Lisa Chang, Social Media Monitoring

Social media monitoring is basically listening.  So, if you haven't figured out how to start the conversation or join the conversation, start by listening.

Now, of those Best-in-Class companies who have done the listening, here's what the Aberdeen Group research found:

1. for Best-in-Class companies, 82% experienced an average 9% improvement in identifying & reducing risk and Laggards experienced no change;
   
   
2. for Best-in-Class companies, 75% improved customer advocacy by an average 9% and for Laggards, advocacy decreased 2%
   
   
3. for Best-in-Class companies, 93% improved their ability to gain customer insights to improve product / service development and for Laggards, reduced correlation to gain insights;
   
   
4. for Best-in-Class companies, 63% were able to decrease customer service costs on average by 7% and for Laggards, service costs increased an average 4%;

Listening or social media monitoring can have a significant impact on the company's performance.  And, soon after, it became almost imperative for these companies to join in the conversation after what they were hearing. 

A need to ask questions or even gain feedback can be a key motivator in participating in the conversation not only to improve the delivery of products & services but increase other key indicators. 

For instance, here are some key benefits for those with a feedback process from social media monitoring:

1. 68% of companies with customer insight process improved customer acquisition; and only 32% without were able to improve customer acquisition;
   
   
2. 63% of companies with a customer insight process improved customer referrals; and only 38% without were able to improve customer referals;
3. 62% of companies with a customer insight process increased the customers' likelihood to recommend their company product or service; and only 32% without were able to increase the likelihood that customers would recommend;

Our ability to be successful is in our ability to act on what we convert what we hear into improvements of our business products, services & processes.