Social listening can help you identify influencers, engage your audience, generate leads, and find relevant sites and forums to create and grow your brand awareness – but we know that already. Although what most brands are not aware of is that social listening can also be used as a powerful tool to analyze competitors. This allows you to understand your rivals better, benchmark best practices, and identify ways to outsmart them.
Using social listening to analyze competitors
Simply put, social media has emerged to be the key platform to market your product and engage your audience. And with every brand vying to break through the noise, make an impression on their target audience and in turn grab the largest share of the pie, you need to understand how your social media efforts are received vis-à-vis your competitors.
Analyzing your competitors on social media not only provides a holistic view of your industry, but also in-depth insight into current trends and target audience behavior. It allows you to build real-time intelligence, identify threats and opportunities, get inspiration for your social content and create lasting social and digital footprint.
Understanding where you stand against competition
The new normal is to listen and mine mentions and conversations on social media. We also know that consumers have become extremely discerning and knowledgeable, with word-of-mouth becoming a powerful marketing channel. So, when you integrate these data you get priceless insights. Analyzing these metrics helps you determine your brand positioning against your rivals from consumers’ perspective. Needless to say, such insights are invaluable, it tells you what your consumers are looking for and provides solid data for you to design and plan better engagement strategies.
Sentiment analysis around the product or service can work as online focus group, allowing you to assess customer sentiment about a product or service, both for your business as well as competitors. Another important metric to consider is the share of voice that shows how much ‘social real estate’ a brand is taking vis-à-vis its competitors. In addition, monitoring the competition can also reveal a lot about product as well as marketing strategies, helping you develop competitive and cutting-edge product/services and giving you an advantage over your contemporaries.
Looking beyond the basics
As social media continues to evolve, it is imperative for businesses to analyze the right metrics to create lasting value for business. While social listening continues to offer powerful insights into customer engagement tactics integrating competitive analysis can help examine more meaningful metrics. This will let you explore newer avenues to drive overall business growth, as well as gain competitive advantage.
What do you think? How well do you know your contenders? Need help analyzing your competitors and developing effective marketing and campaign strategies? Contact us today.