By Maggie Burke
I was recently listening to my favorite comedy podcast, when business icon Robert Herjavec from ABC’s “Shark Tank” came to the studio to tell of his rags-to-riches tale. When he was discussing competitive analysis in the business world, he said something so insightful that I’ve carried it with me each day here at Likeable Media. He stated, “The quality of your company is based on the quality of your competitors.”
Sure, when most social media agencies take a look at their client’s competitors, quantity certainly matters. They look at the number of followers a competitor's Facebook page has, how many retweets their last quippy millennial-focused tweet received, or the number of video views on their latest B2B focused content. I challenge you to go a little deeper with your analysis. The best way I can explain how to achieve quality insight is just to “START.”
Different tools can be used to investigate a competitor’s sentiment on social media from audience members. Does a large portion of their mentioning in the social space contain positive, negative or neutral affiliation? Sure, it looks great to have a large percentage of mentions on Twitter, but what are people actually saying?
T: Types of Content
It is SO important to look at what types of content a competitor's fans are relating to the most. Is the brand relying heavily on a video campaign to convey their latest message? Do you notice that they’re getting great engagement on link posts to their blog? Before a brand can be advised on what to do better, they must first discover what is working the best.
This may seem obvious, but a lot of companies assume that their competitors are speaking to the same audience. Taking a closer look to the demographics of who is actually interacting with content can be a great key to success for your own channels. Are they excluding a huge target that you could capitalize on for improved ROI?
R: Response Time
Facebook has a great tool that now publishes a company or brand’s response time on their platform. Ensuring that your engagement with your fans exceeds what is being done by competitor’s will benefit you immensely. Consumers want to know that they are being listened to, but more importantly, that they are actually being heard.
Real time content is a huge opportunity for brands to connect with their audiences. Are competitors monitoring trending topics and creating relevant content to join the social conversation? Better question: Are you?! Timeliness of your content in relation to when major events happen is important.
Competitive Analysis isn’t only just a numbers game, but it is an essential piece of the social media marketing puzzle. Like Robert said, “The quality of your company is based on the quality of your competitors.” How do you add up?
Show others how to START! Share this blog post and comment below with any other beneficial ways you analyze competitors.