How Social Listening Helps the Finance Industry
Table of Contents
What is social listening?
Brand Management for finance industries, especially on Social Media Platforms, requires consistent and close attention to customer needs and demands. In finance industries, understanding user needs as well as catering to the high frequency of customer requests manually can be very challenging.
Social Listening is the phenomenon of Social Media Management offered by Social Listening Tools to understand user needs and patterns for better brand management. These tools keep customer experience as a priority for Social Analytics so that the brand is able to develop better customer relationships.
Social Listening is extremely helpful in mapping and analyzing economic trends and matching up to the competition in the market with the help of competitor insights.
What does social listening offer to the finance industry?
The features that a good Social Listening Tool offers may vary from tool to tool. Here we’ve listed the Social Listening traits that can boost brand reputation, brand reliability, sales growth, brand engagement and result in enhanced customer relationships.
The top Social Listening Tools in the market will have a good mix of the following features:
- Hashtag Tracking and Analysis
- Sentiment Analysis
- Competitor Insights
- Social CRM Platform Integration
- Social Media Chatbots
- Social Media Analytics
- Real-time Alerts
- Single-view Platform Dashboards
- Brand-User Engagement Analysis
- Automated Data Processing
Locobuzz is one tool that has all of the above-mentioned categories of Social Listening features. It’s regarded as one of the most holistic Social Listening Tools currently available.
Besides that, Brand24, BrandMentions, AgoraPulse, and NetBase are some top Social Media Management Tools with Social Listening Sub-Tools, as mentioned above.
How can social listening help the finance industry?
Every Social Listening feature that has been listed above has a certain role to play, specifically beneficial to the finance industry. Let us have a look at what benefits can finance industries exactly reap out of a good Social Listening Tool and which of the top Social Listening Tools are offering each of these features.
High customer satisfaction & improved brand reputation
Social Listening Tools essentially help a brand to curate their brand ideology and work patterns according to what enhances customer experience the most. This in turn leads to improved Customer Satisfaction and thus, a better Brand Reputation, both, in the market as well as among the customers.
Features like Sentiment Analysis can be very helpful in improving upon customer satisfaction and answering high-priority customer needs as soon as a request is raised. This does not only make the customers feel valued but also leads to positive Social Media Mentions for the brand and eliminates negative commentary.
This is one key feature that helps a brand stand out from the competitor crowd as a leader in the industry. As this is a feature primary to Social Listening it’s offered by most Social Listening Tools. Locobuzz and Brand24 are the most renowned.
Automated purchasing = higher sales
For finance industries, where the primary focus is on changing market trends, it becomes very tedious and sometimes impossible to cater to customer needs on a priority basis. This can especially be seen when conducting purchase requests through Social Media Platforms. Therefore, Social Listening Tools have products like Chatbots for Finance Industries.
These Social Media Chatbots are powered by Artificial Intelligence to mimic the quality of human interaction for an improved customer service value. With the help of these chatbots, a brand can launch automated product purchasing options on Social Media Platforms. Thus, resulting in higher sales.
Our recommendations for brands that offer the best Social Media Chatbot products are AgoraPulse and Locobuzz.
Features like Sentiment Analysis can be very helpful in improving upon customer satisfaction and answering high-priority customer needs as soon as a request is raised. This does not only make the customers feel valued but also leads to positive Social Media Mentions for the brand and eliminates negative commentary.
This is one key feature that helps a brand stand out from the competitor crowd as a leader in the industry. As this is a feature primary to Social Listening it’s offered by most Social Listening Tools. Locobuzz and Brand24 are the most renowned.
Lower employee management costs
When a brand from the finance industry tries to establish a good follower/customer base through Social Media Platforms, a big chunk of the employee management costs is spent on hiring a new team of customer service representatives. Social Media Chatbots, as mentioned above, can imitate the balance that is created by human interaction.
Customer service reps can only handle a handful of customers at a time, that too with a slow response rate for each. Chatbots for Finance Industries, on the other hand, answers multiple customer requests at the same time in the smoothest way. Thus, it eliminates the need for a separate team of employees to do the job, saving the company at least 30% of its employee management costs.
Better understanding of socio-economic market trends = improved marketing strategy
Hashtag Tracking and Competitor Insights’ Analysis are two of the greatest inventive products of Social Listening Tools when it comes to brand management in finance industries. Social Media Analytics products are generally offered by any Social Listening Tool.
When paired with Hashtag Trackers and Competitor Insights’ Analysis, these analytics reports can be very useful in staying up-to-date with socio-economic market trends which are on a constant change in the finance industry.
NetBase, Locobuzz, Synthesio, and BrandWatch are Social Media Management Tools highly rated for Social Media Analytics, Competitor Insights, and Hashtag Analysis.
Higher brand referrals
Social CRM Platforms can be a boon for brands in the finance industry. This helps maintain better customer-brand relationships, improve brand engagement and lead to high customer satisfaction.
AgoraPulse and Locobuzz offer some of the best social media Chatbots with the power of AI, which when paired with Social CRM Platforms result in a high and steady increase in brand referrals by existing customers.
Conclusion
The finance industry is fast-paced and ever-changing when it comes to market trends. Following through these patterns as well as maintaining a good Social Media Brand-Reputation can be very daunting to start with. Customer Relationship Management is made easy with the help of Social Listening Tools when you choose the right one.
Using multiple tools for each feature/product or sub-tool can become even more hectic than handling the work manually. Therefore, it is suggestive that the choice is made keeping in mind the tools that provide you a holistic as well as an omnichannel experience rather than a distributive one.
