GAINING A COMPETITIVE EDGE

Sanjeewaka Kulathunga asserts that social intelligence is highly valuable in corporate behaviour

Humans are hardwired to socialise. Even in a sophisticated digital age, some 42 percent of the global population prefer face-to-face engagement over electronic connections such as texts, emails and social media. The yearning to connect with other people persists no matter how digitalised we may become.

The concept of social intelligence (SI) was identified by psychologist Edward Thorndike as far back as 1920. Over the decades, it has become extremely important in corporate behaviour due to a need to engage and interact with customers and other stakeholders.

And today, businesses can design stronger marketing approaches on digital platforms by improving their level of social intelligence.

Knowing and balancing corporate objectives, as well as expectations of stakeholders; interacting and developing relationships; and navigating social contexts in the business environment are examples of how SI is applied to gain a competitive edge in the market.

Since we’re social creatures by nature, mastering social intelligence is what enables businesses to connect smoothly, and develop meaningful and economically viable relationships with interested parties.

Understanding and relating to people constitute central components of social intelligence, which are directly applicable to marketing. Brands are required to comprehend corporate vision, purpose, key benefits and points of difference, as well as consumers, rivals and the market.

Businesses could gain a deeper knowledge of their clients by using SI. Marketing professionals can evaluate their consumers in terms of personality traits, interests and hobbies on a granular level when they’re deeply connected with their customer bases on social media platforms.

This may also alert businesses to any friction that could interrupt the customer experience, and allow for fine-tuning of sales and marketing strategies, as well as branding, advertising and content, to better match the demands of their consumers. Renowned behavioural scientist Dr. Daniel Goleman explains that the human brain has evolved to develop and maximise relationships. Our brains have more spindle neurons that are associated with socialising than any other creatures.

We also have mirror neurons, which fire when we see another individual doing something. Mirror neurons are what allow us to understand and subconsciously replicate the activities of others. For instance, we have a propensity to imitate body posture by dint of which we sit or stand in a way that reflects the stance of the person in front of us.

Social intelligence also plays a significant role in brand success on social media platforms. According to a survey, 90 percent of consumers connect with businesses on social media and 63 percent expect brands to provide customer care through it.

Being socially savvy is essential when connecting with customers in this way as it allows businesses to better anticipate their requirements, handle any issues and deliver exceptional customer service.

SI is also useful for speedy communications with potential consumers and to capitalise on sales opportunities when they arise. A business may lose market opportunities if it is unable to identify key changes in both existing and potential customer behaviour.

And if businesses can employ market research based on the social media behaviour of consumers, they can clearly ascertain their needs and wants.

After identifying customer behaviour patterns on a daily basis, sales teams can reach them in the market without hesitation, and focus their efforts on potential consumers who are most likely to purchase their products and services.

ASOS, which is a UK-based e-commerce fashion retailer, is one example of a brand that has succeeded by leveraging its social intelligence. Its two largest markets are the UK and US, which have quite distinct demographics, occupations and interests.

This business’ goal was to gain a deeper understanding of its clients in different markets and adjust sales strategies accordingly. One significant distinction was that a high number of British consumers are students; and as a result, they were more active after school.

ASOS then altered its social media activities and became more active later in the day to better meet the demands of its customers and assure quicker responses. This is critical where 85 percent of Facebook users want businesses to respond within six hours.

Social intelligence offers a primary source of biz acumen for the smooth engagement of businesses with current and potential consumers in different types of markets around the world.

SI also provides insights into both the strengths and weaknesses of a business’ competitors, and helps give it a greater competitive edge.