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Organisations today must have a ‘Listening’ capability – the ability to ‘hear’ these conversations on the social web and in turn be able to analyse the resultant data to understand the impact of those conversations on sales, service, marketing, product development, and to understand the behavior and impact of customers, influencers and other conversations on your actions. The social web and social media has a remarkable depth of information. It is possible to uncover detailed information on sentiment, demographics, locations, influencers, reach, amplification and more through the capturing and analysis of online conversations in social media. And besides general analysis of social media conversations, it is possible to monitor specific competitors in business. Indeed, it is possible to delve into a rich source of data to track movements in sentiment regarding specific topics, subjects or brand over time to understand whether your actions are influencing the conversations.
Competitive analysis using Social Media Monitoring
Compe&&ve Analysis Using Social Media Monitoring iGo2 Group Pty Ltd – Providing you smart integrated responsible social technology solutions
Why? Ø There is an amazing amount of informa7on on your compe7tors in the social web wai7ng to be unlocked Ø Diﬀeren7a7ng your brand and your organisa7on presumes you know what your compe77on is doing Ø Crea7ng a smart strategy for customer engagement means knowing what your compe77on is doing Ø Compe77ve analysis can help you understand what works and what doesn’t Ø WHO are the key people at your compe7tors? Ø WHAT are your compe7tors doing on the social web? Ø WHEN are they engaging? Ø WHERE are they engaging? Ø HOW are they engaging and HOW are they perceived?
Listening is the Key to Engagement Ø All Social Media ini7a7ves need to start with Listening Ø Understand where you are Ø Understand the topics and issues of interest Ø Lets you create meaningful goals for your own ini7a7ves Ø The crea7on of a Social Media Strategy requires: Ø An agreed goal or goals Ø A resource plan to support it Ø Knowledge of what your compe77on is doing Ø A set of metrics to measure progress Ø Listening to compe7tors and their networks provides: Ø Future key hires Ø Insight into programs, tac7cs and strategies Ø The means to diﬀeren7ate and stay ahead
Use Basic Search to Begin Google Alerts Basic Google Search
Using LinkedIn Ø Company Pages are a great place to start tracking compe7tors – See how many employees are in LinkedIn – See how many followers they have and who they are – See what Products and Services they have and how they are described – See how YOU are connected to the compe77on either directly or through your network
Using LinkedIn Ø Check the Company Sta7s7cs: – Where employees worked previously – Where employees have leS to go – Who are the most recommended employees – Growth in LinkedIn presence Ø Follow the Compe7tors • Get Alerts on promo7ons, departures, open posi7ons and new hires
Using LinkedIn Ø Check out which Groups your compe7tors employees are ac7ve in – by looking through relevant Groups. You may want to be there as well. Ø Check out the TwiWer accounts of key compe7tor employees if listed and follow if appropriate
Using Facebook Ø Search for the Fan Page through Google search or Facebook ‘Browse all Pages’ Ø To see all the tabs etc you need to become a Fan Ø Check out their ac7vity and Fan engagement Ø Check out which Pages they Like Ø What content is being posted and is it driving engagement? How does this impact you?
Using HyperAlerts Ø Great way to track your own Facebook page as well as your compe7tors Ø Can send the alerts to any email address – not just your Facebook email Ø Can track any Page Ø Can set frequency of your alerts Ø Can include Posts, Comments, Own Content
Using TwiEer Ø Use TwiWer Search, Google Search or their website to ﬁnd their TwiWer Handle Ø What kind of content are they pos7ng? Ø Who are they following? Ø What kind of conversa7ons are they having?
Using TwiEer Ø You can see all of your compe7tors followers Ø This could partly be their client list Ø Do a search on TwiWer for the replies to their username, @mycompe7tor, and you will see valuable informa7on Ø Monitor the @men7ons of your compe7tors for fan sen7ment
Other TwiEer Tools Ø Tweepi allows you to see follower details all on one screen, including bio informa7on, loca7on, number of followers and following, number of updates and even when they last tweeted. Great for analysing compe7tors followers
YouTube Ø check out your compe7tors’ video marke7ng strategy by ﬁnding their YouTube channel and seeing what types of videos they post and their popularity through number of Likes and comments
Social Men&on Ø real-‐7me social media search engine to ﬁnd your compe7tors on other social networks, and view men7ons about your compe7tors Ø Also has an aler7ng feature Ø Also try ‘Backtype’ to track URL or person.
Geo Loca&on Networks Ø are your compe7tors taking advantage of Foursquare, Gowalla, Facebook Places, Whrrl or other loca7on-‐based social media? Find out and be sure your company is “check-‐in” friendly if applicable.
Local Search Ø Be sure to check out your compe7tors’ proﬁles on review sites such as Yelp, Merchant Circle, Google Places and more to ﬁnd out if they’re garnering reviews from their customers, sharing discounts and taking advantage of local search to dominate in search results.
Q & A Networks Ø Use sites like Quora and Yahoo Answers Ø Keep tabs on compe7tors Ø See what others say about them Ø Post speciﬁc ques7ons regarding them
Forums and Bulle&n Boards Ø Boardreader—don’t just focus on social media! Some of the strongest, most loyal community members can be found in forums. Boardreader will help you ﬁnd your compe7tors and any talk about them on forums and message boards throughout the web
Social Media Monitoring Tools Ø Management tools like Tweetdeck, Hootsuite or SproutSocial for simple tracking Ø Monitoring tools such as Sysomos, Radian 6 and others for detailed analysis across many sources
Bonus – for the Machiavellian Ø Pipl for truly scary details on people you wish to track Ø Klout to see if they maWer or not Ø Backtype to see the compe7tors social impact Ø Slideshare to see how much content they are crea7ng and sharing on this medium
Summary Ø Social Media is a rich source of compe77ve data Ø Start simple and build to more complex tools Ø If there is a lot of data to research enlist the help of a specialist SMM organisa7on