How not to lose money on social media
No, it’s not about online stores, e-shopping or burning money for bad ads. Here You will find information about protecting your business from social media crises by using social media monitoring.
Every single day, Internet users add millions of negative mentions about products and services. Most often it’s a result of poor client services, unsatisfied employees or defective products. We know that it is hard to predict from which side a crisis may come. But we know that the lack of reactions and ignored negative mentions by the brands can end in an image crisis… which is frequently inflicted with economical consequences. If you keep misusing the potential of the web, you could find yourself in a sudden crisis situation facing real financial issues. It is worthwhile to prevent these kinds of situations!
John Bollen – professor of economics science at Indiana University, proved a few years ago that Twitter data is correlated with the Dow Jones Industrial Average with an accuracy of 87.6%. That’s why we can say for sure that social media directly translate into financial success of the company! In both ways – good (fame) and bad (crisis).
Why it is worth to use social media monitoring as a backup or insurance against social media crisis? Social media monitoring:
- Provides an early warning system for upcoming problems (email alerts and push alerts) – may predict the crisis
- Determines the scale of the problem (reach and number of mentions, anomalies)
- Allows to find the source of the problem (from which post the problem started)
- Allows to define places where the problem is most demanding (top domains, the most popular sources)
- Allows to react quickly (React)
- Suggest the most appropriate answer (AI Answers)
- Provides opportunities to follow trends (Anomaly for the industry, analysis of competition)
- Allows to observe the development of discussions and reactions of Internet users (qualitative analysis)
- Opportunity to draw conclusions from the situation (qualitative reports)
Using internet monitoring before or during the crisis therefore offers many possibilities. It allows you to predict and prevent further moves. You may also optimize work time of researchers, social media managers, PR specialist and the board as well.
Many brands have found out how important the voice of Internet users is.
The most popular crises of the past year are for example:
We all know how huge financial consequences these crises have had.
Online conversations also occur in outside channels that are taken care of by the company, in which case monitoring is the only way to find these threads and address the issues. As I mentioned, examples can be multiplied, after just one Kylie Jenner tweet , Snapchat lost $ 1.5 billion! Her post had 370,000 likes and nearly 80,000 retweets, of course, it was not a single reason for the slump Snap Inc.
According to IHS Markit – The Source for Critical Information and Insight, social media moods and positive online mentions can increase sales even by 76%, negative decrease even to 14%. Today, we can put treat Internet users and clients equally, we all are online. Every second Internet users search information or product reviews . 7 of 10 of them will change them mind after reading some negative reviews. Of course, you will not avoid unhappy customers, you shouldn’t respond to each negative mention…but you have to be aware of the situation and not take your eye off the ball.
9C method – How to manage crises?
- Contrition – say you’re sorry; sharing positive emotions is a very important thing
- Confess – all your sins; hiding and avoiding isn’t a good strategy
- Counteract – since most of social media crisis can be avoided, so try to do what’s right
- Correct – your mistakes; try not to make them again
- Compensate – to all to whom you did wrong; try to cheer them up
- Concoct – all you may need, all that may happen; plan ahead
- Can-do – just do, actively; speak to the people, listen and try to help them BEFORE anything happens
- Care – about people, not money; people give money, not the other way around
- Cider/Chardonnay/Champagne – grab your glass and let it all go; sometimes it’s the best you can do – to chill the emotions
Social media monitoring sometimes just starts the process of working on Q & A or allows you to plan your communication plan in advance. All benefits can protect your company from financial loss.
SentiOne enables critical alerts just for your brand (or for your industry) that are sent via email (immediately – in real time). Our mobile app also keeps you attuned to the goings-on, with push notifications which allow you to react. The conclusion is easy – paying for social media monitoring is cheaper than having a crisis 😉