Decoding Risk Management Using Social Listening Tools

In January 2022, there were a total of 4.62 billion active social media users in the world.

That is almost 60% of the world’s total population. Social media has become a hub of consumer activity, a bank of valuable, first-hand consumer data that businesses can benefit from. This is precisely why businesses actively engage in social media listening today.

Social media listening involves paying close attention to what consumers are saying about your brand and generating actionable insights from this data to help you strategize for better consumer satisfaction and improved revenues.

Today, social media listening is facilitated by a variety of tools and software that make things simpler. However, it is an art in itself. There is a level of risk involved with social media management and listening which must be accounted for. Let’s understand how you can manage risks with social listening tools.

Managing Risks with Social Listening Tools

For the active social listening practitioners out there, one of the biggest challenges in social media listening is access to quality data. It is a relatively newer discipline and is still undergoing evolution to enable brands to learn more about their consumers in a better way. The fact that actively scanning social media for potential risks to your business has opened up new avenues of risk management for a company. Let’s look into that in more detail.

Crisis Alerts in Real Time

If you think about it, the first point-of-contact where you get your daily news happens to be social media. Whether it is Twitter talking about an earthquake, or news forums discussing a socio-economic meltdown, social media has become a huge crisis monitor. The ecosystem of risk management in any business can get access to real-time crisis alerts through active social networking and keeping tabs on relevant hashtags.

Analytics, Reporting, Forecasting, Predictions

The social listening tools today have become “intelligent” by gaining processing and computing power throttled by AI/ML technologies. This has made it easier for businesses to make sense of a high volume of unstructured data by synthesizing insights that provide a better view of:

  • Brand image among the target audience
  • Demand forecasting based on customer response on social media
  • Predictions for a possible risk based on the customer’s voice

Knowing this information beforehand helps with preparedness.

 

Identifying “Negatives” That Impact Brand Image

Creating a brand image and bettering it over time is pivotal to increasing customer loyalty and gaining advocacy. Social listening tools enable brands to identify the “negative” brand voices that could potentially risk brand image. This is the first step to understanding ways to improve customer satisfaction that can potentially impact your brand positioning in the market.

Quick Response

73% of the customers will abandon their carts if the waiting time is longer than 5 minutes.

One of the most important aspects of managing risks is to keep the consumers engaged and happy with your products and services. Social listening tools don’t just help manage the risk to your brand image, but also of long waiting times that consumers may face trying to contact you through traditional channels. Social networking helps your brand be prompt and cut the risk of customer churn and cart abandonment in the bud.

Consumer Satisfaction

A business exists because it has customers and clients. The customer-first approach is necessary today to ensure the sustainability of higher sales and business furtherance. The risk of losing customers to lower CSAT scores is too high to ignore.

Through social listening tools, this risk can be managed by assessing what your customers are saying about your brand to other people.

Summing Up

Every business needs to augment its risk management process with social listening tools, like Locobuzz. Social media is where the buzz is, and it can reveal many insights into where your business needs to improve itself or prepare itself to brace for risks. 

Leave a reply

Request a Demo

Request a Demo