Competitive intelligence gives you the power to turn the tables. Access to vital competitor data gives you an edge over the competitors in your industry. So, whether you are low on your budget or trying to make your way up the ladder as a new entrant in the industry, competitive intelligence will put you at an advantage.
Let’s take the example of Sevilla FC leveraging competitive intelligence to grow their brand on offline as well as online platforms. As a part of its strategy to grow on digital platforms, Sevilla FC has been working on its web, mobile and social media channels.
As of now, Sevilla FC has 1.8 million followers on its Facebook page, which they keep populating with match highlights and moments, upcoming match updates, behind the scene photos from their match preparations and so on.
Sevilla FC has managed to outperform its competitors and rank as one of the top football clubs in spite of its budget. The football club has been tapping into competitive intelligence in order to gain an edge over their competition.
Benchmarking their social media performance against that of their direct as well as indirect competitors on social media has been a crucial part of their strategy.
The sports industry is not the only industry where competitive intelligence can play an important role in helping brands and businesses perform better. Other industries and verticals can also benefit from vital knowledge about their competitors.
Cash-strapped startups, in particular, may find it difficult to match up to their bigger brand counterparts. By leveraging competitive intelligence and insights, startups, as well as SMBs, can outdo their competition.
Competition tracking involves monitoring what the competition is saying, how their audience is reacting and benchmarking their social media performance against that of yours. It is important to dig deeper into what your competition is saying on social media, in order to be on top of your game.
So, let’s dive straight into the ways in which you can track your competition and what they are saying on the internet.
Competitive Intelligence to Track What Your Competition is Saying
Competitive intelligence encompasses tracking vital information and insights about your competitors. This is vital intelligence about your competitors, that you can use to enhance campaigns, content and your larger social media strategy.
In order to fully leverage the power of competitive intelligence, you need to have a strong plan of action in place. So, let’s look at the different facets of the competitive data and how you can leverage this information to enhance your performance.
Share of Voice in the Industry
First and foremost, you need to get a sense of where you stand in the industry, as against your competitors. The idea is to capture the larger picture and comprehend your position in the industry.
Share of voice helps you understand how your brand is faring in a segment or industry through an assessment of audience behaviors. Your share of voice in the industry is measured after assessing audience interactions with different competitor brands and with your brand. It depicts how your audience perceives your brand in comparison to other brands in the industry.
The first step towards achieving your goals on social media is to build awareness about your brand. Share of voice helps you establish an understanding of the level of awareness that your brand has generated in comparison to your competitors.
Social Media Performance Benchmarking
Social media performance benchmarking is used to jump into the nitty-gritty of your strategy as compared to that of other brands in your industry.
As a part of the benchmarking exercise, you compare your content marketing strategy at various levels.
What is their posting frequency?
What content formats are they focusing on?
With the help of this data, you can benchmark your performance against competitors. Based on these insights, you can frame a well-informed social media strategy for your brand, that will help you level up your game.
The idea is to learn and take cues from your competitors’ social media activity and amp up your efforts accordingly.
Competitors’ Audience Sentiment
Your target audience overlaps with that of your competitors. As such, it is important to study your competitors’ audience and derive context out of their behaviors. Tap into your competitors’ audience sentiment to make sense of what’s working for them and what isn’t.
Further, competitors’ audience sentiment helps you capture what their audience is talking about. By monitoring their conversations, you can identify the trending topics and subjects that your competitors’ audience are talking about. Based on these insights, you can frame campaigns and content strategies for your brand.
Post-Wise Competitor Insights
Follow a thorough approach to capturing competitor intelligence by digging into the insights for every post that competitors put out on social media. Looking into the intelligence underlying your competitors’ posts helps you know how their content is faring on the platforms.
By jumping into these insights, you can identify your competitors’ strengths and weaknesses and learn from them in the process.
Which of your competitors’ content pieces is gaining traction?
Which of your competitors’ content pieces is not faring so well?
Plan out your social media content and campaigns by drawing from these insights.
In order to derive this competitive intelligence, you need reliable competition tracker. Unbox Social offers a social media competition tracker, with the help of which you track and analyze your competition. This tool helps you derive actionable insights about your competitors and create a well-informed social media marketing plan for your brand.
Here’s a snapshot of the tool:
Winding It Up
Competitive intelligence can put you at an advantage in any industry. If you want to build a well-informed, comprehensive social media strategy, you may want to start tracking your competitors on social media.
With the help of a good social media competition tracker, you can –
- Capture your share of voice in the industry
- Benchmark your performance against that of your competitors’
- Measure your audience sentiment
- Gather the insights for every social media post competitors put out