It’s the act of monitoring social media for conversations that take place surrounding trends, products and services. But what exactly are the benefits of social listening? We take a closer look.
A Wider Audience
Whether you use keyword searches, hashtags or a specific tool, identifying conversations about specific topics allows you to identify and connect with audiences that are likely to be have interest in what you are saying. This is particularly effective when promoting new products, communicating about services or drawing attention to events.
Social media users are constantly sharing information about their favorite places, products and people. So from tweet chats to LinkedIn groups, getting involved in relevant conversations allows you to obtain valuable insights into how consumers make purchasing decisions and what influences their choices. This in turn enables you to refine your own social media communication strategy – not least when it comes to social selling – by engaging audiences with content you know will resonate with them.
A Competitive Advantage
Just as important as tracking conversations about your own products and services is monitoring those that concern your competitors. Keeping track of how other companies communicate on social media allows you to identify their strengths and weaknesses; which in turn enables you to maintain a brand communication strategy that is both competitive and unique.
To Take an Example…
This article from Talkwalker is a great example of how social listening is used to monitor and predict trends within a given industry. It explains how the Bank of England uses social listening to obtain insights into the state of the economy and make predictions about future economic developments. The bank, it says, uses social media to track factors that influence global markets; as well as current events that impact the economy.
To quote the article, “in the globalized village, social media is Earth’s biggest focus group”. This hits the nail on the head. The benefits of social listening are multiple, but they are not confined to the social media sphere. Beyond allowing you to maintain an effective online communication strategy, social listening is incredibly effective when used to track industry developments that impact your company’s activity; both on and offline.