Social media has become a powerful digital human capital, access to which provides opportunities for business development of various scales.
According to the latest Global Digital 2023 report, social networks have 4.76 billion users. Statіsta data also shows 140 billion dollars in total revenue in the social media market in 2023. Forecasts predict the revenue to grow to 183 billion dollars in 2027. These figures only confirm that social media is not merely a supplement but a full-fledged marketing and communication channel. Businesses should consider investing in and monitoring the effectiveness of their social media activity to establish the course of future action.
Social media monitoring tracks mentions and sentiments of your audience and industry by collecting and analyzing keywords, trends, and hashtags related to your brand, product, and market in general.
Tracking social media communications helps you obtain data for refining your products and services, improving customer service and finding new customers, and developing a content and marketing strategy.
Let us look closer at how a business can use social media monitoring data to accomplish its objectives.
A social media mention is a keyword, a hashtag, a brand name, or a competitor you are tracking. LOOQME hub shows you all data gathered in one place as a list of filtered results with analytics.
By monitoring social media, you can:
Competitor tracking helps you identify key market trends and predict potential spikes in demand for your products or services. With social media monitoring data, you can see yourself in the context of the market and compare it with competitors.
By monitoring your competitors' social media, you can:
To monitor the social media of your competitors and the industry, besides focusing on market leaders, we recommend looking at businesses in approximately the same economic stage of development.
Each brand, person, or product in the information field has its emotional content. You can trace it on social media, where the audience posts positive or negative reactions, writes comments with recommendations or complaints, expresses admiration or criticism in personal posts by tagging a brand, product, company, or person, creates popular hashtags with positive or a negative tone about an event, product, or phenomenon that was liked or, on the contrary, caused anger.
In addition to the positive and negative tone, the brand needs to monitor the level of neutrality on social media. If mentions are few and mostly neutral, you should consider whether your audience is sufficiently informed about your service or product.
Social media monitoring helps businesses:
By understanding audience sentiment, a business can adjust its marketing development strategy and assess the effectiveness of its communication with customers on social media.
Influencers are an effective channel for additional contact with your audience. The successful choice of a thought leader allows the brand to expand the field of communication with the target audience and gain valuable insights from cooperation to plan future integrations and activities.
Social media monitoring while working with opinion leaders helps you:
Social media monitoring will allow you to identify the main trends and tendencies of your industry and discover your audience’s preferences. You can then use relevant hashtags and keywords to increase reach and better target audience sentiment. For example, by searching for keywords or hashtags, you can track the popular type of video content for your audience, better understand their preferences, or more deeply analyze the brand's tone of voice by evaluating the characteristics of different media and their audience.
You can also use the obtained data to create content that will attract the audience. Content created based on audience preferences is easier to promote and leads to better engagement on social media.
Industry trends, buzzwords, and hashtags can also help predict future product demand, improve products or services, and develop marketing and communications strategies.
Most medium-sized and large businesses are present on at least two social media, where they publish their content and receive part of the mentions from the audience. The audience interacts with this content or produces new content in its posts, comments, reviews, reposts, likes, hashtags, and buzzwords. You can implement a successful social media monitoring strategy using the LOOQME hub, which helps track the entire set of business mentions.
Let us briefly summarize the business objectives of social media monitoring: