In the past couple of years, several retailers have demonstrated a significant increase in their revenues by connecting with customers online and ensuring active social media presence. Social media monitoring services can help companies in the retail industry to increase sales, enhance customer satisfaction, and also personalize their marketing campaigns. The urge to interact with customers in a more meaningful way and build better brand loyalty are promoting the use of social media monitoring services and tools among modern retailers. Based on our experience in helping several retailers set up their social media monitoring strategies, we have listed out some of the key benefits that retailers can gain using social media monitoring services.
Why retail companies need to use social media monitoring
Retail industry is evolving
According to our latest retail industry analysis, the sector is evolving faster than ever before. And internet and social media platforms play a significant role in contributing to this growth. In fact, social media is expected to account for almost 15% of the total retail sales by 2020. To keep pace with the changing market scenario and track what consumers are talking about the brand, social media monitoring tools are vital.
Rising market competition
Retail is also one of the most competitive sectors in the world right now. The chances of survival and success in such highly competitive markets solely depends on a company’s ability to differentiate themselves among other players in the market. Moreover, more players in the market may mean risk of losing out on market share, but it also gives brands an opportunity to learn from their competition, and this can be effectively done with the help of social media monitoring services.
Changing customer demands
Before the era of the internet, brands spoke, and the consumers listened. Things have changed ever since the internet and social media have become the part and parcel of the average consumers’ daily lives. There are now millions of conversations about brands happening on social media every day. What this means is that there could be thousands of relevant conversations about a particular brand happening right now, and there are chances that they have no clue about it. This where the power of social media monitoring services comes into play.
Benefits of social media monitoring services for retailers
Enhanced social listening
Social listening refers to listening and understanding what your target customers are talking about you. By using social media monitoring services, retailers can measure and analyze their audience and identify the gaps in their offering when compared to customer expectations. Social media monitoring services also gives valuable insights on what customers are talking about a brand(good/bad) by monitoring the brand mentions on social media platforms.
Better customer interactions
Excellent customer service is one of the keys to success for any modern retailer. For becoming more approachable to customers, retailers must consider every avenue of communication. In most cases, the social messages to brands get ignored because retailers often find it difficult to filter out and cater to the concerns of every message that they have received. Social media monitoring services help brands to become more approachable by tracking customer interactions and enquiries faster.
Discovering engagement opportunities
One of the most relevant benefits of social media monitoring services in retail is to discover more opportunities to engage with the target customers. For retailers, this means that they need to focus more on incoming brand-relevant messages, irrespective of whether they have been mentioned directly or not. These messages are also a key to providing exceptional customer experience.
Interact with top brand advocates and customers
Brand advocates are vital in promoting products and driving greater engagements in smaller pockets of the market. Using social media monitoring services, retail companies can easily interact with influencers and brand advocates to move the engagement needle. Furthermore, monitoring interactions and conversations from key customers can provide valuable instances of ways to include them in the marketing efforts of the company.