SOCIAL MEDIA MAVENS
The Brand Advantage in Social Conversations By Allison Howen, Associate Editor
Social networks have become the focal point in many These are just two examples of the many ways social listening data can be leveraged to help brands improve brands’ marketing strategies – and for good reason. A social media presence provides businesses with a massive, very active audience that would normally be unavailable to them. In fact, 2013 data from Experian Marketing reveals that an average of 16 minutes out of an hour are spent on social sites, followed by nine minutes on entertainment sites, five minutes on shopping sites and just three minutes on email. Statistics like these have led many businesses, small and big alike, to increase resources spent on social media marketing. The problem with this, however, is that few brands are actually using social for more than visibility, and are therefore overlooking valuable data they can obtain by simply looking and listening.
Leveraging the Data
Social networks are a place where people get together to talk about their interests and experiences. It is not uncommon for these conversations to include brand experiences or product reviews - providing unfiltered insights. These insights empower brands to serve their customers better and improve their social ROI. For example, a Miami hotel owner could use social data to find consumers who are talking about their upcoming vacation to the popular Florida city during a slow tourist period. To improve the likelihood of these customers booking a room, the hotel could reach out via social with off-season discounts or a blog post about top tourist spots. Conversely, by monitoring the sentiment of social conversations, a clothing retailer may identify a technical issue with their website that is preventing consumers from completing purchases. To retain these customers, the merchant can reply Jean Dobey of Hibe shares how (or to social complaints with info about the if) CEOs should manage their social issue and a limited-time free shipping presence at wsm.co /smceo offer as a way to compensate the customers for their patience and loyalty.
CEOs and Social Media
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JUNE 2014
their businesses. In fact, brands can use social data to optimize their marketing campaigns, improve customer service initiatives and even monitor the competition.
Using the Right Tools
There is an abundance of social listening tools available on the Web, but all come with their own unique bells and whistles. Because of this, it is important for businesses to outline the goals of their social listening initiatives. For instance, a platform like In the Chat not only mines data across social networks and forums, but also enables users to reply to customers directly from the platform and can be tied into a business’s existing CRM system. According to In the Chat CEO John Huehn, monitoring social activity and serving customers through social can actually be more efficient and cost effective than a call center. While In the Chat primarily listens to text-based social conversations, brands can also leverage tools to gain insights into visual social networks. Curalate, for example, is a social media monitoring tool that offers analytics and competitive analysis for Pinterest, Instagram and Tumblr. The platform also offers pin-to-purchase tracking technology, as well as allows businesses to respond to Instagram and Pinterest interactions, helps identify influencers and monitors sentiment. These two tools are just the tip of the iceberg when it comes to social media monitoring, and it is important for brands to do their research before making a commitment to a platform. To get started, check out Website Magazine’s “Big List of Social Management and Monitoring Tools” at wsm.co/socialbiglist.
If It’s Available, Why Not Use It?
The social-sphere is overflowing with data, which brands should be leveraging to make more informed business decisions. The ones that recognize this, and look for and listen to the data, will be able to better position their businesses for success now and in the future.