Social listening (aka social monitoring) is becoming a standard business practice for organizations of all sizes. Even though social listening started out as the domain of marketers and corporate communication departments, many other roles stand to benefit from social listening, for instance brand managers, market researchers, customer service teams and sales teams.
There are many enterprise-grade social listening products in the market. Depending on the capability of the product, the subscription cost can range from a few hundred to thousands of dollar per month. Such costs are either fixed or variable.
Some of the social media listening products charge customers based on the number of results returned by their queries. For instance, Salesforce charges $600 per month for 10,000 mentions or results. The cost adds up for higher number of results – you need a spreadsheet just to figure out the cost structure. Here’s an illustration of how the cost varies, for instance, if the mentions of your brand and competition are between 150K-200K you end up paying $3000 per month, a hefty price.
Need more convincing? Here are five top reasons why paying for social media listening based on volume of results is NOT a good idea.
- Unpredictable cost makes it difficult to stay within a budget.
- You end up paying for quantity of results, NOT quality – which should be the real metric defining how good a product is. The vendor has no incentive to reduce the quantity of irrelevant items.
- The real value of social listening comes from insights, not the raw data. As Forrester Analyst Zach Hofer-Shall puts it, “Social media monitoring is passive; Social intelligence is proactive”.
- No one has control over the number of mentions of a given keyword, whether its your brand or competition. When the mentions go beyond your limit, you either lose results or pay dearly for them.
- When researching an industry topic, this approach can become prohibitively expensive.
We believe that businesses should not be forced to deal with this uncertainty, complexity and confusion. Rather businesses should opt for a social media listening product that offers a simple, flat cost structure.
Shown above is MutualMind social listening pyramid framework which offers a structured way to obtain social business insights, without a high, unpredictable cost. Contact us today to find out how you can switch to better, faster and cheaper social listening with MutualMind.