In today’s digital era, most businesses know by now that going digital is no longer a nice to have but the way forward. Technology has the ability to provide your business with real-time access to content as well as the data behind it to better monitor and understand your stakeholders.
Currently, you may be thinking that you’re monitoring all the data you possibly could be and that you’re doing a great job. You might be pulling statistics such as – (a) the number of people that visited your website during the company meeting; (b) how many retweets you had on Twitter regarding your company update; (c) or even how many comments came in for marketing your upcoming conference on Facebook. If you have been nodding with agreement to all these above points, you have been practicing digital monitoring, but have you also heard of social listening?
What is Social Listening?
There is a very thin line between digital monitoring and social listening. We often confuse them and use them interchangeably, as defined by unionmetrics. Social listening often surpasses the stage of monitoring digital conversations about your business directly and instead, is more like a ‘birds eye view’ level of extracting key insights between your business and your stakeholders that could be actionable to your overall strategy. CEO at Networked Insights, Dan Neely, states: “Monitoring sees trees; Listening sees a forest”. These conversations can be held over events, industry conferences, virtual meetings, staff trainings, sales presentations, and more.
“We are surrounded by data, but starved for insights”
– Jay Baer
What are the benefits of social listening?
Social listening provides insights that will help your business to understand stakeholders’ in-depth thoughts as a whole. This could be through questions that are asked during a meeting or responses to a poll asked before a presentation. These key insights can influence change to strategic business decisions that the organization may or may not already have in place.
Example: The marketing team for a Top 10 Pharmaceutical company used insights generated by Duuzra from a large, quarterly medical conference. Insights included data on the average time spent on individual documents and presentations, survey results produced after each speaker session, and post event feedback to determine the agenda for their next quarter’s conference so that it would appeal to their stakeholders.
In such instance, instead of just monitoring data and analytics on its own, the Pharmaceutical company translated the information produced during their live event into beneficial data that allowed them to understand their stakeholders better. This (Social Listening) when done right, allows you to be able to craft dialogs and conversations that will be more likely to resonate with your stakeholders. It also gives your team the insight and empowerment to make strategic decisions to best benefit the business moving forward.
“Get closer than ever to your customers.
So close, in fact, that you tell them what they need well before they realize it themselves.”
– Steve Jobs
Social Listening also enables businesses to understand how to benchmark against competitors. Your team may also be able to look beyond the existing and easily trackable information by extracting insights to identify what your business may be lacking compared to competitors.
Example: A financial asset management firm generates insights at their live events using various Duuzra features – such as the combination of polls, surveys and Q&A – to aid in generating extensive insights. These insights enable them to benchmark themselves against industry standards, or occasionally against competitors, to note if they are doing well or falling short.
It’s important to put the obtained data and analytics to good use, as they can often help your business in many ways, such as understanding industry standards from your stakeholders’ perspective, customer retention, and even determining or influencing your stakeholders on market/industry trends. This leads us to appreciate the fact that businesses are often only able to influence their stakeholders when they truly understand them, and the best way to understand your stakeholders is to communicate with them – either directly or indirectly. Social Listening enables businesses to generate insights through the process of analyzing their stakeholder’s footprints, in this instance, and obtain an accurate picture of their thoughts.
We’d like to note that there is a clear distinction between businesses feeling like they understand their stakeholders and their stakeholders feeling understood. We hope that you are able to practice social listening within your business to get closer with your stakeholders, just like our clients around the globe who are on this journey with us. Feel free to contact us if you want to learn more about how Duuzra can help you with your social listening.