Using Social Listening For Competitive Analysis
Social Listening allows leading brands and agencies with the social media marketing tools and intelligence they need to understand their customers, develop cutting edge products and have advantages over their competitors. See how they use Social Listening to create a competitive analysis, and understand how well they are doing against top competition and within their overall industry.
The airline industry is a crowded, high-velocity space. To stand out from the rest of the competition, it is important to figure out where your brand stands. With Social Listening, brands can use benchmarking and reputation measurement tools, identify your strengths and competitive advantages.
With Social Listening, brands can measure their online conversations through tracking their Share of Voice, and comparing it to others. Share of Voice is a great start for organizations looking to see who is generating the most mentions within a given industry. It indicates the relative popularity of each conversation topic or subtopic by showing the relative size of each mention in a quantitative manner. Brands now have a clearer understanding of where they stand within the overall competitive landscape, and then benchmark their share of voice against top competitors to see who’s winning the conversation and driving the most mentions.
Another way to benefit from this is to see where your brand stands within the industry. For example, in the above image, Delta had 50.48% of the Share of Voice against their top five competitors. This shows that they are doing well within the industry by gaining the majority of the mentions. They gained a little over the same amount as their top five competitors combined.
The most basic competitive analysis can help measure brand health. Enterprise brands commonly face major problems in today’s economy that is driven by social media chatter and online trending news. Brands are able to use Social Listening to stay ahead of trends, measure the reach of offline events and segment audiences by using historical data at both the interaction and mention level.
To learn more about how Social Listening can be used to measure your Share of Voice within your industry, request a demo below to see our leading global Social Listening tool in action.