Social Equity: Social Media Monitoring

How can social media monitoring generate Social Equity for your business?

Keeping an eye open for brand, competitor and industry news mentions is certainly a helpful practice, but you might be surprised to find out that social media monitoring also generates significant Social Equity for your business!

The ability to track news and stories as they are evolving opens up the opportunity to share content when it is at its most relevant to an engaged audience. This phenomenon also lends its hand to Social Care, the Social Equity of which was discussed here, and provides a first mover advantage, which, as we all know, can be highly beneficial to business.

Let’s take a look at how value is added to your business from social media monitoring.

Engagement

By monitoring your brand, competitors and the industry as a whole, you have the ability to pick up on conversations that you may not have even known were taking place.

Imagine monitoring your competition and finding that a significant proportion of the conversation is negative. By engaging with these users in real-time you have an ability to convert leads that may not have even known they were leads yet.

With regards to Social Care, social media monitoring allows you to monitor your brand and prevent issues from spiralling out of control. By engaging with users speaking negatively about your brand and addressing their issues, you prevent said issues from escalating beyond your control.

First Mover Advantage

In the field of Economics, the ability to capitalize on a market before anyone else has is among the greatest advantages. Social media monitoring provides this kind of value.

The ability to watch industry conversations and analyze trends gives rise to opportunities never before made available in business. Tailoring your strategies and marketing efforts to the observed discussions allows your brand to preempt major (or even minor) changes in preferences as opposed to making said changes in a reactionary way. The value this can have both in the short and long run is virtually unsurpassed.

Social media monitoring can be an exceptionally powerful activity, yet so few brands are properly taking advantage of it.

Are you monitoring your brand, competition and industry conversations on social media? Tell us in the comments below or on Twitter!