How social listening helps the financial sector
What is social listening?

Brand management for the financial industries, especially on social media platforms, requires constant and close attention to customer needs and demands. In finance industries, understanding user needs and manually responding to the high frequency of customer inquiries can be very difficult.

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 make the customer experience a priority for social analysis so that the brand is able to develop better relationships with its customers .

Social listening is extremely useful for mapping and analyzing economic trends and for competing in the market using competitor information.

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What does Social Listening offer to the finance sector?

The functionalities offered by a good social listening tool may vary from one tool to another. Here we've listed the social listening traits that can improve brand reputation, brand reliability, sales growth, brand engagement, and improve customer relationships.

The best social listening tools on the market will have a good mix of the following features:

Monitoring and analysis of hashtags
Sentiment analysis
Competitor Information
Integration of the Social CRM platform
Chatbots on social networks
Social media analysis
Real-time alerts
Single View Platform Dashboards
Brand-user engagement analysis
Automated data processing
Locobuzz is a tool that has all of the categories of social listening features mentioned above. It is considered to be one of the most holistic social listening tools available today.

On top of that, Brand24, BrandMentions, AgoraPulse, and NetBase are some of the best social media management tools with social listening sub-tools as mentioned above.

How can Social Listening help the financial sector?
Each social listening feature listed above has a certain role to play, which is particularly beneficial for the financial industry. Let's take a look at what benefits the finance industries can get from a good social listening tool and what are the best social listening tools that offer each of these features.

High customer satisfaction and improved brand reputation
Social listening tools essentially help a brand organize their brand ideology and ways of working around what improves the customer experience the most. This in turn leads to better customer satisfaction and therefore better brand reputation, both in the market and among customers.

Features like sentiment analysis can be of great help in improving customer satisfaction and meeting the needs of high priority customers as soon as a request is made. This not only makes customers feel valued, but also leads to positive social media mentions for the brand and eliminates negative comments.

This is a key characteristic that helps a brand stand out from the competition as an industry leader. Since this is a core feature of social listening, it is offered by most social listening tools. Locobuzz and Brand24 are the best known.

Automated shopping = higher sales

For financial industries, where the focus is on changing market trends, it becomes very tedious and sometimes impossible to meet customer needs as a priority. This can especially be seen when driving purchase requisitions through social media platforms. Hence, social listening tools have products like chatbots for financial industries.

These social media chatbots are powered by artificial intelligence to mimic the quality of human interaction for enhanced 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.

AgoraPulse and Locobuzz are our recommendations for the brands that offer the best social media chatbot products.

Features like sentiment analysis can be of great help in improving customer satisfaction and meeting the needs of high priority customers as soon as a request is made. This not only makes customers feel valued, but also leads to positive social media mentions for the brand and eliminates negative comments.

This is a key characteristic that helps a brand stand out from the competition as an industry leader. Since this is a core feature of social listening, it is offered by most social listening tools. Locobuzz and Brand24 are the best known.

Reduced employee management costs
When a brand in the financial industry is trying to establish a good subscriber / customer base through social media platforms, a large portion of the cost of employee management is spent on hiring a new team of service representatives. customer. Social media chatbots, as mentioned above, can mimic the balance created by human interaction.

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