There’s so much data resulting from social media interactions that can be gathered about a particular brand. Smart businesses have been listening and monitoring social media to learn about themselves, consumers, and their market’s demands. One of the most authoritative forms of research, competitive analysis, can be added to the many insights gathered from social media. Keeping up with the competition is not about spying on the other guy, it’s about making sure you can fill the needs of customers that they may not be.
Listening to mentions and mining conversations on social media has become a norm, as it should be. Consumers online are knowledgeable, and as we know, word-of-mouth is one of the most powerful marketing channels. Together, these two principles can divulge priceless insights that couldn’t be otherwise attained. Minding these metrics is valuable in knowing where a brand stands among the competition, and what they can be doing to increase engagement and give users what they’re looking for.
Monitoring the competition can also reveal much about product strategy vs competitors’. Learning about which geographical locations do better than some others can be revealing about placement; sentiment analysis around the product acts as an online focus group, and can help determine feelings about a product or service, both for the business itself as well as its competitors.
Share of voice is also an important metric to keep in mind when conducting competitive analysis. How much “real estate” is a brand taking on social media vs its competitor? Although these numbers may not be directly responsible for increasing ROI, they are certainly helpful in learning where a brand stands among its contenders and which areas may need improvement.
Competitive analysis on social media can also show a business if it is lacking presence on a particular social platform where other businesses in the same industry are growing. It can also help dictate the efficacy of content, and what an audience in the same industry responds best to.
A strong social media management platform can offer a business a simple, easy-to-use interface that can reveal where it stands among its followers or competitors. Analyzing the right metrics can help a business learn what it can be doing to better inform its audience, and to fulfill its needs. Leadership teams in the past were impressed with number of followers or likes, however now, they are realizing that these vanity metrics don’t bring tangible results and are therefore examining more meaningful metrics. These measurements can help lead to company adjustments necessary for overall growth, as well as act as an advantage over competitors.
For teams using social media dashboards, like those in Tracx, making sure everyone who uses these tools understands these changes should be a top priority.
Brands that have not relied on organic reach in Facebook and Instagram will not likely see any changes this year. Those who do will need to take a serious look at other options.