First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Communication
Get Insights

Get monthly ideas delivered right to your inbox.

Subscribe for Insights

For Your Small Business Robin Landa September 4, 2024

5 Strategies for Effective Social Listening to Understand Customers and Refine Your Brand

In the past, brands had complete control over their image. However, thanks to social media and online reviews, consumers now play a significant role in shaping brand perception.

Understanding your audience's needs, preferences, and feedback through social media listening is crucial for making informed business decisions. Social listening involves tracking online conversations about your brand, industry and competitors to gain valuable insights. By monitoring brand mentions, customer feedback and competitor activity on social media, you can refine your brand and enhance your marketing strategies. Here are five strategies for small business owners to engage in effective social media listening.

1. What you need to know

Start by defining your objectives--whether it's understanding industry trends, gauging consumer sentiment or identifying emerging topics. Determine which demographics, psychographics, and platforms (such as Reddit, Instagram, TikTok, LinkedIn or X) are most relevant to your goals.

2. Feel it out

Collect data on mentions, shares, comments, and likes related to specific topics or hashtags. Use sentiment analysis to evaluate social media content--such as reviews, tweets, posts, and discussions--to assess the emotional tone, classifying it as positive, negative, or neutral. This process can reveal insights into public perception and attitudes.

Identify the platforms where your customers and target audience are most active. By tracking and evaluating mentions of your brand, competitors and industry topics, you can get a comprehensive view of your audience's sentiment. Analyze the sentiment surrounding discussions to understand public opinion. Consider the following:

  • Positive Sentiment: Are people leaving positive comments about your brand? What aspects are they highlighting? What are they saying about your competitors? Are they sharing your content? Insights into your audience are vital to share-worthy advertising and storytelling.
  • Negative Sentiment: Are there negative opinions about your brand? What specific issues or objections are being raised? What criticisms are being directed at your competitors?
  • Pain Points: What common challenges or frustrations are mentioned by your audience?
  • Popularity: How frequently are your brand, competitors' brands, and relevant keywords discussed on social media?

When selecting a social media sentiment tool, ensure it aligns with your business goals by assessing its features, cost, and ease of use.

3. Be in tune

Staying current is essential as opinions and trends evolve rapidly on platforms such as TikTok, Instagram, and Reddit. Track trending hashtags and keywords. Use tools to spot what's gaining traction. Identify key influencers, creators or thought leaders driving conversations and setting trends. Important actions include:

  • Keep track: Monitor relevant hashtags and keywords to stay informed about discussions related to your industry and brand.
  • Identify trends: Analyze trends to determine what your audience finds most engaging or valuable.
  • Stay updated: Continuously monitor emerging topics and social media channels to stay ahead and in touch.
  • Influencers: Identify social media profiles discussing your brand or competitors' brands, and analyze their audience demographics and psychographics.
  • Creators: Identify individuals who create and share content in your sector across social media platforms.
  • Social media polls: Use poll features on platforms such as Instagram Stories and Facebook to gather insights.

4. Engage directly with your audience

Engaging with your audience builds strong emotional connections, making your brand more salient and encouraging customer interest.

  • Respond to comments and messages: Actively and politely respond to comments, questions and direct messages. This not only builds relationships but also provides direct feedback.
  • Join conversations: Participate in discussions where your brand or related topics are being talked about.
  • Live Q&A: Host live sessions on platforms such as Instagram Live, Facebook Live or LinkedIn Live to interact directly with your audience and receive immediate feedback.
  • Webinars and AMAs: Conduct webinars and Ask Me Anything (AMA) sessions to engage with your audience in real time.
  • Social Media and networking groups: Join Facebook Groups, Reddit, LinkedIn Groups, or other online communities relevant to your industry.
  • Forums and discussion boards: Engage in forums such Reddit or Quora to learn about the questions and concerns people have about your industry.
  • Feedback loop: Implement a feedback loop where you regularly review audience feedback and make necessary adjustments to your strategies.

5. Monitor competitors

Observe what your competitors are doing and how their audience is reacting. This can provide insights into what works well and what doesn't in your industry.

By consistently applying these strategies, you can stay in tune with your audience's needs and preferences, allowing you to make informed decisions that enhance your business and strengthen your relationship with your customers.

Connect with an Old National Small Business Banker for more insights to help your business grow.

This article was written by Robin Landa from Inc. and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.

Subscribe for Insights

Subscribe