American Business Brokers & Advisors - July 2024




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Successful Businesses Tune in to Social Media Trends

Social Listening Supercharges Marketing Success TAKING THE PULSE

Monitoring what people say about your products and services on social media, known as “social listening,” can be a powerful tool in your marketing arsenal. Deciding how to use it, however, is a high-risk, high- reward proposition. According to the Digital Marketing Institute, a training and certification company, social listening has huge potential rewards if done well. These include burnishing your brand’s reputation, understanding your customers more deeply, and gathering valuable intelligence on your competitors. However, if you decide not to bother with social listening or do it poorly, you miss out on the world’s largest source of customer insights at your peril. For example, if a new marketing campaign touches on negative commentary on social media, a tuned-in business can quickly retool the campaign. A company that doesn’t use social listening is likely to be blindsided. Companies can also analyze conversations to determine what customers like and don’t like about, for example, a new hamburger menu item or a meal-delivery service, and understand the underlying emotions.

Various social listening tools, including Hootsuite, Google Alerts, Brandwatch, SparkToro, and Mention, can assist you. The first step in working out a social listening strategy is to research your buyer personae, or the fictional profiles of your prototypical customers, to help you decide what to listen for online and on what platforms. Then, figure out what you want to accomplish. Most businesses use social listening to learn how people feel about their brand, monitor industry trends, and identify high-impact keywords and hashtags. Casting a wide social-listening net will undoubtedly capture some negative reviews. Rather than avoiding unpleasant feedback, use it as an opportunity to shine. If a customer complains, reach out as quickly as possible and describe what you’re doing to solve the problem. Log, organize, analyze, and study your data for trends and insights. Over time, understanding where, how, and why your business is mentioned online will empower you to stay ahead of customer tastes and industry trends.




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