How much does a Social Media monitoring tool cost?
To understand the pricing of Social Media Monitoring tools we need to understand how it works. Most social media monitoring tools offer you pricing based on Mentions, Number of Topics (brands) that you want to track and the number of users who are going to use it.
For most social media monitoring tools, the pricing is not available on their websites. However, we at Konnect Insights truly believe in transparent pricing and you will find it on our website on the pricing page
Here’s a primer on Social Media Monitoring that will aid you in determining how much the tool will cost you
What is Social Media Monitoring?
Social Media Monitoring is the act of pro-actively monitoring everything that is being said about a brand on the internet and analyzing the impact of the same. The term Social Media Monitoring may also be referred to as Social Listening, Social Media Measurement, Social Media Analytics or online reputation management. These terminologies may be used in different contexts but the meaning remains the same. Through this process, brands simply want to quantify the effects of their various online marketing activities.
For a layman, it is easy to assume that social media monitoring refers to tracking activities on various social media networks. This is only partly true as the conversations related to a brand don’t simply happen on social media. For a variety of reasons, brands are likely to find mentions on news sites, consumer forums, complaint forums, blogs, wikis and review sites. Some of the best monitoring tools like ours continuously crawl all these sites in addition to social media networks. We crawl and index all sites as frequently as we are allowed to by the respective online properties.
How does a brand track mentions that is of interest to it?
All social media monitoring tools require the user to write a search query. Let’s take an example of the Hilton Group of Hotels, who might track conversations related to them using our tool. Hilton’s social media team would configure the keywords with ‘Hitlon’ being the primary keyword. This will be followed by keywords such as ‘review’, ‘hotel’ and their various properties in different international cities. Since the keyword Hilton is associated with celebrities like Paris Hilton, Nicky Hilton & Perez Hilton, results with those words can be omitted out.
What is the importance of social media monitoring?
Social media monitoring helps brands answer questions such as –
- What is the brand perception?
- What is my share of the social media engagement pie?
- Is my brand in the same boat as my competitors as far as sentiment is concerned?
- Which of my social media channels give me more engagement than others?
- Who are my influencers? Who are my competitor’s influencers?
- What type of posts does my audience prefer to engage with?
- Is there a pattern that lets me uncover audience expectations?
- Can I ask the New Product Development Team to pay heed to those expectations?
- Why is my level of engagement disproportionate to my fan following?
- What aspect of my brand do my customers talk most about?
- What do my customers frequently complain about?
Finding answers to these questions can help marketers find ways to boost sales, understand customers better and create marketing strategies based on insights.
How does the costing work?
Pricing of social media monitoring tools are primarily decided by the number of results and the number of brands you want to track. For example, one brand from insurance industry may only be interested in monitoring their own brand for customer service resolution and tracking all conversations. In that case, they can expect the lower number of monthly results (and hence pays less) vs someone from the same industry who wants to track their own brand and a few competitors.
You can view the pricing of Konnect Insights social monitoring tool at konnectinsights.com/pricing. It works on a pay-as-you-go model.