Is social media the best medium to increase your brand value?

Social media platforms have become today’s most favored means of publicity. Of the 4.5 billion people using the internet at the start of 2020, 84% of them were using a form of social media, increasing by more than 9% since last year. From small scale enterprises to giant conglomerates, all are avidly trying to establish a strong social media presence. During these tough times that people are facing globally, social media has helped businesses to remain afloat and even flourish.

Social media has become the best medium for promoting and advertising a product or service as more and more people are spending a lot of their time online while being quarantined to their homes. A steady surge has been observed in brands getting more traction on social medial. Also, there has been an increase in sales due to social media promotions.

Online Reputation

There is a wide variety of options and choices available for products nowadays. So, how does one make the right choice with so many options available? The answer would be reviews and ratings. We look at the ratings and reviews of a product before we buy it. We all are aware of how reviews and ratings work on a digital platform. The reviews and ratings that are shared by consumers help businesses to learn, grow, and improve their customer services. We are asked to give feedback and ratings after we order a meal or buy a new pair of shoes. It has been recorded that 47% of Internet users actively check consumer review sites to seek product information and 61% of people have written reviews after their purchases.

Reviews vs. Ratings

A rating is generally selecting a number on a scale of 1-10 or selecting the number of stars based on product performance. Ratings are taken through polls, surveys, votes, questionnaires, etc.

A review gives thorough feedback of a product after a customer has used it. A review allows a consumer to be more descriptive about the product and also allows the user to share product photos or videos. The rating and reviewing pattern of a commodity may differ from brand to brand and site to site.

Social Media Monitoring

However, how does an enterprise sort through so many reviews and ratings that might be getting shared across all of their social media platforms daily? The answer to this would be Social Media Monitoring (SMM). Social Media Monitoring is a great tool that helps clients in revealing where their business is going strong and what improvements could be made. SMM is compiling and analyzing the ratings and reviews that are shared by the customers on various social media platforms. It allows a business to focus on the key areas of development and enables them to provide even better services to the customers.

In today’s world, sharing reviews and ratings about products and services has become second nature. As mentioned in an SFMedia article, it has been observed that people are more likely to trust brands and services whose reviews and ratings they can see online before investing their money on a commodity.

Brand and Consumer Trust

Ratings and reviews establish a sense of trust in the consumer and makes the purchasing aspect easier. Ratings and reviews also establish a sense of communication between the brand and the customer. The interaction and communication are built between the customer and the brand executive through customer support. Also, customers interact with each other on social media while reviewing and discussing a product.

There are many great social media platforms available for brand building and promotion. Google, Yelp, Facebook, Instagram, etc. are some of the social media platforms that are widely popular all over the world. These sites have a huge subscriber base so any product or service that is rated or reviewed on any of these sites automatically becomes a known entity to people.

Impact of Influencers

An important aspect of reviews and ratings on a social media platform is an ‘Influencer’. A social media influencer is a user who has established credibility in a certain industry, has a huge number of followers, and can persuade or influence people about a product or service based on their recommendations.

Brands on social media platforms make sure to have an influencer promote, review, and rate their product for a greater chance at success. Influencers try a certain product and then review and rate it for the audiences to see. We are all inclined to see an influencer’s recommendation and feedback on a certain product before buying it. Brands sponsor influencers for their product promotion. So, social media influencers must provide completely unbiased reviews and ratings of a certain product to help the audiences make the correct choice.

tl;dr

Ratings and reviews are extremely important and useful in today’s times. They help consumers make an informed choice. They also help brands in interacting with the customers and providing better services. All social media platforms across the internet must enable consumers to share their honest feedback.

Brands should work on the feedback and criticism that they receive based on the reviews and ratings to provide the best of their services. Social media has become the most significant tool of brand building and promoting than any other means of publicity right now.

Savni Lad, Data Quality Executive, India – BARE International

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For more information on how we can help you monitor and manage your online reputation, send us a note here. We, at BARE, believe in the ‘why’ behind the reasons, and we will provide actionable insights to help you provide the best experience for your customers.