Planning your brand's social marketing strategy without taking your competitors' campaigns into consideration is like shooting into the dark. While customer insights help you determine how your brand meets customer needs, market intelligence allows you to:
- Brainstorm marketing ideas from competitors' offerings, creative, deployment methods
- Develop campaigns using time-tested strategies
- Create enticing counter offers, in real-time, that beat current promotions in the marketplace
After implementing your marketing programs, you can evaluate your engagement metrics versus your competitors,' but to define whose efforts were a 'success', wouldn't it make sense if there was some industry average on which to base your decision? Let me paint you a picture with an example.
In a recent study, we tracked 20 leading retailers over a three-month period (Jan - Mar 2012) that heavily target the important 18-35 age demographic. The graph below measures Facebook engagement based on volume--volume meaning the total number of 'likes' and comments each campaign gained. By just glancing at the graph, you may think that Ralph Lauren's campaigns were significantly more engaging than Eddie Bauer's however is there more to this story?