Social Media Monitoring
Social Media Monitoring provides a number of features that are extremely
helpful to a brand manager, but at the same time one is always worried about
the returns on using the tool. As the returns of the monitoring tools is not
directly related to the revenue generated by the brand, it becomes a bit
difficult to calculate the appropriate budget for using it.
Further, there are still mixed opinions about the success of social media
domain as a whole for brand marketing, let alone the online monitoring
practices that are fairly new in the field. But off late, we have observed a lot
of change in the approach of brands towards social media marketing tools as
they are getting more and more influenced by the success stories of other
Here are some points to give an idea of the returns from return on investment
from a monitoring tool
1. Find new customers online
Effective search for valuable customers can be easily done using the social
media monitoring tool. For instance, If you are selling a $100 marketing
software and are able to get 100 leads and 10 customers monthly using the
monitoring tool, it converts to $1000/mo using the tool. Now thats a good
deal considering that you would have invested a lot generating those leads
through another means.
2. Customer complaints and feedback
The cost of retaining an existing customer is far less than acquiring a new one.
Once you know why you are losing some of your valuable customers you can
easily look into the issue and help solve it. Reports suggest that 90% of
dissatisfied customers will not purchase again from you but they will also
spread the negative word around dissuading others from using your
product. Social Media Monitoring tool will help you track down such users
and their problems on the web which can then be sorted out.
3. Brand propagation
Not only the brand manager can track their competitors using monitoring
tools but also websites, bloggers and reviewers who are writing about
products like theirs. One can then contact these bloggers to review their
product and feature them. This can help in getting a widespread reach of your
brand and exposure to a much bigger visitor base.
4. IPR issues
A company is always worried about the issues of infringement or
brand/product piracy. Considering the lax attitude in some countries, it is very
easy for any firm to copy the brand name or product of a major brand and sell
an inferior product in its name. Online monitoring helps in tracking any such
product or its mention over the web. One can then easily track them down
and take legal action against them.
5. Strategy development
Once one knows the kind of products and services that are trending in the
industry one can develop a product that will be able to cater to the current
demand of the market. Being different is good but being totally irrelevant
isn’t. Monitoring enables you to track down the current trends and provides
you with insights that will help you build a product that can get you better
returns on all the funds invested by you.
source : http://www.socialappshq.com/blog/2013/10/21/roi-of-social-media-monitoring/