More importantly, what can it do for you?

The world is a stage and everybody is talking. Social Media is a platform that allows individuals to talk and share their lives. And talking they are. Millions of conversations, tweets, chats and texts are bouncing about the internet daily. Online searches, comments and emails are flying around at the rate of millions an hour. As marketers and entrepreneurs it is our job to listen to what people are saying, anticipate their problems and provide solutions.

But, if everyone is talking at the same time, how can we ever parse meaningful conversations out of the crowd? Picture Social Media monitoring like a boom mike at a football game. Able to pick up any noise and sound within a tiny beam where it is aimed. Suddenly the voice of the quarterback is heard above the din of the stadium and a much clearer picture of the play becomes apparent.

A discussion of the many tools available, (ie. a comparison of microphones) is beyond the scope of this post. There are hundreds of companies out there offering dashboards, tools and software to make the job of listening in on the conversation easier and faster. Each one has it’s advantages and costs – and perhaps over time some clear winners will emerge.

For now, let’s keep the discussion focused on three things that an Advanced Social Media Monitoring system can do for you, the entrepreneur.

It’s in Real-Time and Relevant:

• Unlike more traditional data analytics, social media monitoring can reflect real-time consumer preferences, sentiment and intention.
• The immediacy and personal nature of social conversations make it unlike any other form of data. This can present its own challenges and unique perspective on consumer behavior.
• It reflects what matters to individuals today, in fact – right now.

It Saves you Money:

• Setting up a Monitoring system will help you focus your Social Media/Online efforts.
• Get on top of discouraging or bad public relations and other media before it becomes an expensive PR nightmare.
• It allows you to track what you are doing in the Social Media space, (and in other places as well) to quickly let you know what is and isn’t working.

It gives you an Advantage in the Marketplace:

• Knowing what your competitors’ customers are having issues with before they do? Priceless.
• Looking for a new product or service expansion doesn’t have to be a guess. You can gather ideas directly from the marketplace.

Welcome to the 21st century – where time to market can be more important than the product or service itself. If speed is more important than polish, Social Media Monitoring is your nitro boost.

A.