Be the leader of your industry and own your market with the use of social media competitive analysis tools. The potential and scope of all the information gathered using automated social media competitive tools is still not fully explored. You could be the first one to do it!
And, you could use this as an advantage for yourself and your brand.
What competitive analysis can help you find
There are two ways competitive analysis can benefit you
1) Know what makes your brand unique
Competitive Analysis can aid you in figuring out what makes you rank up and attract your target customers.
It is possible that currently, you are marketing using multiple selling propositions for your product. Sometimes it can get difficult to be sure of which one might work. With competitive analysis, you can find your unique selling proposition, by listening to your customer’s responses to your industry’s products. Once you know it, you can then spend all your time and money into marketing your product the right way. Using its customer defined USP.
For which, all you need to do is to use the available reporting tools the correct way. It can even help you to do a data-backed SWOT analysis for your brand and industry segment.
2) Understanding your Industry Segment
Accessing the performance data with the help of automated social media competitive analysis tools, of all the brands, can be easy. Surely you can track all that is a part of the same market segment and compete for a share of the customer’s dollar. And, you can use these insights to step ahead of your competition.
Just imagine, you can listen and keep track of every conversation where your competitors are being mentioned. Also, you can figure out which of their content is performing better than the others. To look for any spaces from where you can possibly direct a set of customers towards your brand can get much easier too.
You can scavenge for inspiration and most engaging content of your industry segment before building a marketing strategy of your own. Data-Backed Research is the key to successful strategies.
Hence, Competitive Analysis can help you become the marketing expert of your segment and give you unparalleled insights for your next marketing campaign.
How you can use the insights collected from Competitive Analysis Tools
Pick any industry segment. Jewelry, Banking, Travel, Hotel Booking, or anything else. How many brands can you think of in each category?
Every brand from every category has been experimenting with and exploring many ways to attract and keep their customer’s attention. Some of these campaigns might work phenomenally, others, not so much.
Ofcourse, there are many factors that define the success and failure of a campaign including the alignment of its purpose and execution. While evaluating a campaign, you should ask the following questions;
- Was it an awareness campaign?
- Is it about an upcoming sale?
- Launch of a new product in the market?
- What were the market trends at the time?
- How are the people responding to the campaign?
- What are the responses towards the brand or product that is being marketed?
- What is the purpose of the campaign?
- Are the goals of the campaign in the alignment of its execution? Or, is there a hidden story?
Using the insights from multiple Social Media Reporting Tools you can plan a data-backed social media marketing campaign like no other.
Automated Social Media Competitive Analysis Tools at your service
There is not just one but many kinds of tools out there to help you get the Industry insights that you need to get far ahead of the competition. You can become unbeatable.
Access a detailed description of the types of social media competitive analysis tools here.
The one major thing to understand before overlooking automated social media competitive analysis tools is that what these tools offer is a sophisticated representation of the much-needed industry trends and break down of the complex information available across multiple million websites, platforms, and blogs.
One Key Takeaway – Stay ahead of your competition
With the help of social media reporting tools to give you competitive insights about the industry, you can become the all seer of social media.
- You can know what is being talked
- Who is being talked about
- What is being liked
- Everything that is being disliked
- Who is talking
- Things that are missing
- What are your industry customers expecting/ looking for
- Which campaign worked best
- All the campaigns that didn’t work so well
- What is ‘trending’
- Scope of work
- Who are the influencers
All of this and more in one place. What else can you ask for!
Share with us your experience of competitive analysis tools in the comments below. The benefits you came across and the challenges that you faced. We look forward to hearing your story.