In the social media fitness centre, are you fitter or fatter than your competitors?
In the digital age, marketeers have the power to measure their performance more effectively than ever before. Well defined and measured KPI’s (Key Performance Indicators) are the key to measuring your performance in your own marketplace. Did you know that you can look at your competitors KPI’s and compare them against your own? Here are 3 ways you can gauge your social media fitness against the competition using freely available data. The Basics: Followers & Visibility Follower/fan count Post/tweet totals Reach/exposure These are the easiest to find and compare. They provide a general overview of competitor performance. But beware! They can be misleading… A company could be gung-ho to gain thousands of followers through Facebook ads, but have no meaningful interaction with any of these fans. That’s why you have to go deeper… Advanced: Interaction Retweets Shares Replies/comments Mentions Contributors (who is retweeting you, and how many impressions they created) Now we’re getting somewhere. Social media is about interaction, you need to know how your conversations and content stack up against your competitors. If they are gaining more retweets, shares etc, look into their style of interacting with their audience. Maybe they are the kings of clever #hashtagging? They turn everything…
The Death of HMV – Why social media killed the music store
There are many reasons why a business can fail but the majority of them are due to a failure to change the business to changing consumer needs. It’s affects can be seen in businesses of any size, be it a startup or a large corporation, like HMV or Kodak, that just failed to innovate and change with their consumers. These failures could have been avoided had they been prepared to capture and act on the market intelligence. The Death of HMV - Why social media killed the music store HMV is an organisation that chose to ignore the disruptors. Despite their huge customer base and access to a treasure trove of content, they failed to innovate and accept that their product range was ideal for online distribution and marketing via social media and digital channels. They were destroyed by changing consumer behaviours and the emergence of many new music players like iTunes, Spotifty and Last FM. The Death of Kodak – Gone in a flash A series of bad decisions sealed the fate of Kodak. Despite knowing that change was coming down the line they failed to respond. While their competitors were grappling with disruptive technologies, they chose to ignore them, despite being the ones who had developed…
Trapped in a lift with your competitors and a hot lead, what happens next?
We’ve all heard of the ‘elevator pitch’. It’s the bite size, 10 second pitch that all businesses and brands should have at the ready. It boils down your offering to it’s simplest, stand out terms. Let’s say you and your competitors are trapped in an elevator for real and a huge potential customer is there and ready to deal. You open your mouth to wow them and then you and your four competitors recite the exact same thing. This may get you thinking ‘Wait, how exactly ARE we better?’ You’re ready to find your key differentiator… Repeat after me… How to bottle your lightning Complete these simple sentences to see if you can narrow down your differentiator “We offer …….. that other competitors cannot match” “We aid customers that need …. better than anyone else” Maybe that wasn’t so easy? Don’t worry, you’re not alone in having to think a little deeper to capture that elusive spark of advantage. In the modern market, it is increasingly difficult to differentiate yourself clearly on product superiority alone. Sure, companies like Apple can, but mostly it’s the intangible elements that fit together to make a company the leader, or an also-ran. In other words, often…
Learn to love your social media competitors: They can do your market research for you.
