The global social media analytics market size is predicted to grow USD 15.6 billion by 2025 from USD 3.6 billion in 2020, at a Compound Annual rate of growth (CAGR) of 34.1% during the forecast period. Source – Markets and Markets.
Social media listening just doesn’t help you only in monitoring, but also help you in analysis, provide insights and act on those opportunities.
Social listening provides brands a chance to track, analyse, and answer to conversations about them on social media.
Social listening is the process of monitoring your brand’s social media channels for any direct customer mentions/feedback of your brand or discussions regarding specific keywords, topics, competitors, or industries, followed by an analysis to realize insights and act on those areas.
Top 5 Benefits of using Social Listening tool
1.Engage with your customers
Social Listening will help you in engage with your customers directly via social channels.
For instance, a customer has tweeted about your product/service on Twitter about how much they loved your product/service, or they may need help with your product/service.
You can directly respond to such requests using social listening tool.
You can track about your competitor by using social listening tool. You can listen to what your competitors customers saying about your competitors product/service.
This insight will help you to work on your product/service, and how to manage your customers.
3.Identify pain points
Social Media listening provides an opportunity in understanding your customers pain points, and their challenges with your product/service.
By using this insight, you can tweak your existing product or add new feature to the existing product. You can also improve your customer experience by responding to their pain points and challenges.
4.Increase Customer Retention
According to Sprout Social, 83% of respondents like when brands respond to questions, and 68% like when brands join conversations.
Being responsive on social media clearly makes a difference; after all, 48% of customers make a purchase with a brand who is responsive to its customers and prospects on social media. It helps you in increasing your customer retention.
5.Find Sales Leads
When a potential prospect asks about a product/service that they are consider buying by using social listening tool, you can track such potential prospect and can approach them directly with your product/service, and convert them into customer.