Do These 3 Things to Dominate Your Competition
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How time flies when you’re consuming amazing content. Another week has gone by and today we are on the sixth post in nine-part series. As usual, I recommend you check out last week’s post where we talked about using social listening to enhance your social media strategy. We looked at social strategy as larger than just accruing likes and shares; it should encompass getting to know your customer better, tracking reception of your various marketing campaigns, and developing/refining brand voice. Certainly, earning likes and growing your list of followers plays an important role in any social marketing strategy, it is a good way to gauge whether your content is on point or not; however, to measure the value of social data solely from this perspective is extremely limiting.
Continuing with the theme of social listening and the many ways it can benefit your business, today, we are going to talk about how it can be used to differentiate your business from that of your competition.
Monitor competitor social strategy
An aggressive social listening campaign can effectively monitor your competitors’ posts giving you a better idea of what they do well. You can track how often they post and to where. Furthermore, you can see how often their content is shared and on which platforms.
Are there a lot of bloggers actively writing about your competitors? With social listening, your monitor will automatically pull in every mention of your keyword and you can see who is writing about your competition and what they are saying. From there, you can reach out to those blogs and start to create a relationship. These people are obviously already interested in your industry since they are writing about the competition.
Take this opportunity to showcase why you are better and even offer to write a guest post for them. Are your competitors getting more traction with their press releases than you are? With a robust social listening tool, you can find out what they are doing well and then duplicate those things in your own social media strategy.
For example, if I were competing with Lowes and Home Depot, I would want to know who their biggest influencers are and try to create relationships with those people. I would try to find out who does most of their sponsored posts, and then have that person start to create sponsored posts for my brand instead.
Find and sway competitors’ unhappy customers
I’ve used this image before and I’ll use it again. I just love how perfectly it captures the competitive edge you can gain from social listening.
By creating a monitor using competing brands and product names as keywords, you will pull in any mention using that keyword. For example, everyone knows Wendy’s Twitter account was quick to call out competing fast food chains like McDonald’s and Carl’s Jr. In most cases, people would tag @Wendys and @Carlsjr in their tweet, but there are many times someone may tweet at @Carlsjr about a bad experience or wrong order without mentioning @Wendys. With NUVI, Wendys would be able to see those tweets and respond to them in real-time. This can be a powerful move.
From a personal experience, I had a problem with a Samsung phone. I tweeted at them letting them know I was frustrated. I never heard anything from them. Not even a generic, “sorry this is happening, take it to a store.” Nothing. How convenient would it have been for Apple or LG to reply to my tweet and try to help me out by selling me a new phone? Sure, it’s a stretch. It isn’t their problem, but what a perfect opportunity to convince me I needed to switch companies.
Imagine, you’re an upset customer and tweeting about it to your friends. Then you get a response from another company offering to make it right. This company provides you with incredible customer service, even though your original transaction was with one of their competitors. They take ownership of your problem and make it theirs to fix. Powerful, isn’t it? See the potential yet?
Conduct Market Research
So far, we’ve only just touched the tip of the iceberg when it comes to ways social listening can give your company a strong competitive advantage. Suffice to say, there are many, many ways it can help your company. You could even say…wait for it…that there are a plethora of ways to use social listening to beat out your competition.
In addition to learning about social strategy and identifying influencers, social listening can help you conduct valuable market research. Let’s say I work for Jim Beam and I’m using NUVI to look at my competitors. In my monitor, I would use terms like Jack Daniels, Jameson, Evan Williams, etc. Once those mentions come in, I would look at influencers to see if there was anything that stood out to me. In this case, I’m surprised that there is such a discrepancy between first and second place. Furthermore, I’m surprised that the influencer with the most reach is MarketWatch.
From there, I found a tweet from MarketWatch about the director of the new Kingsman movie creating a new whiskey with the maker of Jack Daniel’s.
— MarketWatch (@MarketWatch) September 19, 2017
MarketWatch also has an entire article spotlight the use of whiskey throughout the Kingsman movie. “He [Vaughn] told her his plan to have the Kingsman, a British-based spy organization created by comic book legend Mark Millar, put in a position where it has to seek out its American counterpart, called the Statesman. The Statesman would be using an American whiskey distillery as a front, and Vaughn has been looking for a place in the film to capitalize on merchandising and licensing. She put him in touch with her cousins Garvin and Campbell Brown. Campbell Brown, president of Brown-Forman’s Old Forester whiskey brand, said he knew from early in their conversations with Vaughn that this was a perfect fit.”
This is a huge marketing advantage for Jack Daniels as their labels and bottles will be extremely visible throughout the movie.
“Old Forester labels pop up everywhere in “Kingsman: The Golden Circle.” Bottles of the whiskey line the walls and the brand pops up on every strategically placed bar along with other Brown-Forman label, such as Jack Daniel’s and Woodford Reserve. A bottle of Old Forester even gets a nice clear close up on a bar cart in the Oval Office.” But exposure to the Jack Daniels and Old Forester brands isn’t limited to the movie.
“Brown-Forman even had Old Forester’s master taster Jackie Zykan develop a taste profile and pick specific barrels for an actual Statesman whiskey that people can buy in stores. The 95 proof Statesman whiskey is stored in barrels with exposure to heat, which gives it an older, bolder taste. It hit shelves last month ahead of the film’s release.”
With a social listening tool actively monitoring mentions of competitor brands, Jim Beam would not be blindsided by all this exposure. Instead of being reactive to the news, they could be proactive and marketing could work to get placement in future tv/movie spots. With this information, they could also reach out to MarketWatch and try to get a similar editorial written about them.
While we’ve barely scratched the surface with this post, we hope you have a better idea of how to use social listening to get an edge on your competition. Hopefully, this post has inspired you and now with your creative juices running you can go and do awesome things that we’ve never even thought of. Are you interested in learning more about NUVI and how we can help you beat out your competitors? Take a demo today.