Listening to social media is a quick way to get into the world’s greatest database of consumer knowledge. You get to know your consumers like never before by following and analysing every mention of your brand or product online. Analyzing raw user data yields information on key elements of product and business development:
1. Brand reach or brand awareness
Reach is a social listening measure that reflects brand recognition. The volume of impressions your brand mentions produce is known as reach. Because not all brand mentions operate the same, this statistic captures brand awareness considerably better than the mere amount of brand mentions. The Reach statistic gives you an indication of how much of your brand consumers are exposed to online. You’ll know how many impressions you got from big and small mentions, and you’ll be able to analyse your brand recognition as a result.
2. Share of voice to measure market share
SOV puts brand mentions into context, i.e. how frequently a brand is discussed online in comparison to its competitors. It’s a comparison of your brand’s entire internet visibility to that of competitors. It’s calculated based on the total number of conversations about your brand and the impressions they create overall. You may assess the Share of Voice of your direct competitors using social listening tools, and thereby calculate the market share each of them holds.
3. Sentiment score to measure customer satisfaction
The ratio of positive to negative feedback your organisation receives determines the sentiment of brand mentions. A social media listening strategy is a dependable technique to determine how satisfied or unhappy your clients are by measuring mentions’ sentiment. This is also a reliable predictor of the health of your brand. The purpose of social listening technologies is to analyse brand mentions and calculate the impact of brand remarks. Keeping an eye on the sentiment graph is also the most reliable strategy to avoid a reputation crisis.
4. Share of positive mentions or Net Promoter Score
Brand mentions tracked on social media monitoring platforms originate from public accounts that are open to all platform users. Moreover, because social listening systems can distinguish between positive and neutral comments, overtly favourable comments are ultimately recommendations sent to other social media users. Your Net Promoter Score is calculated as the number of positive mentions on social media.
5. Number of leads to measure conversion rate
Social listening tools help you monitor social media and find leads and provide you with the capabilities you need to close sales. One of the most remarkable applications of social listening is lead generation. The algorithm blends your product description with the brands of your competitors. As a consequence, you’ll get a live feed of customers seeking your product or complaining about your competitors. The volume of leads found isn’t the same as the conversion rate. You can acquire a solid conversion rate if you engage with the mentions straight away and keep track of the results. Calculating your conversion rate is as simple as a few clicks once you’ve set up a leads pipeline.
Obtaining KPIs might be a hassle. Simply maintaining a media monitoring strategy while using social listening is a wonderful and entirely user-friendly technique to capture company KPIs. Social listening metrics can help you come up with new ways to use your social listening technology to transform marketing efforts into business KPIs.