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Understanding the ROI of Social Media Listening tools is not an easy task, especially for those who are using Listening and analytics tools for the first time in their organization. However, the good news is that the 12 mins that you spend reading this article will be a good start to the process.
The confusion starts from the investment amount itself. Some social media listening tools are for free or freemium, while others come at nothing less than INR 1 Lakh a month.
All in one tool:
The best social media monitoring tools are the ones which
- Free you from all the manual tasks and empower you with marketing strategies.
- Offer you all the listening and analytics tools under one platform
- Are simple to use and make reporting very easy
At Konnect Insights, we have developed a tool keeping these points in mind, where the single tool catersa to all kinds of analytics. Right from Listening to Social CRM and everything in between including campaign analytics, brand and competition social analytics, publishing and scheduling is available in a single tool.
Is it worth?
But there are few questions that every marketer has with respect to tools such as Konnect Insights:
Not all tools are the same. Coverage is one of the most important aspects of social monitoring tools. Data from blogs, forums, mainstream news, complaint forums, Twitter and other social media sites needs to be scanned without missing out on a single conversation. The best social monitoring tools build their own search engines.
This is a costly affair considering the investments on servers and also the team required to design the complex architecture. However, that is the only way to ensure you do not miss out anything on the web.
Konnect Insights has its own search engines which are built on top of big data technologies. This ensures high speed sear ch among huge volumes and variety of data.
Many social listening tools today aren’t smart with reporting. Fetching the right data is half the battle won. Displaying it intuitively is an equally big challenge. Social Listening dashboards cover data from all platforms.
As a marketer you access reports such as sentiment, share of voice, campaign reports, classification reports, Twitter, Instagram, YouTube, Facebook and many others, with data flowing in from disparate sources. The approach for reporting should be that of an enterprise visualization software.
We at Konnect Insights benchmarked Microsoft Power BI and Google Data Studio and from what our clients say, we have achieved this feat to a large extent.
The ROI
By setting up goals and using various available metrics, you can determine the volumes, views, impressions, new subscribers, interactions and comments on key channels and owned communities and blogs. You can also see how those numbers relate to your bottom line.
Analysing the relationship between volume of mentions, web traffic, social media referrals, conversion rates and so on with sales figures, average transaction value, client churn and other more traditional business KPIs will enable you to place an actual value on your social listening initiatives.
Following are some of the use cases to prove the value of investing time and money into social media monitoring tools.
Building Strategies based on Insights
Constructive Feedback
Your listening tool has a gold mine of data that can be encashed in various ways. Here are some scenarios:
Your customers probably think that your brand’s latest car variant looks better than most. Your next move could be to create communication strategies (visual and textual) about how good the car looks and feels. You could also come up with a campaign to encourage customers to share selfies of themselves posing with the car and organise a competition around it.
If you’ve discovered that people can’t stop talking about your brand’s kulfi and anjeer badam ice-cream, then optimise your tweets, Instagram posts and Facebook posts for that flavour.
You probably are the only one who sells that flavour. Best aspects of your brand should be highlighted as much as possible to boost brand engagement.
You’ve found that you are doing something better than anybody
User Post/
Naturals Ice creams have the Best ice creams in town
Keep up the good taste!
Twitter/ @Sebakhan
No brand can be perfect but it should strive to be. Negative aspects about your brand should be addressed and once taken care of, the brand’s audience should be made aware of it. It’s important to understand that social media is truly ‘social’. People are willing to give you a second chance if you can prove that you’ve made efforts to rectify the issues raised by them.
Are you an automobile brand which has improved the time it takes to deliver an ordered car or bike? Do you now offer more customisation than before?
Let those things be known and more importantly let your audience know that you’ve heard them.
You’ve discovered that certain aspects of your brand are not appreciated
User Post/
Almost 2 hours and still no food delivery from Urban Tadka. Not pleased and very hungry.
Twitter/ @Sebakhan
Company Post/
Definitely understandable, pls provide your order if, we will look into it..
@urbantadka
vis-à-vis the competitors
Understanding Brand’s Perception
Comparing Sentiment, Share of Voice, Campaign analysis for that of your own brand and competitors’ brands will help you always stay ahead of the curve. Listening to conversations for brands – the good and the bad thing they are doing can always help you create your marketing communications.
Resolving customer complaints
Social media is the first place where consumers today go and raise their concerns. Monitoring online customer support forums and engaging with comments from social channels will allow brands to increase customer satisfaction and loyalty, reduce customer support and call centre costs significantly and drive customer advocacy.
Integrations with CRMs
Social CRM of Konnect Insights integrates smoothly with various in-house CRMs to integrate online and offline touch points. This is enabled with Konnect Insights APIs.
For Agencies
Creating a better pitch
Konnect Insights is widely used by agencies for quick pitches. Since the tool is empowered with in-house search engines, reports are ready within minutes of creating Topics.
Being able to demonstrate ways consumers are using the client’s products, especially those that the brand wasn’t aware of, could point out a massive growth opportunity for the business – and ultimately give agencies the upper hand in helping secure that valuable pitch.
Finding Influencers & Brand Advocates
Finding industry experts, brand advocates or even the naysayers is easy with Konnect Insights. Using this data, you can build a list of influencers with minimum efforts.
Tag any influencer into commenter types, assign follow-up tasks and enable sales, marketing or support teams for relevant follow ups.
Manage your Reputation
Social media conversations are publicly visible and that gives the customers an edge over the brands. However, cultivating a positive presence online, and communicating effectively with customers and prospects can dramatically change the perception of a brand online.
Handling PR Crisis
By effectively using Alerts feature of Konnect Insights you can avoid any PR crisis. Early warning signs give you that additional crucial time to act and ebb the tide. A full blown disaster can take months and sometimes years to repair and the reputation of the brand may not regain its past prime.
Measuring Online Campaigns
If you can measure it, you can improve it. Konnect Insights is beyond social listening. You can measure all activities by your social media team / agency within the tool.
Metrics such as Engagement, Reach, Impressions, Fan Base, Content Analysis and Influencers Talking are available just by adding your social channels. Even for competitors most metrics are available e.g.; Predictive Reach, Engagement, Content Analysis, Influencers Talking and many others.
Summary
Now that you know the 8 metrics of social listening ROI, you just have to choose the ones relevant to you and track their progress.
If you are new to social listening, you may not choose all the eight to start off with. Once the social listening process matures within your organization, you’ll find each of the eight metrics contributing to your bottom line!
Tags: Digital Marketing, Insights Tool, Konnect Insights, Listening Tool, ROI, Social Publishing