02 May, 2018 | Blogs
How does your brand compare to that of your competition’s?
There are many social metrics available that could help a brand compare itself to the competition, but it isn’t always that easy to understand exactly how your brand compares “in the eyes of the customer”.
So the question to ask is; how can brands use analytics to compare themselves to their rivals?
Social data provides all the needed information about how consumers feel about your competition’s brand, products, campaigns, and more. Conversations that can help brands answer nearly all questions about how they stack up to competitors.
You’re probably already looking at simple social media metrics such as your competitors’ online followers, which gives you an initial impression of brand performance, but you can gain deeper competitive intelligence using social media analytics. Those trillions of conversations taking place on social media can help form your competitive advantage, providing visibility into everything from customers’ feelings about you and your competitors’ products to emerging trends in your industry.
Analyzing social data helps in understanding changes that are occurring in a business environment in real time. Real-time competitive intelligence allows brands to capitalize on product, marketing, and advertising opportunities more quickly.
With social, you’re able to answer an endless amount of questions about your competition, but it is not always easy knowing where to start from. Here are five questions to get you started:
What’s my brand’s share of voice compared to my competitors?
Analytics. Those trillions of conversations taking place on social media can help form your competitive advantage, providing visibility into everything from customers’ feelings about you and your competitors’ products to emerging trends in your industry.
Analyzing social data helps in understanding changes that are occurring in a business environment in real time. Real-time competitive intelligence allows brands to capitalize on product, marketing, and advertising opportunities more quickly.
With social, you’re able to answer an endless amount of questions about your competition, but it is not always easy knowing where to start from. Here are five questions to get you started:
What’s my brand’s share of voice compared to my competitors?
Share of voice provides you with exactly how much people are talking about you in relation to your competitors. This metrics only shows part of the story, as a large share of voice could be due to scandal or negative feedback, but it also gives insight into your brand awareness relative to your competition’s.
Social analytics will help you analyze share of voice during different competitive contexts, such as the above breakdown of conversations surrounding running shoe brands.
How do consumers feel about your competitors?
The sentiment of the conversation about your brand is the next thing to look at after share of voice. This shows how consumers feel about your brand in comparison to your competition. Tracking how consumers’ sentiment is changing over time, helps you to understand how your marketing efforts impact consumer perception.
Comparing the two previous images shows that Saucony has the least share of voice and the most positive sentiment.
What are the topics associated with my competitor’s product?
Using social analytics you can look at the key topics to understand what consumers are saying about your brand or products. By knowing the words that consumers are using to describe a competitors product, you can better understand how and where your brand fits in – as well as identifying opportunities to capture market share.
Where are the demographics of my competitor’s audience?
Comparing your audience’s demographic to that of your competitor’s helps determine where you should focus your efforts. If your online audience are older than that of your competitor’s, then looking at ways to reach and engage younger demographic will help you compete. Moreover, engaging and expanding your target audience can be done by looking at the geography and gender.
How do my audience’s interests compare to my competitor’s?
Knowing the interests of your target audience is critical to keeping them engaged. But the question to focus on is; “how can you understand the difference between your audience and your competitor’s?”. Social media analytics goes beyond demographics to provide a detailed look at an audience’s interests. Looking at how interests compare between your audience and that of your competitor’s, gives you a better understanding of how to reach and appeal to your competitor’s fans.
This image shows how social analytics is used to compare between Honda’s and Toyota’s audiences and their interests.
To better serve brands across the Middle East, we partnered with the leaders in social analytics, Crimson Hexagon. Whether you want to look at your own brand, the competition, the industry, or a category-level conversation, Crimson
Hexagon can uncover the insights that are critical for your brand strategy.
For all your questions or to contact one of our experts, email us on sales@nuummiteconsulting.com or contact us.
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This article was written by Garrett Huddy at Crimson Hexagon.