Leveraging Social Intelligence for Superior Marketing StrategyAdmin
Despite today’s advanced digital era, the need for connecting socially with others remains irreplaceable. Humans are social animals and at the end of the day, and in today’s technologically advanced world, much of social interaction happens online, or digitally. The concept of social intelligence stems from the idea of efficacious social interaction and engagement. This evergreen concept has gained relevance in the business world where it can have profound impact on developing marketing strategy.
Let’s dig deeper into the nuts and bolts of social intelligence and how it influences the profits, revenue and success of marketing efforts.
Social Intelligence Ramifications for Marketing
Apart from comprehending company vision, mission, and core utility, the purpose of a brand is also to monitor its customers, ever-evolving market scenarios and competitors. The concept of social intelligence can be extrapolated to marketing as well.
Social intelligence gleaned from social media can give you the better insight about your customers. Personalized interactions can go a long way in discovering deeper levels of human personalities and customer behavior. It also can highlight pain points, that have a negative effect on customer experience with regards to products, customer service, issue resolution, etc. These can have a major impact on the business’s bottom-line, if not taken care of at the right time. Feedback on these issues can help you rectifyi issues and also tweak marketing efforts including adjusting target market, ad copy, sales message, or maybe marketing campaign and its message.
The world of social media automatically factors in when we talk about social intelligence. In recent years, most businesses, particularly the customer service department, rely heavily on various social channels. In order to resolve key issues effectively and with immediacy, listening to customers’ concerns is the key quality to serve their customers better. In other words, leveraging social intelligence adeptly means a business is tuned in to their target audience, ensuring a faster response cycle and consequently greater customer satisfaction.
There are few instances where companies have implemented social intelligence with spectacular results. Mention may be made of a UK based ecommerce firm which operated in both the US and the UK. Both these economies have diverse demographics and psychographics. They analyzed their customers in the UK and found that major proportions of their customers were students. Students were more active later in the day after school. With this knowledge, they tweaked their social media strategy which was focused more for the later part of the day. In the US, on the other hand, consumers were more interested in celebrities and events. So, the company was more concerned with celebrity endorsements and sponsorships to delight their US audience. The company was able to provide faster responses and enhanced customer engagement in UK and US markets, respectively. In both cases this improved customer loyalty.
Social intelligence is also used for competitive analysis and examining customers’ sentiment. This is basically to understand what the competitors’ customers are talking about them. Predicting competitors’ next line of action will enable advance planning and appropriate actions when the time comes. This plays a role in fine-tuning your marketing strategy leading to greater success.
For instance, a clothing company utilized social intelligence to gauge competitors’ moves and consequently learned from their mistakes by implementing sentiment analysis tool to better understand their competitors’ customers. This approach resulted in enhanced customer retention and reduced the cost of acquiring new customers.
Therefore, it is evident that businesses can accelerate their marketing efforts and drive ROI and business growth by tweaking marketing strategy with valuable insights from social intelligence.
If you’re interested in a solution that can help you develop better marketing strategy, including leveraging social media intelligence, eConnect can help you. With digital, data-driven, social intelligence, you’ll understand the pain points of your customers and how to address them. eConnect with its extensive experience with B2B, AI-driven analytics, can help you achieve improved ROI and efficiency. To learn more, please get in touch and our experts would be glad to help.