Here at Six Demon Studio we have long advocated to our clients that they should be watching their competitor’s social media efforts. Typically, social media is one of the first outlets where a competitor will announce sales, new products or advertising campaign efforts. Social media has encouraged companies to open a window into their business in attempt to make their customer feel as if they have a personal connection with the company. However, much like an open house where the neighbors come over to pick up decorating ideas, social media also gives the competition a method of watching for changes in industry or company trends.
Over the years the reaction to the suggestion that our clients watch their competitor’s social media has been met with a range of reactions. The marketing team has seen everything from surprise that something so obvious hasn’t been thought of before hand to extreme doubt that there was any value in such an endeavor. Now thanks to a recent study conducted by the folks over at Digimind.com, the tactic of tracking a competitor’s social media efforts has real data behind it to back it up. According to the study, 80% of companies monitor their competition and industry as a whole via social media.
The numbers presented in Digimind’s study indicate that the use of social media to keep tabs on the industry and competition are only going to rise as time goes on. So the question moves from “Should part of our marketing efforts be watching our competition” to “How do we track our competition’s marketing efforts via social media”. Thankfully, this is an area that Six Demon Studio has more than a little experience in. Today the marketing team at Six Demon Studio will discuss which social media outlets should be focused on and what tools, if any, are available to help make the task easier.
Digimind’s study indicates that most companies are focusing their “corporate spying” and industry tracking efforts on social media outlets such as LinkedIn and Twitter with a dramatic drop off in efforts being devoted to Facebook and Google+. For the most part, the marketing team here at Six Demon Studio agrees with the data. LinkedIn works well for tracking industry changes while Twitter is typically the first response media for the competitor’s marketing efforts. While not 100% true, generally everything that is posted on Facebook or Google+ by a company is also posted on Twitter.
Keeping of the competition’s social media efforts and a company handling their own social media efforts can quickly balloon into an overwhelming task. However, there are tools available to help bring things back into a manageable realm. Six Demon Studio relies heavily on Hoot Suite (hootsuite.com) to help keep track of social media efforts as well as social media tracking. Hoot Suite allows for multiple social media outlets to be managed right from one interface. No longer will a company’s marketing team need to check several different sites throughout the day to keep track of it all. Tasks can be separated into different tabs and column’s to allow for a very organized chaos. Social media efforts can be kept in one tab while social media tracking can be kept in a different tab.
If you are interested in learning more about how Six Demon Studio can help your company keep track of your competition via social media or wish to get into deeper discussions on the methods we suggest for doing so, please feel free to contact us.