Impact of Unmeasured Social Conversations: The Biggest Threats to Your Business
The rise of social media has given consumers a new voice and the ability to have an impact on a company’s reputation like never before. Word-of-mouth recommendations are now being shared at lightning speed, amplified by social media and online review sites such as Yelp, TripAdvisor, and Google.
So far so good, everybody knows that. But have you ever thought about the gap between how many customers you serve every month and how many conversations are there about your brand? That’s the key question for today’s marketing because we are proving that viral content occurs in digital channels. PERIOD! Not being or not generating social conversation is an important risk to your brand.
Have you ever seen a small/medium brand leading the social conversation as if it were the category leader? That’s what is happening with companies like Dollar Shave Club which was acquired by Unilever for $1 billion cash in 2016. It was about social conversation share instead of market share.
If your brand is being present in millions of households every single day, but you or your category are generating hundreds or thousands of social conversations you need to act. There is one entrepreneur very fast, very clever, and well-funded that will get into the party and will start talking to your customers leading the social conversations market. If your case is the opposite and you are generating more social conversations than consumers served, you are on the journey but still need to act regarding the trust you are building.
You need to cluster the topics that are close to your brand/category in each social conversation thread. When you know the main topics related to your brand, your content and push conversations can be more relevant to generate even more conversations building not only your leadership in the area but also increasing your brand value and attracting new customers to your brand.