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How do customers perceive your brand?
Some business owners don’t even think about it. Some might ask, “Why monitor your brand, even?” Regardless, this is a question you need to have the answer to. The perceptions of your target audience greatly affect your business not just from a marketing perspective, but also from an operational one.
Without proper brand monitoring, you can lose the interest of your customers and find your business losing relevance in the industry you dream being the leader of. Failing to track your brand’s online reputation could wash your efforts of growing a business down the drain.
Brand Monitoring 101
Let us first define brand monitoring, which other marketers call social media listening or web monitoring. In a nutshell, it pertains to all efforts to assess your online presence and manage your reputation on social media and across the web. It involves the use of certain keywords to track your brand’s mentions in tweets, posts, and reviews. From all this information, companies can take the necessary actions to address a PR crisis, engage a certain demographic of the audience, or even retarget marketing efforts.
So, why monitor your brand on a daily basis? Here are some excellent reasons for it:
1. Improving Products/Services
Advertising efforts can only go so far. No matter how engaging your latest ad is, it might not be enough to keep the business growing if the product is bad. Customers always look for the best, and if you cannot provide that, you are losing market share to another competitor. This is where brand monitoring comes in handy.
Keeping an eye out for brand mentions on social media allows you to collect feedback on your product or service without having to ask for it.
From the reviews social media users write, you can assess which reviews are valid and use these to develop a newer version of the product that addresses the shortcomings of the former. It also provides a great way to gauge how your product fares with the rest of the competition and a method to assess the success of live events like product launches.
2. Retaining Customers
What separates a good business from a great one is that great businesses retain their customers. You can draw in thousands of paying customers, but if you are unable to keep them around after a single sale, something is wrong with your strategy. Moreover, it’s simply wasteful spending on customer acquisition without getting the most value out of it. A loyal, satisfied, and paying customer base is what sustains your business’s revenue – never forget that.
In the case of brand monitoring, it helps in this regard by allowing companies to engage with their audience. Lots of free brand monitoring tools can easily track mentions of your brand, especially those that contain inquiries about what you offer. Siteoscope, for instance, provides you with the latest mentions of your brand along with links to these.
From there, it becomes much easier to respond to queries. It also opens up the opportunity to spot potentially unhappy customers and gives you the chance to prevent them from switching to a different brand.
In short, daily brand monitoring could lead to better customer service, and a good customer experience is enough to make them pay for what you offer again.
3. Refining Marketing
Marketing is all about sending the right message to the right group of people. If you create an ad copy that perfectly fits your target demographic, you can count on that ad to do well practically all the time. To succeed in this, businesses need customer information – something that brand monitoring sufficiently provides.
In Siteoscope, you can add filters to refine your brand mentions, so you can easily track and view what your customers are likely to type in their queries.
When you monitor your brand daily, you can better understand the interests of your customers, the public figures they look up to (whom you may tap as influencers), and monitor trends that are a hit to them. With all these data, it becomes easier to create ads that have an impact on your target audience.
4. Boosting Sales
Why monitor your brand? Because doing so can lead to a major boost in sales, especially through lead generation. When a customer plans to buy a product, one of the first things they do is look for more information about it.
Customers would search for specifications, compare prices, and look for discounted deals. They also tend to ask around on social media for feedback on that product. Some would crowdsource their information across multiple social channels. These posts on social media are sales opportunities.
Additionally, tracking your brand mentions online makes it easier for your team to steer potential customers away from your competitors and bring them closer to you.
Good brands are those that are able to understand and connect with their audience. With regular and proper brand monitoring, you too can become one of those. Track your brand, evaluate your online presence and reputation, and you will see a significant improvement in your profits and in your growth.