Social media monitoring is important to your brand for a number of reasons – not least of which is keeping a close eye on brand health. But if you’re only focusing on your brand, you’re actually doing it wrong. Here’s why.
Your Brand Doesn’t Exist in a Vacuum
Trends in your entire category and/or industry can impact your brand – but if your focus doesn’t extend that far, you’ll miss those insights. It’s great if your fans love your products and customer experience. But it’s also great if you’re aware of your brand’s own failings and are working to do better.
But it’s not just about your brand. You can learn even more by paying attention to what other brands do – and then doing it better. Don’t just solve your own customer service issues – solve an industry-wide one.
You can also avoid costly mistakes by learning from how other brands are faring with marketing campaigns, product offerings, and more.
NH mom Dahlia Resik was reminded via social media of the hassle of getting young children into a car seat without a coat – which is a safety issue due to winter coats’ typical puffiness. Responding to an issue affecting the market, she created a carseat-friendly coat and started the company Buckle Me Baby Coats.
How many children’s apparel brands are wishing they’d paid attention beyond “the awesome (and meaningless) engagement their brand is getting on social” and solved this problem first?
Your Audience Isn’t Just Yours
Regardless of the competitive distinctions you work to maintain, you and your competitors have one major thing in common: your audience. At the macro level, you want to reach the same people, and that may apply at the micro (segment) level too.
If you limit your social monitoring to the social channels your own brand is active on, you’re limiting potential connections with new fans. Wherever your competitors are spending time is worth exploring and understanding. Undiscovered segments can be anywhere.
Maybe you won’t decide you have to be on Reddit in the end, but you can’t just assume there’s no value to the channel without any research. And you need to check in regularly to stay on top of it, so might as well get familiar now!
You’re Missing Valuable Intel and Opportunities
Some information shared by social consumers may never mention your brand – but that doesn’t mean it isn’t meant for you. Ideas for new products, solutions to industry or category problems, and more are often shared online by consumers just hoping brands will take them seriously.
If you’re only analyzing mentions of your brand, you’re handing these valuable possibilities to your competitors.
The idea is to find inspiration from that larger audience so you can offer them something that makes them yours. It worked for Buffalo Wild Wings – who created a pumpkin spice wing sauce based on consumer interest.
You’re Never Caught Off Guard
When a competing campaign is going like gangbusters, it’s important to know that. What is the appeal? What are consumers responding to? You’ve got to be aware, and also analyze your own audience segments to see where they stand on the matter.
Just as important to pay attention to are the challenger brands you otherwise wouldn’t realize are competitors until it’s too late. In the digital age, there’s no such thing as “too small to be a threat.” You can’t assume your brand is secure in its place in the market just because it always has been. Losing customers because you got too comfortable stings worse than pumpkin spice sauce finding its way into a cut on your lip!
Challenger brands like Stance wield social influence like weapons against larger brands like Nike and Adidas – and succeed due to the passion of their fans. And also due to larger brands not seeing them coming. Stealthy.
With social monitoring at your disposal, there’s no excuse for being surprised in this way though. And you can even take it a step further and partner with a challenger brand – so their passionate fans can fall in love with your brand as well. It worked for Kia. It’s working for BODYARMOR. And it can work for you.
But you have to be in the know. Do social monitoring “right” and you always will be. Your brand isn’t the center of the online universe, so stop thinking it is and get your insight in check!
Want to see our social monitoring tools in action? Reach out and we’ll walk you through a customized demo.