Have you ever noticed that airfares tend to increase as often as you try to check them through the day?
All competitors increase their prices, accommodating their higher margins with your will to travel.
The airline companies change the prices of the flight based on the information that they receive from third party sources. Competitive intelligence helps them know the frequency and profit margins of other airline companies. When one increases, the others sail on the same ship to bring forth the profits in the picture. And that’s how you eventually end up paying more.
What is Competitive Intelligence?
Competitive intelligence is ethically spying on your competitors and their actions, to bring improvements in your social media strategy. Since the audience is similar or overlapping, competitors’ activity offers a lot of valuable learning for your brand.
By analyzing and understanding competitor insights, you can alter your KPIs and strategies, spot the potential opportunities and channelize your growth.
Mature brands are centering towards learning from their competitors in order to be more customer-centric, which brings them to a position of growth in terms of marketing as well as a product enhancement.
How can Unbox Social Help You Track your Competitors?
Unbox Social helps you compile a set of data and insights for benchmarking your performance against that of your competitors with the Social Media Competition Tracker.
All you have to do is create buckets of all the brands that you want to conduct a study on.
The tool then accumulates all the data and information for each competitive brand against that of your brand. It lays down the analysis in a comprehensive context, making it easy to put into action.
The insights that reflect on the tool talk about how your brand’s content is working in comparison to your competitors. How are their posts receiving more traction than your brand? What strategies are working in their favor? Can you inculcate these strategies as a part of your social media plan?
With the competition tracker, you can deep dive into valuable data about your competitors and your position in the industry. Take cues from your competitors’ social media strategy- learn from their strengths and weaknesses.
Not only that, but the tool also helps you capture the proportion of conversations in the industry that are happening around your brand.
How many people are talking about your brand on social media, in comparison to your competitors?
By projecting your share of voice against your competitors in the industry, you can take stock of your brand position in the industry.
Deep dive. And know your share of voice in the industry.
Learnings from Competitive Intelligence
With competitive intelligence, you can collect data and information about your competitors in the industry and analyze various points of growth.
Here’s how you can approach competitor analysis using the competition tracker by Unbox Social:
Identification: First, build your competition buckets by adding your competitors to the tool.
Now the tool starts tracking all the competitor data and puts it into comprehensive, actionable insights.
Scrutinize the type of content along with the format of content that your competitors are employing as a part of their strategy.
Deep dive into what’s working for them and take inspiration from the same. This will also help get content ideas to incorporate into your content marketing strategy.
Analysis: Look into the patterns of your competitors’ activity on social media.
Keep an eye on their content delivery strategy. How often do they post on their social media handles? Take cues from their content posting strategy.
How has their audience reacted to the posts? Capture important data on how the audience is reacting to their content. Further, gather insights on what the audience has been talking about on their page.
Share of Voice: Know your share of voice in the industry.
How many people are engaging with and talking about your brand on social media?
Based on your social engagement rate, and social media performance as against that of your competitors, Unbox Social helps monitor your share of voice in the industry.
Monitor your brand’s performance as compared to your competitors’, and dig a little deeper with competitor insights.
Meanwhile, you can also look into the sentiment underlying the conversations your competitors’ audience is projecting. This will help you get a better sense of your position in the industry.
Let’s take you through a quick tour of the competition tracker, with the help of this example-
While Himalaya Hair Care has consistently produced a substantial amount of content, Dabur Vatika stays a little behind in terms of the quantity of content being pushed out.
Not only has Himalaya Hair Care produced more content in comparison to Dabur Vatika, but it has been more diverse in its approach towards the type of content they are pushing out.
From photo posts and videos to status updates, and link shares on Facebook, coupled with a consistent posting strategy, the brand gains good traction. In this way, it is always in front of the eyes of the users and consumers.
Our Say: We believe that Himalaya Haircare is putting in a good amount of effort into building their social presence. Dabur Vatika, on the other hand, is not as active as its contemporary and is not fully leveraging the power of social media. Focusing on platforms where their consumers are most populated, the brand has great scope to generate traction. This will enable the brand to create, retain and engage with its consumers.
Build/Rebuild Your Brand’s Content Strategy Based on Competitor Intelligence
- Diving into the context
For brands and businesses to learn from their competitors, the first thing that can be done is, grasping the larger picture through their page. The idea is to capture an overview of the content strategy of your competitors. ‘How often’, ‘What is the topic’, ‘Division of content-type’ and more such content-centric metrics should be considered and measured.
- Measures to make the change in Real-Time
Now that you have access to all the relevant data, you need to start altering your strategy accordingly. Taking cues from your competitor data, you can take the necessary actions and build a fool-proof social media strategy.
For instance, if a particular content format is drawing traction for your competitors, you may want to try experimenting with it too. The true ROI of competition tracking lies in taking the relevant actions based on the data that you derived through competition tracking.
- Connect with Influencers in your Industry
While altering your social media marketing strategy, bring in the influencers of the industry into the picture. Work on Influencer marketing campaigns to reach a broader audience and create a kind of credibility in the minds of the people since they trust the influencers more.
Winding It Up
With every brand on continuously making moves on their social media marketing and product managing strategies, there’s always something you can learn from them. It could be their growth or their mistakes, too.
Here’s how what you can take away from all the learning:
- Take the help of a Competitive Intelligence tool, like Unbox Social. Let the tool gather all the data and information required for your better understanding of the industry.
- Identify, analyze and know your share of voice in the industry.Build/Alter your content strategy based on your learnings on these aspects
- Content Analysis
- Measure the Real-Time Goals
- Take help from Influencers for brand awareness and creating brand credibility.
- Evaluate your brand in comparison with your competitors on a regular basis to help you know where you stand in the crowd.