Keep an Eye on Your Competitors

April 20, 2017

Keep an Eye on Your Competitors

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Does the story of “The Tortoise and the Hare” sound familiar? While the tortoise’s slow and steady approach might have won him the victory in the classic tale, the same cannot be said when it comes to social media. A steady flow of content is necessary, but in order to keep up with the competition, you’ve also got to act fast to get in the lead. Social media monitoring allows you to stay a step ahead by showing you what the competition is doing. Read on to learn how monitoring your platforms will keep you in the know on all your competition’s social interactions.  

Brand Awareness

Get this: “96% of the people that discuss brands online do not follow those brands’ owned profiles . . . Companies need to go beyond their own channels and monitor those unbranded conversations in order to gain valuable insights and manage brand health.” While evaluating your own content is important, evaluating your competitors’ content will give you insight into how they interact with customers, who their customers are, and what strategies they’re using to promote their brand.

You can’t expect your brand to be an industry thought leader if you don’t know what other content is out there. Given the previous statistic, it’s going to require more than just glancing at competitors on your news feed. You’ve got to monitor the unbranded conversations, and doing this without a monitoring tool is virtually impossible if you want to keep tabs on all the content being put out there. Knowing where your brand fits within your niche will allow you to better target messaging for your customers. Plus, monitoring keeps you constantly in the know of competitor campaigns and announcements.

Conversation Savvy

Who said what? It’s not just important to know what your competitors are saying—you also need to know what customers are saying in response. Who are their followers? Who follows them? What do they value? You can get all these details by monitoring social media, including the location of these followers, which means you can see what parts of the world have positive and negative things to say about your brand or other competitors out there.

You can also compare topics against each other. If you’re not sure what to post about this week, then use social media monitoring to look at the top trending topics and see which are performing best. Evaluate what your competitors are saying about the topics (as you monitor keywords, hashtags, concepts, etc.) and plan your messaging accordingly. Try to offer new insight on similar topics, or mirror their messaging if it seems customers are responding well.

Data Expertise

Another way to get the scoop on what your competition is doing is to crunch the numbers. Using data analytics to quantitatively track the performance of your and customers’ content will help you put your money where your mouth is.

For example, a large producer of healthy granola bars and snacks uses NUVI to track each of its competitors as they produce new bars, snacks, and treats. The company uses this data to stay updated on the following:

  • What’s working
  • What isn’t working
  • What competitors are saying
  • Which campaigns are hitting customers’ sweet spots
  • Which competitors are generating social conversation
  • Which competitors are failing

This company even compares its sugar-free bar to the original in order to find the difference in the conversation, whether it is the type of traffic, influencers, audience, or any other key difference.

Today’s world requires that you emulate both the tortoise and the hare: be both fast and steady with social media monitoring. When you know what your competition is up to, your content will be ahead of the game.  

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