Media monitoring, social media monitoring, social listening and other terms have been marketing buzzwords for quite a while now.
What’s the deal? Media monitoring tools (like Mediatoolkit) provide marketers with information necessary to improve their performance. They enable marketers to:
- Track all the relevant mentions of a particular keyword (company, brand name, industry, competitors, etc.) on websites and social media
- Generate quick and precise reports on the share of voice of the brand and its competitors
- Provide real-time alerts about the information you’re interested in.
The features are clear, but what are the benefits of media monitoring? In addition to helping marketers get valuable data, media monitoring can have a positive impact on actual sales.
How can media monitoring impact sales?
To determine this, we first need to look at a term called “attribution model”:
An attribution model is the rule, or a set of rules, that determines how credit for sales and conversions is assigned to touchpoints in conversion paths.
There’s plenty of attribution models. From last click attribution providing the whole conversion credit to the last user interaction, the first click attribution providing it all to the first contact or linear attribution model sharing the credit along the whole conversion funnel.
Various attribution models have their advantages and disadvantages, but what all the models agree on is that sales is a process.
True, some highlight the last moment or click in buying, some find it that the sale was a given from the introduction, but nevertheless it’s always a journey. Now it’s up to a marketer to see which stops of the journey can be enhanced.
With online media monitoring providing relevant information that directly influences business decisions, it’s vital for it to provide a measurable impact on key goals. To accomplish that, it’s necessary to make a detailed work analysis and set key touch points for your sales – a funnel.
An often-used funnel is the RACE model. It consists of 4 phases – Reach, Act, Convert and Engage. No matter the phase, a marketer/media monitoring enthusiast will enrich it with the data media monitoring provides.
Reaching out to the right audience
The millennia-old question is where to promote your product. It started with a search for the most influential caveman to promote a wheel. – True story.
Today, the search for influencers doesn’t include the danger of getting clubbed. But you still get a headache from trying to find the right way to find sales prospects.
Whether by targeting them through social networks, getting influencers to write about your business or creating amazing content, the goal is to introduce yourself and your product.
Media monitoring helps you find a place where you can introduce yourself to your desired customers. By setting up an account for industry news, you can find social media influencers, bloggers and such to contact and affiliate with. Having their content delivered as soon as it’s published will help you react on time and improve chances of future collaboration.
Furthermore, by constantly monitoring news from the niche, you’ll also be the first to get to know about new websites, forums and blogs relevant for your business.
If you managed to reach a potential lead, the chances are competitors did too. It’s not a big deal, doing business is all about competing.
To emerge victorious in prospecting, it’s important to keep tabs on what the competitors are doing and do it better by responding quickly and effectively.
Marketing helps you send the message you want. But to be quick, you need a constant information flow about what others are doing.
Media monitoring enables you to get real-time alerts on competitors’ business, making it impossible to be caught unprepared by their special offers and marketing campaigns. If you respond properly, a prospect reached by both you and your competitor will end up becoming your sales lead.
Converting with substance
More often than not, potential buyers look up ratings in various forums or on social networks.
Those prospects aren’t really looking at the info a company would provide, but at real life consumers reviews to which they can relate and to users who use the product or service the way they would.
That data is what usually gives them that last push towards either buying or giving up. Media monitoring tools allow a marketer to find out about any new mentions online and provide quick responses to make sure the data stays positive.
Negative comments can’t be avoided, but their future impact can be diminished if you respond to them quickly. What happens if a potential customer sees your reply immediately after the complaint was made? It tones down the negativity, shows you value a customer, and brings a potential buyer closer.
Engagement is putting a ring on it
Keeping track of negative comments is also vital for keeping your customers and lowering the churn risk.
Some users don’t have the time nor patience to go through complaints the regular way, but will just ask for advice on alternative solutions from their social networks audience. It’s where you can jump in and, instead of losing a customer, provide a solution.
This way you can not only keep a customer but sometimes even upsell your product Never forget that just by adding a simple “would you like fries with that” question McDonald’s significantly raised their profits. Every interaction matters.
Upselling and keeping customers is the main point of every successful business. By monitoring what customers have to say about a company, it’s easier to get in touch, provide solutions and finish your consumer journey with a happily ever after.
Wish to know more about media monitoring? Try it out for free and track all of your mentions.
Create detailed exports, measure your online media activities and explore relevant data behind every mention.