assessing the things that are being said on the internet about a brand or product. The ability to uncover this information plays a huge role in providing actionable insight, with companies being able to not only assess brand health but also make necessary adjustments to their business strategies.
There are large amounts of unstructured data on the internet as a result of the conversation that takes place, which means it’s important for companies to define their business goals before any social media monitoring takes places. This will not only give purpose to social media listening but will also help pick out the necessary tools in order to help uncover the necessary information and take the right actions. Business goals can range from growing traffic to improving brand perception.
After primary business goals have been identified, key performance indicators need to be determined. These are basic metrics that will indicate the state of the business on the internet and whether or not a business strategy is being successful or not. Depending on the business objectives, key performance indicators can relate to sentiment, conversion, engagement, etc. After goals and key performance indicators are decided upon, the third and final stage is the actual social media listening, which means analyzing social data by applying the correct tools.
There are a number of tools on the internet designed to help with social media listening, and picking out the right one depends on a number of factors, such as goals, budget, or expertise. A number of popular social media platforms offer built-in dashboards that can help with measuring and analyzing data, and this can represent a good starting point when it comes to assessing the brand sentiment, but a number of limitations can arise.
Picking Out The Necessary Tools
Built-in dashboards are limited to the platform they operate on, which means they won’t be as helpful in providing actionable insight if a company is present on more than one platform. In addition, some platforms don’t offer any tools for social media monitoring, which means third party platforms have to be used instead. There are a number of free tools on the internet, and they can go a long way, providing plenty of information.
On the other hand, however, free tools have certain limitations as well, and most of them offer upgrade plans, and might still not have the cutting-edge options that are necessary to help a company reach a specific goal. If the budget and expertise allow it, investing in a paid option can be ideal when it comes to social media listening.
NetBase is an industry-recognized platform and focuses on the driving force behind social media posting, which is consumer sentiment – an important tool to have as far as social media monitoring goes. NetBase employs the use of natural language processing, which not only helps decipher multiple languages but also emojis and slang. The real-time monitoring provided by NetBase is layered with Voice of the Customer analytics as well as image analytics, being able to alert brands when there are any reputational threats – in turn helping keep the health of the brand at a maximum.