One of the primary reasons you should be monitoring social media is to better understand your competition. Your marketing strategy must address the competition. Large organisations have long had competitive intelligence teams or functions that often tend to focus on feature / function comparisons for products and services. But Social Media and Big Data transform this process too and put real competitive intelligence within reach of every organisation.
We’ve previously posted a variety of posts on social media monitoring, including “Social Media – 5 Tips on How to Gain Insight from Monitoring“, “Social Media Monitoring Tools – 5 Key Features” and “The 5 W’s of Social Business Intelligence – An Introduction“.
In this post we are talking about assessing the competition. Here are our 5 Key Tips on using social media monitoring for competitive analysis:
1. Understand Why You Should Assess the Competition
There are really two sides to this – why do it, and why use social media? Differentiating your brand and your products or services presumes you know your competitors are doing – how they are positioning their brand and products and services. You won’t stand out from the crowd if you don’t know where they are, how they are behaving and what they are saying. And you need to know what, if anything, they are saying about you or to stand out from you. This will determine a lot about your overall marketing strategy and also how you integrate social into that strategy.
Why use social media? Firstly, there is a wealth of data there. Secondly, its in context to the markets and customers your business is trying to serve. Third, it contains unfiltered and unbiased data if you analyse correctly. One of the big problems in organisations is that competitive analysis usually starts from a view of ‘having the best product or service so lets focus on our features to compare’. It contains customer sentiment regarding these questions rather than an analyst’s view of the competition. Plus, social data is immediate, scalable to any level and unique. Competitive analysis should be a key component of any social media monitoring program and is integral to your social marketing
2. What should you monitor at the Competition?
3. What to Assess at the Competition
4. What Results are you Looking for For?
5. Social Media Presence Analysis
In the same series, read also:
-> The 7 advantages of Social Business Intelligence
-> The 8 Challenges of Social Data Streams
As well as:
-> Social Media Monitoring Tools – 5 Key Features
-> Social Media – 5 Tips on How to Gain Insight from Monitoring