Finding Insights and Trends: how social listening and social prediction technologies help Brands

It provides an inexhaustible source of useful information for developing the company

Through social listening, you get first-hand information from your customers. Comments posted online are more honest than responses to company surveys for improving product quality.

Negative reviews become more valuable. In addition to criticism, often undeserved, you can track trends that will help you improve the quality of your service. You will be able to better understand the needs of your customers and find out what they expect from you.

Social prediction helps not only to find existing trends but also to assess how tenacious they will be.

For example, VISA develops products for different target audience groups. In order to understand how to create services for different consumer categories, the company analyzes data from social networks. Small business owners' accounts and Twitter posts were reviewed to identify the needs of that audience. The information has been used to improve offers and products for entrepreneurs.

You reduce reputational risks

Using social listening tools, you not only track the main trends on the Internet but also react to negative events in time, thereby maintaining your positive reputation. If you solve a person's problem promptly and set them up in a positive way, you can turn a dissatisfied client into a loyal one.

In addition, Twitter research has shown that by answering consumer questions and solving their problems, companies increase audience loyalty and sales. On average, a customer satisfied with the brand's response is willing to spend 3-20% more in the future on purchasing goods at an average cost.

Social media monitoring helps you entice customers

You can track upheaval in all companies, not just direct competitors. An example would be the story of the owner of a cat named Victor, whom they wanted to take in the cabin of the Russian airline Aeroflot. In response to the passenger's approach, the airline deprived them of all privileges. This situation caused a lot of negativity online, and other companies took advantage. Citymobil offered the “victim”compensation for the loss of miles with taxi rides, and the Eldorado network presented loyalty program bonuses.

Social media monitoring helps you entice customers

Demand monitoring was at one time considered a “thankless” task, as long-term forecasts were often wrong. You can get useful data by tracking changes in audience preferences and analyzing previous experience. Therefore, marketers must study huge amounts of information in order to make correct predictions.

Unfortunately, the business world is full of stories of companies that have suffered losses due to inaccurate forecasts. For example, in the 1990s, a surge in demand for corporate computers was expected. In 1984, manufacturers offered over 60 business PC options. Experts predicted that in 1988, 27 million models will be purchased. But two years before date X, only 15 million units were bought, and many companies changed industries or even ceased to exist.

The reason for the mistake was that experts assumed that demand would be consistent and audience interests would not change.

Depending on your industry, monitor the demand for goods on social media and on major retail websites. This allows you to analyze existing popular trends and catch future trends. Of course, when a product is upgraded, there is always a risk that at the time it goes to market, mainstream interests will change. But without this, you may lose consumers who prefer you to competitors.