A Social Listening Strategy Pre And Post Crisis Management - evalmyBRAND

A Social Listening Strategy To Pre And Post Crisis Management

Worldwide, the pandemic has hurt the global economy and presented significant challenges to businesses of all sizes.

Some industries, such as retail and hospitality, have been particularly hard hit. On the other
hand, some businesses, particularly those in the technology and e-commerce sectors, have
thrived during the pandemic as people have turned to online shopping and remote work.

The COVID-19 pandemic has led to a significant increase in the use of social media and
online sales platforms as more people turn to the internet for communication, entertainment, and shopping while they are confined to their homes.

Few businesses converted the crisis into an opportunity and took advantage of online
channels for sales and customer support. Pretty soon, online conversations skyrocketed,
creating challenges for businesses in tracking them and satisfying customers’ expectations.
However, real-time feedback from social listening platforms aided businesses in better
listening to and responding to customers. Social listening, also referred to as social media
listening, is the process of identifying and assessing what is being said about a company,
individual, product, or brand on the internet.

Addressing The Crisis Through Actions

According to a poll by Gartner in March 2020, in researching the actions taken by
businesses in response to the covid-19 crisis, marketers pulled out all the stops to remedy
the market situation, from developing scenarios for planning purposes to deploying listening
tools. With social listening platforms, brands can gain actionable insights to make quick and
effective business decisions from their online conversations. Data collection is primarily to
gain powerful insights.

Gartner, the senior director analyst for Marketers, quoted:
“One key element of effectively building and planning scenarios is data,”

He further asserted that “marketing leaders look to data and analytics teams to offer insight
into current trends and uncertainties to avoid making errors in decision-making and help
chart a clear way forward.”

Furthermore, in a survey by Gartner in the “Marketing in Uncertainty” webinar in March 2020, around 51% of 215 market leaders from around the world said they used social listening platforms to understand rapidly changing consumer preferences, habits, and expectations.

Certainly, social listening is the fastest and most cost-effective way to get consumer information. Besides measuring customer sentiment, social listening can uncover new market opportunities, improve products, and analyze competitors.

The effects of doing business online

Businesses subsequently filled the void in customer engagement created by the crisis by
using online platforms for people to connect and participate. This resulted in numerous
positive improvements, even in their supply chains, resulting in stronger client relationships
and a significant reduction in B2B enterprises’ sales costs.

According to Mckinsey’s report, marketers preferred digital over traditional channels regarding supplier research. Websites of suppliers, online resources from them, and live chats were rated as the most valuable resources.

The cloud-based social listening technology is expected to be in high demand in the near future too. According to Mordor Intelligence, the social media listening industry is predicted to develop at a compound annual growth rate (CAGR) of 11.48% between 2018 and 2028. The rise in social media users primarily drives the market, and this trend is anticipated to continue.

Conclusion

Lastly, social listening is an essential component of branding success. The technology allows brands to stay in touch with their customers from the moment they identify a crisis until it is resolved. Businesses can benefit along with the social listening platforms by better understanding their needs, ultimately leading to improved customer satisfaction and increased brand loyalty.