For those not familiar with the term “social media listening,” it refers to the deliberate act of tracking social media platforms for mentions and conversations relative to one’s brand or industry and using the information gathered to make business decisions. Some might liken it to corporate-level eavesdropping. With social media platforms becoming increasingly popular, many companies offer social media listening as a service to their clients. However, very few do it as well as Netbase Quid, a leading consumer and market intelligence platform. Founded by Michael Osofsky in 2004, Netbase Quid takes tremendous pride in delivering real-time and accurate social media analytics solutions aimed at helping businesses grow. Both Osofsky and his team recognize that social media provide consumers with an outlet to share their opinions on the brands, products, and services they spend their money to purchase.
What Businesses Should Know About Consumer Sentiment and Social Media Platforms
The chief objective of any consumer and market intelligence platform, including Netbase Quid, is to help businesses grow by leveraging the power of social media platforms. And this is because social media platforms make it possible to track consumer sentiment in real-time; this allows businesses to find out very quickly whether they are being perceived in a positive or negative light by consumers. Social media listening comes in two different flavors, basic and deep listening. To better understand what these two flavors have to offer businesses, it helps to look at the two individually:
Basic listening – Considered the first layer of social listening, this approach allows businesses to get a general feel for how consumers and prospective consumers feel about a given industry. In some cases, this might entail looking into what hashtags are showing up the most on Twitter, Facebook, Instagram, LinkedIn, Pinterest, or Tik-Tok. Other times, it comes down to combing through comments left on a social media post.
Deep listening – This aspect of social listening picks up where basic listening leaves off. Rather than just focusing on a particular industry, deep listening sheds light on what consumers and prospective consumers think about specific products, businesses, and even business models by pulling information from multiple social media platforms. This behemoth of a task is accomplished via third-party tools or by hiring a capable and professional consumer and market intelligence company, such as NetBase Quid.
Netbase Quid Weighs in on the Benefits of Social Media Listening
According to Michael Osofsky and his colleagues at Netbase Quid, having your finger on the pulse of consumerism can offer numerous benefits. Along with the ability to track consumer sentiment in real-time, these benefits include the following:
- The ability to discover key market trends
- The ability to design targeted campaigns and relevant content based on consumer feedback
- The potential to convert social media influencers into loyal brand ambassadors
- The ability to track and evaluate brand reputation at any time
- A faster and more effective way to identify sales leads
- A better and more effective way to resolve customer complaints
- Consumer engagement and product development
In summary, social media plays an integral role in every aspect of business today. And those businesses that understand and embrace this general maxim are the ones that will probably enjoy the most success and be around the longest. To learn more about how social media listening can benefit your business, consider speaking with a NetBase Quid associate today