Most businesses understand the necessity of social media marketing and market research. We all need to be aware of our target customers and make sure that our target customers are aware of our product and its value. But many companies are unaware that they’re making their strategies based on incomplete information. Knowing your product, your industry and your target customer is a step in the right direction, but it’s not enough to formulate a competitive strategy.
Many businesses struggle to include comprehensive social data in their research because there is so much information available. The idea of sifting through an infinite amount of tweets, posts, and comments can be overwhelming. But when you have the right tools to segment and analyze your data and the right concepts to focus on, it is more than worth the effort.
So what should you focus on? Thorough competitor analysis is what separates an excellent social media content strategy from an average one. How do you make a thorough analysis of your competition? You’ll need to consider and compare not only their product but the success and failures of their content strategy. Analysis of their share of voice, the sentiment of mentions of their brand, and their audience demographics will give you the information you need to put your business on top.
Share of voice
Share of voice measures the number of times a brand is mentioned online in comparison to its competitors. This makes it an excellent metric for brand awareness and engagement; it tells you who is generating the most conversation on social platforms. It gives you an idea of the success of product, marketing, and social content all at once, so it’s a good way to evaluate the overall success of a business. Looking at your competitors’ share of voice and not just your own allows you to track their success. Are they slowly encroaching on your or another competitor’s share? If so, what are they doing differently to accomplish this? Asking these questions can help you figure out where you need to focus.
An analysis of the engagement your brand generates can show you how positively or negatively people feel about your product and content on social platforms. Making a change to your product or your marketing plan and tracking customer engagement can show you which efforts are most successful in making your customers happy. Analysis of your competitors' engagement can show you when you need to learn from their strategy. You may notice seasonal trends in your competitors’ engagement that you can use to your advantage. If their sentiment takes a turn for the worse, it may be a good time to subtly remind customers why your product is a better option.
Keeping an eye on the demographics of your audience lets you know who you’re reaching and who you’re not. Doing the same with your competitors can give you insights as to how to reach customers in languages or countries where your competitors are currently more successful. What are they doing differently to reach those customers, and how can you do the same?
Are you ready to give your marketing team the tools they need to perform a thorough competitor analysis? We’ll show you how we can help.