When it comes to social media, you can measure the success of your social media efforts all you want, but if you aren’t comparing your results with those of your competitors, you’ll never be able to fully gauge how well you are doing. The best way to leverage social media tools and outcomes is by analyzing the efforts of your competitors in detail. You can then optimize your social media behaviour in a way that produces one or more desired outcomes.
Performing a competitive analysis as well as benchmarking need to be at the heart of your social media strategy. While each company has its own brand and goals, the execution tactics that you and competitors take will likely be fairly similar. If you can pinpoint which tactics work and which ones don’t, you don’t have to waste your time or money on the ones that will only render invaluable, and the best way to pinpoint them is by measuring the social media efforts of your competitors.
What are your engagement rates
When measuring your engagement rates, you need to use a tool that measures the rates of competitors, too. After all, if you’re only measuring your own rates, how will you know whether or not your rates are staying ahead or behind the competition? It’s also through engagement rates that you can identify growth opportunities, which is paramount to any form of social media success.
Unmetric offers users access to the social media performance of over 35,000 brands across 30 industries and across all the major social networks. Stats such as followers, engagement, campaign perfomance, re-tweets received and much more can be benchmarked on the Unmetric platform.
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Are people responding?
When you compare your brand on social media to the brand of your competitors, what results are you getting? Are you finding that your brand doesn’t quite stack up to those of your competitors? What is different between your brand and that of your competitors that could be causing them to receive so much attention on social media. And before you hop to the conclusion that attention is always good, you must first identify which brands are receiving positive attention and which ones are receiving negative attention. You’ll want to study both types of competitors’ social media strategies, this way you know which ones to follow and which ones to avoid.
How does your content reach your audience?
Does your content reach 5,000 people a day and attract 3,000 comments? If so, that’s great. But what if you could see how much attraction your competitors are getting? Fortunately, social media competition tools make this possible. You’ll not only be able to measure how much attraction they are getting but the exact type, too. You’ll see the number of admin posts, fan posts, comments, Likes and more of your top competitors, which allows you to better align your social media strategies in a way that produces competition-worthy results.
How fast are your competitors’ response times?
When customers take to social media and reach out to their favorite brands, they expect a response within a timely manner. What about your company? Are you able to respond in timely fashion? How about your competitors? How fast are they responding? Research shows that nearly half of all social media users expect a response within an hour after reaching out. But this standard shouldn’t be what you strive to achieve. If you find that one of your competitors most frequently responds to social media engagement within 20 minutes, you should be doing the same, preferably better. By setting such an impressive standard, you are able to distinguish yourself from the competition, and consumers will greatly remember and appreciate your efforts. They will also reach out through social media to let their friends and followers know how impressive your company is at handling all of its customer service activities, including those that take place via social media.
The average reply time (ART) is a metric that the biggest airlines in the world keep an eye on. Travellers tweet to their respective Twitter handles to get the latest information on anything and expect replies within in minutes. Below is a comparison chart of 4 airlines and their respective ARTs. As you can see @JetBlue has the fastest ART. Unmetric offers the following metrics and more.
If you’re just now jumping onto the social media competition analysis bandwagon, there’s no need to fret. There are many affordable, some free, tools that you can use to get a valuable insight on how your social media efforts are performing as well as those of your competitors. As expected, you should have a page on Facebook, the most widely used social media platform ever. Facebook Insights lets you track user behaviors on their pages, which helps you know how to best connect with your target audience. If you prefer, you can even view which channels are the most effective as well as the location of the users who are most likely to purchase your product.
As you develop your overall marketing campaign, keep in mind that social media must compromise a large portion of it. And while it’s extremely imperative that you analyze your efforts, you must also see how well you are holding up to your competition, and the best way to do this is by taking advantage of the many social media competition tools that are available for you to use. The key aspects to look for when measuring data are those related to failure. By avoiding these aspects and strategies, you can be on your way to a social media campaign that provides nothing but positive results.
Unmetric is a social media competitor tool that helps you keep tabs on the social media habits of your competitors and other top brands on social media.