Social media is a critical medium for businesses to master. Not only is it the biggest digital marketing channel, but it also one of the most lucrative income sources for businesses of all sizes. Here are several statistics that highlight the power of social media:
These numbers show that social media is a massive contributor to business success in the 21st century. Businesses can no longer ignore its impact regardless of their industry.
The percentage of social media users by generation (Image Source)
However, social media marketing comes with its challenges. These include poor campaign visibility, unclear performance reviews, ineffective strategies, and other obstacles. Your brand needs to address these challenges to generate a good ROI from social media.
This is where social listening matters.
Social listening refers to the act of monitoring customer conversations on social media This includes:
Social listening is not only about collecting raw data. It analyzes the data to give brands valuable insights that allow them to make informed decisions to run their business better.
Social listening in Lucidya
It tells you what your customers are saying, how they feel, and what you can do to satisfy them. This knowledge is helpful in many ways including planning effective campaigns, improving your marketing message, launching new products and services, and so on. The better you understand your customers, the more likely it is for your brand to succeed.
Without social listening, you won’t know what your customers want. Just like in the real world, a lack of knowledge leads to guesswork and approximations. This disrupts your performance as customers don’t have their needs satisfied. For enterprises with millions, if not billions, of dollars at stake, it’s not worth assuming your customers’ feelings when you can easily address the issue with social listening.
Social listening requires a comprehensive tool. It’s best to work with a complete, powerful tool that covers all the features you need—one of which is Lucidya. You’re going to need a tool that monitors millions of public messages and posts and the tool has to analyze each one to generate valuable insights. Make sure your choice is the right one.
Before you get into social listening, it's important to know what you want to achieve with your new venture. To get a better understanding of your expectations, ask yourself these questions.
If you can’t answer these questions, social listening will help you gain a good understanding of them which will help with your goal-planning.
A good example of these two would be:
Plan: We want to increase our leads and sales through social media.
Strategy: We will plan our campaigns and measure our performances with social listening.
Plan vs. strategy (Image Source)
It’s OK if your plan and strategy are not well-defined from the start. You can refine it along the way as your brand gains more insights from your campaigns.
One important decision to make when building your social listening strategy is to choose which channels to pull data from. Most people assume they should pull data from every social media platform. While this isn’t a bad strategy, it is counterproductive. You’ll have massive volumes of irrelevant, worthless data.
We recommend starting with one social network first. Twitter is a great place to start as the platform is more public compared to Facebook and Instagram due to the latter two’s privacy options. Twitter has privacy settings but you can still access valuable conversations without issues with social listening.
This is the most critical part of social listening. Your topics and keywords determine the success of your efforts.
It’s a good idea to be as specific as possible. Being specific filters tons of irrelevant data so you only gather valuable and helpful insights. Some good keywords to start your social listening journey include:
Once you have the suggestions from Lucidya, it's time to understand what your brand is and how your customers are perceiving your product. Start listening to what the people are saying. You’ll find both negative and positive aspects of your product and business. This lets you rethink some of the past decisions made by your company and help you make informed decisions in the future.
Analyzing customer metrics in Lucidya
A few questions you should be asking yourself with your social listening insights include:
If you have a decent amount of social listening insights but don’t know how to use them, here are some things you can do to leverage them:
As a business owner, there’s a good chance you might know exactly what’s wrong with your business. This is where social listening much excels compared to some of the more traditional forms of customer management. It gives you a clear picture of what your business is lacking or doing well.
Maybe there’s nothing wrong with your product, maybe the documentation you provide along with it isn’t unclear. Your pricing may be unreasonable. Your customer service may not be up to par. There are a lot of things that you can do better to improve your business.
Through social listening, you can discover many hidden flaws in your business and fix them before they turn into PR disasters for your brand.
Social listening helps you become proactive regarding industry matters. By analyzing key discussions and events related to your industry, you can act early to gain an advantage over your competitors.
With social listening, you can:
Once you have a better understanding of your industry, you can act early and execute campaigns before your competitors have a chance to catch up. For example, you can use Lucidya to explore influencer marketing when growing your brand reputation.
influencer marketing dashboard
Influencer marketing is becoming one of the most cost-effective marketing channels. Growing your brand through reputable names in your industry lets you tap into a gold-mine of customers you were missing previously.
Say, you’re running an airline. You get in touch with a travel blogger and ask him or her to fly with you. The blogger has a good experience and shouts you out on their social media channels. People—in other words, potential customers—see this and they will remember your brand the next time they’re booking a flight.
That’s how knowing your industry allows you to gain an advantage in the market.Lucidya’s
Your competitors are always looking to one-up your brand. There are two ways to deal with a situation like this. You can give up and remain inferior. Or, you can learn from them and find ways to improve. The latter is always the best choice if business growth is your end goal.
With social listening, you can:
You need to understand that whatever it is your company does, there’s always another company keeping up behind. Do you make TVs? Sony and Samsung are producing TVs every minute. Are you running a marketing agency? Great, there’s only a million more of those out there. Do you clean homes? There are at least a dozen cleaning companies in your neighborhood.
However, just because you have competitors doesn’t mean your brand cannot succeed. Competition is good for business growth. The key is to stay relevant and capitalize on your competitors’ failures.
Competitor analysis and insights in Lucidya
Social listening is a great tool to help you unearth gaps in the market. You can use a tool like Lucidya to analyze what people are posting about your competitors. There’s a huge chance that you might find something to turn into an opportunity.
For example, people may complain about your competitor’s slow and expensive services. You can take this info and craft a campaign to promote your brand’s top-notch customer experience. Give people something your competitors cannot, and you’ll easily gain new customers in no time.
Companies marketing campaigns regularly. You can check the performances of your campaigns through tools like Google Analytics. But, you don’t see the full story by only relying on charts and statistics.
This is where social listening gives an extra edge. It helps you measure campaigns based on actual customer experiences. You’re not just calculating CPCs or conversion rates. You’re understanding how your customers feel, what they like (or hate) about your campaigns, what they wish you did, and many more.
For instance, you can use Lucidya to monitor the number of posts people are making on your business. If many people are giving positive mentions, your campaign worked. If the reaction is negative, you probably did something wrong. This is much more insightful than looking at numbers to gauge your efforts. Of course, it’s best to combine analytics and social listening so you get a complete overview of your campaign performances.
Monitoring campaign performances with Lucidya
Social listening also helps you run better business strategies in the future. Before you run your next campaign, analyze the previous one with a tool like Lucidya. More specifically, you want to answer the following questions:
These insights ensure you don’t repeat the same mistakes in future campaigns, which improves your results significantly.
Social listening is a must-have for brands looking to thrive in the modern business landscape. Not only will it help you understand your customers, but you can also generate new business to bolster your bottom line. Many successful companies have used social listening to great effect. Now is the best time for your brand to do the same.
BONUS: We’ve included a strategy sheet along with this guide for you to start planning your social listening campaign Download Now:
Lucidya is an AI-powered social media listening tool that empowers companies with in-depth, never-before-seen customer insights. Lucidya’s best-in-class text analysis engine also provides powerful sentiment analysis for conversations in English and all Arabic dialects including Najdi, Hijazi, Levantine, and many more.
With Lucidya, businesses can build profitable products, boost customer satisfaction, execute successful campaigns, and close more sales thanks to our extensive list of social media listening features.
Ready to listen to your most valued customers?