How to Gut Check Your Performance Against Competitors
The webinar addresses:
- Why your competitors matter: On social, we have unprecedented insight into the successes and failures of our competitors. This means we can use simple analysis to identify and replicate competitors’ successes, avoid their mistakes, and understand how we stack up against our biggest competitors at all times.
- How to identify your competitors: The brands you benchmark against don’t necessarily have to be competitors for dollars in the bank, or even within your industry: they can be competitors for a certain brand voice or visual association you are trying to foster with your target audience. Your target audience only has so many hours in the day to interact with brands on their social feeds; you want to make sure your brand is front and center, and, if it’s not, understand why.
- How to measure against your competitors: The metrics you should be considering in this race.
- How to stay informed: From research hacks to listening deeply to the target audience that you and your competitors are all vying for.
- A to-do list: How to start applying what you learn here.
Here are a few of the most valuable insights from this webinar.
1. The 1% Rule
Most people get hung up on increasing the amount of followers they have. However, Shanda brought up a great point when she asked:
If less than 1% of the follower base is actually engaged with us, then what’s the value of having a million followers?
Companies who have a small following, but focus on personalized interactions with followers, can have just as strong a connection (if not stronger) with their audience than a company with a million followers.
2. The Right Questions to Ask
✅ How are we growing in comparison to our competitors daily?
✅ Do we have a higher engagement rate than our competitors?
✅ Are we customizing the experience for our customers? Are our competitors doing this? If so, how?
✅ Are we acknowledging people who interact with us (whether it be positive or negative)? Are our competitors doing this? If so, how?
✅ If we compare our engagement rate and post frequency to our competitors, are we using our resources efficiently? You may not need to post every day, as long as you are posting with purpose.
✅ What and when are the big events for which our brand should be present online?
3. Listening to Stay Informed
Listening in is a great way to stay informed. Running competitive analysis helps you understand where you’re advanced and where you’re falling behind, so you can:
- Create content your audience is already talking about
- Gain insight into how they talk about your competitors
- Open your eyes to the share-of-voice your competitors are receiving
Check out the full deck below.