Boost your profits with social monitoring

As a social marketing consultant and instructor of social marketing at Northwestern, I am surprised how many of my clients and students are unaware of social monitoring and how it can impact your bottom line profits.  When you think about it, every minute of every day social networks are talking about you, your competition, your products & services, your customer service and every other aspect of your company.  Sometime it is an honest and realistic conversation…other times it isn’t.  The risk is, if you don’t know, you can miss major marketing opportunities or -worst yet – not detect a potential crisis coming your way.

Social monitoring software monitors these social networks – Facebook, Twitter, LinkedIn, bloggers, news aggregators [Huffington Post, etc.] and other sources- in real time to extract key topics related to your company and your competitors.  It uses sophisticated language analysis software to determine what is being discussed, where the discussion is positive or negative, and if it involves something you are monitoring.  If so, it presents it to you for analysis.  What is amazing is this all occurs in seconds so you can see and monitor conversations as they are happening.  And – better yet – some of this software is free.

 Because social monitoring software is new to many business owners and marketing managers, I developed a short, 5 minute video demonstrating the marketing capabilities of social monitoring software and give you several free tools you can use to improve your marketing knowledge of your company and your competition today.  

While the free software can give you some insights into the power of social monitoring, you can gain key competitive advantages with a more indepth analysis with a Social EKG from Marketing Synergy.  One of the advantages of using more powerful software is it can be custom tailored for your specific products, competitors, and markets.  In using the free software, you will note most of the discussions are neutral.  This is because these free systems are not tailored to you.   In addition, they cannot be used to look back in time to see shifts in the markets or identify trends in the marketplace.  This can only be done with more powerful software and data suppliers who have captured and stored the data relevant to you and your company.

With a more indepth social monitoring program like our Social EKG, your company can:

  • Determine the topics social networks are discussing about your and your products – and if that conversation is positive or negative
  • Evaluate what they are saying about your competition and how you compare
  • Identify the super connectors or influential bloggers who are critical sources of expertise for the community
  • Determine rising topic trends to best position your company as a solution to their new needs
  • Examine competitive position and topic trends over time to see the impact of both social and traditional marketing programs on the social chatter
  • Develop word clouds to determine the terms being used by your customers and prospects and identify where these discussions are taking place
  • And more

If you want to learn more about social monitoring solutions like our Social EKG or have questions about the video, please feel free to send me an email to info@msinetwork.com.  Social media is rapidly developing and you owe it to yourself to learn more about how monitoring the social conversation can help you stay ahead of the competition and better understand your high value customers and prospects.

If you like this blog, please re-tweet it to your friends.  Also, visit my blog at http://www.msinetwork.com/blog/ where you can sign up for my periodic blogs on social and integrated marketing.

Randy Hlavac is a 21 year instructor of integrated marketing in the Medill IMC [Integrated Marketing Communications] program at Northwestern University.  He is also CEO of Marketing Synergy and is a member of the Board of the CADM [Chicago Association of Direct Marketing].  Randy is an active speaker on social and integrated marketing and is currently working on a book on Social ROI – Social Marketing with Bottom-line Impact.

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Randy Hlavac
Randy Hlavac is a marketing futurist who – since 1990 – has worked to integrate new technologies into the marketing strategies & tactics of B2B and B2C companies.

May 2012
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