Ivan Marchant, Vice President of Sales for Comscore in Mexico, Peru and Central America explains that Social Media is much more than a Marketing tool. They have become a major factor in business and decision making.
By Ivan Marchant, Vice President of Sales for Comscore in Mexico, Peru and Central America
According to a recent study by Corporate Excellence, a Spanish non-profit organization dedicated to the investigation of the intangible assets of organizations, the companies with the best reputations achieve that 70% of customers recommend their products and services to friends and relatives. Good reviews, adds the report, can account for 80% of the value of companies’ intangible assets.
In this context, is it possible to measure the reputation of a brand? The answer is yes, because digitization provided marketing with efficient tools to assess the relationships between companies and their audiences. One of the clearest examples is the Social Listening or “Social Listening” that brands have of their audiences on social networks. Today it is possible to quantify negative and positive comments, detect the most frequently mentioned words by users, evaluate the performance of campaigns between competing companies and know in detail the preferences of the public, among other data. We have reached an unprecedented level of precision.
So Social Media is much more than a Marketing or Public Relations tool. They have become a major factor in business and strategic decision making.
However, in the same way that Social Listening brings enormous advantages for companies, it also brings significant challenges. Users are empowered and can freely and openly express their opinions, whether positive or negative. At Comscore, thanks to the clients of Social Studio -social listening tool- with whom we have worked derived from the agreement we have with Salesforce, we have detected that there are three key concepts for brands that want to target effective strategies in Social Listening and establish Solid communication bridges with their digital communities:
1) Reputation is an asset that is built over time. It does not report immediate results, therefore it does not follow the traditional logic of cost / benefit in the short term.
2) The brands that invest the most in reputation will have more resources when facing a brand crisis, because they will have the active capital of the trust gained in their public.
3) Social Listening offers a wealth of information that allows brands to empathize much more easily with their audience: How do I reach my audience in times of crisis? In what tone, when and with what message?
In this context, it is increasingly important to face Social Media campaigns strategically and with qualified information, that is, that which emerges from rigorous analysis. Because the brands that make investments in this topic will make a difference, not only in terms of marketing and reputation, but in business management. And brands that improvise will also stand out, but not in the desired way.