Market research is difficult and expensive, in both time and money. There are, however, those that already understand your market and they’ve been researching it for years. They are your competitors. Don’t try to understand the market by yourself, let your competitors do it for you! Using Public data available through Social Media, you can analyse the market, see the status quo and understand what works and doesn’t. Here are some of the things you can do by looking at your competitors data. Segmentation Understanding your potential customers is of paramount importance. Who are they, what age are they, where are they located? Rather than trying to figure this our yourself you can just analyse the audience that follow your competitors. This will allow you to see the average customer that’s targeted by your competitors, which will make it easier for you to target them as well. Which channels to use Not every channel is equal. For some businesses LinkedIn works better, for others it’s Facebook. Experimenting to find out which works best for you can be time consuming. Instead, look at the channels your competitors are using. See which channels get the most attention and which gets the most shares. These…
Irish Bank Sector – Social Media Analysis #BOTB
Continuing our ‘Battle of the Brands’ social media analysis, this week we’re looking at the Irish Bank Sector. We’ve compared the biggest Irish banks across Facebook and Twitter. We then analysed their data and highlighted some interesting insights, have a look below to see what we found. Facebook Analysis What we discovered Only 2 banks are actually on Facebook, RaboDirect and Bank Of Ireland while AIB have a GAA site BOI posts about sponsored popular culture like Leinster Rugby & Dragons’ Den Rabo posts financial tips & advice, which engages fans and helps build trust Posting is often inconsistent, a week will frequently pass without content Key Insight For banks, Facebook is an effective channel for creating a human connection with customers. RaboDirect is very adept at creating that connection. Their posts are engaging and helpful to their members. They don’t push promotions or products, instead they educate their fans in the area of finance, offering tips and tricks. This helps to build trust with their fans. Bank of Ireland uses Facebook to promote what they do, trying to engage with fans via sponsored popular culture. While this is good for brand awareness, perhaps fans will view them as a…
Public Data, what is it and how does it affect your business?
We’ve all heard the phrases like “Big Data”, “Public Data” and “Social Data” being thrown around, but what are they and how do they affect your business? What it means “Big Data” means lots and lots of data, so much data that traditional ways of using it no longer work. So now we need new ways to sift through all this data to find trends and patterns, which are then used to find business niches that need to be filled, etc etc. If you’re not a gigantic corporation, then we doubt you’ll need to worry about Big Data. “Public Data” is something completely different. Public data is information that is publicly available to anyone. “Social Data” is a form of public data, it’s publicly available data from Social Media platforms. The thing is, if you’re on the internet, then there’s public data about your business. So what kind of public data do you have that others can access? Well, lots! Public data from your business Does your business have a Facebook page? Then that’s public data. Here’s what others can see. Fans People talking about this Posts Likes/comments/shares Does your business have a Twitter account? Yet more public data! Followers Retweets Favourites Links you…
Irish Mobile Sector – Social Media Analysis #BOTB
Want to know how Meteor, O2, Vodafone and Three compare to each other in Social Media? Well we did. At the Digital Summit Event on the 7th of March, the team at SocialMedia.ie launched our “Battle of the Brands” campaign. We looked at the Mobile Sector and compared the four big Irish mobile networks across Facebook and Twitter. We then analysed this data and came up with some interesting insights which you can see below. FACEBOOK ANALYSIS What we discovered Meteor has the highest engagement rate across their fan base at 8.4% PTAT/Fans Competitions are the most effective way to engage customers Posts are erratic, posts are made at random times each day with no schedule They all average at roughly 1 post per day, which is too low (we would recommend 2-4) Key Insight Facebook is primarily used by the four networks to promote their brand and engage in fun activities with fans. They don’t talk to their fans however, they post content and let the fans do the talking. If we were to categorise their Facebook style (which we have), we would call them broadcasters. TWITTER ANALYSIS What we discovered The Top story on Twitter was that SMS is…
SocialMedia.ie launch Competitor Analysis Reports using BOSS Metrics technology
SocialMedia.ie recently launched our new Competitor Analysis Reports. SocialMedia.ie’s Competitor Analysis Report analyses your main competitors’ digital and social media activity against best practices, scoring their performance and providing you with a detailed analysis report. They give your business a detailed insight into your competitor’s social media efforts, which you can compare with your organisation’s performance on Facebook and Twitter. Our competitor analysis will help you to tailor your marketing campaigns, both online and offline. These reports are powered by our in-house, BOSS Metrics technology. Key benefits See the best times to post Create more engaging content In-depth understanding of competitors strategies Differentiate yourself and attract new fans Samples To get the competitive edge and differentiate your business with SocialMedia.ie Competitor Analysis Reports, Click Here.