Social media benchmark and Social competitive activities are fundamental as they allow to shape the strategy in terms of consumer insight and customer journey mapping, segmentation and target, positioning and levers.
However, we often see social media marketing campaigns that are not anticipated by social competitive intelligence analyzes . That is, there is no dedicated listening and monitoring of conversations on the subject of the audience and the reference market. Consequently, the results will be distorted by the lack of knowledge of the business and half (or more) of the investment will not be fully exploited, except before the intermediate fine-tuning actions.
For this reason, below you will find a 3-phase strategic model to analyze the performance and best practices of your competitors . In addition, you will find some tips on metrics, data and insights to generate and keep tracked to optimize your marketing planning.
In this first phase, the listening strategy must return indications on the profitability (or otherwise) of the investment, competitiveness and market needs, trends and unattended audiences.
Some metrics to consider:
- audience size – analyzes the (numerical) volume of conversations about competing brands’ products and services to determine your ability to access the target with the Social competitive intelligence.
- share of voice – obtain the visibility of each individual competitor and the channels that generate the greatest return and / or the least attended platforms
- trend and sentiment analysis – evaluates the temporal evolution of key issues, segmenting the results based on sentiment, to intercept trends, problems or needs to be answered
- relevance and engagement – detects the most active sources, specialized media, authors, ambassadors, influencers and who guarantee greater visibility to your competitors.
This survey will allow you to define your business objectives in more detail and to better focus your investment to the Social competitive intelligence.
In this second phase, the social media benchmark process must extrapolate as many insights as possible on consumers and prospects of your competitors in order to best select the assets that will make up your marketing mix.
You can leverage data visualization tools and functions to access the most relevant information:
- thematic clusters – you can break down the macro themes into the different thematic categories that compose them to segment audiences and identify hidden opportunities
- classification tags – allow you to classify the most frequently asked, critical and desired questions in terms of online behavior, expected benefits, lifestyle, values and spending power. Additionally, you can further refine these indicators (quantum / qualitative) based on the different demographics involved
- territorial maps – measure the geographical distribution of mentions and conversations relating to your competitors and allow you to evaluate the reactions to geo-localized campaigns, new store openings, pricing strategies on the territory, customer assistance, packaging, etc.
Don’t forget to evaluate any differences and fluctuations in these values in relation to the peaks generated by the different flagship campaigns of your competitors.
In this third and last phase, the benchmark analysis must return some key indicators to be able to decline a distinctive positioning capable of reaching the target clusters.
Some metrics to highlight for your reports and to focus on:
- community – the number of fans / followers and subscribers is a first signal. To evaluate the level of penetration of your competitors. A piece of advice, associate this figure with the weight of the fan base segmented by channel. And growth rates to identify the growth strategies in place.
- engagement – also in this case the metrics relating to interactions must be differentiated. According to channels and temporal distribution to identify the most successful campaigns
- top content – determining the most engaging contents serves to extrapolate information on copy strategy. Tone of voice, visual identity, UGC levers, value proposition, key messages, formats. The greatest impact for the different phases of the marketing funnel
- publications – optimize your editorial schedule via the daily distribution survey and on a per-platform basis