The value of social listening has risen in recent years. But why is that?
With the current state of many industries, including the financial and wealth management sector, financial planners and wealth managers cannot just throw out farmed material to their followers and expect them to engage with them on social media any more readily. Fortunately, there is Social Listening.
Specifically, financial advisors and wealth managers can learn what their clients are talking about, what they believe, how they feel, and what they need from by using social listening.
Financial management professionals who do not have a social listening plan in place are missing out on some of the most useful data available to help them grow their businesses.
Continue reading to find out more.
Defining Social Listening
Tracking mentions and conversations about your brand on social media sites, then evaluating them for insights to find opportunities to act, is known as social listening.
In a nutshell, social listening is a two-step process:
● Step 1: Keep an eye on social media for mentions of your brand, competitors, products, and business-related keywords.
● Step 2: Examine the data for ways to put what you have found out into practice. It could be as simple as reacting to a satisfied consumer or as complex as changing your entire brand positioning.
Why Should Your Financial Management Firm Leverage Social Listening?
To be perfectly candid, financial management firms construct their marketing and positioning strategy with blinders on if they do not actively listen to conversations across the Internet. Online, real people may be actively discussing your brand and industry. Thus, it is in your best interests to find out what they are saying. You can best do so by incorporating software such as Mention, sprinklr, or Awario, and ultimately, putting up a foolproof Social Listening Strategy.
Here are some of the ways social listening can benefit your financial management business:
Industry and Competitor Intelligence
Social listening entails more than just listening to what others say about your firm. You will also want to find out what they have to say about your competition and the industry as a whole. This intelligence provides crucial information about your place in the industry.
Interact and Understand your Audience
Listening to your audience on social media might help you better grasp what they want from your company. An established customer, for example, might tweet about how much they enjoy your financial services. Alternatively, you might encounter a conversation where people are looking for solutions that your service can provide.
Prevent Crises before they Occur
You can track sentiment in real-time with social listening, so you will know right away if there has been a major shift in how much people are talking about you or the tone behind what they say.
It works as an early warning system, alerting you to positive shifts in how your brand gets regarded online. Ultimately, those lessons and insights can aid in the development of your multi-channel approach.
Using social listening, your team will understand how you compare to your direct and indirect competitors. Your insights team will be able to look beyond market share to discover competitors and understand where your company falls behind in other areas of the business, such as customer service, customer retention, reputation, and other characteristics, with this data at their fingertips.
Ultimately, social listening is likely to improve the customer experience; you may utilize the data to make strategic business changes.