It is critical for brands to monitor social media so they can understand their customers overall response, determine key words, competition, find out advocates and also pinpoint ad placement.
Discussions on social media can serve as an early warning system before an issue goes mainstream and if caught soon enough the issue can be avoided. Brands are able to fight content with content to keep them in “good light.” Brands must watch for complaints; if they are caught early enough it provides a chance to show how responsive the company is. Social media provides an opportunity to reach out and build relationships with customers and to showcase a brand’s customer service. Monitoring compliments can help generate potential customers as well. When people need help or advice it gives the brand the opportunity to help out and answer questions, and potentially gain new customers. Keeping up with competitors will highlight opportunities to reach out to potential clients if people are dissatisfied with the service they are receiving. Furthermore it allows you to stay in the game and learn about trends in the industry.
Additionally social media has the potential to give brands better understanding of industry issues and who the thought leaders are for that industry. Understanding thought leaders and influencers for the industry allows a brand to target people to reach out to or to further understand. It can point them to an issue or topics they should continue or start to monitor.
Conducting Google blog searches, monitoring Twitter and Facebook for mention of the brand/company/competitors can and will keep brands in the know. You can also set up a Netvibes account, which will monitor many sites for mention of certain topics, brands or keywords.