Competitive Market Research in the Social Space.
What are your competitors doing?
If not, I believe you should. Here are 4 reasons why:
- 1. Be Educated. If nothing else, like any other part of the business, you just need to be educated. I guarantee you’ve done a SWOT Analysis – several times. This is no different. As a matter of fact people conduct the Social Media SWOT Analysis to know what’s going on. The first place I read about this was through The Social Media Bible. But here are some things it includes (and how to perform). Be Educated. Knowledge is Power.
- 2. Your Competitor is on Board. That’s right. If you’re not in “the know” with what your competitor(s) is/are doing, then just be aware that they are aware of what you are doing. You can either choose to play the game or sit back and watch the show proceed on without you.
- 3. A Customer is not Necessarily a Loyal Consumer. There are 5 “types” of customers: Loyal Customers, Discount Customers, Impulse Customers, Need-Based Customers and Wandering Customers. Because of this, a competitor’s customer can (and often times will) become your customer, too. For example, do you own a pair of Nike’s? How about a pair of Adidas? Or a pair of Reebok’s? IF you know what your competitor is doing in the Social Space, how they’re promoting and engaging, then perhaps you can reach out to those people, too. The key is to find those “impulse” or “wandering” customers and convert them into your own Loyal Customer. And I believe with proper Social Media Competitive Market Research you can do this.
- 4. Product “Focus Groups.” Positive or negative feedback, the feedback is still there. Nike has Nike+ as a way to track running workouts. A Competitive “tracking” site is dailymile. So, what if on the dailymile Facebook Page they had a “Discussion” on “What do you like/dislike about dailymile?” It’s the perfect wide-open door for Nike+ to learn so much from just one simple discussion for dailymile users.
There are so many reasons that extend beyond these. I am confident that as companies begin to utilize Social Media more and more, the need for Competitive Market Research in the Social Space will not only be highly desirable, but also essential.
It’s Marketing Research like any other form of Marketing Research a company employs.
Interested in knowing more? Think your company could benefit from it? Contact me!
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