Smart and better connections between brands and businesses and their audiences are transforming how growth strategies are taking shape in boardrooms. It is a no brainer to miss out on the importance of social media while drawing up marketing plans and growth strategies.
Growth on social media is based on the convergence of multiple factors. For a meaningful progress different pieces such as understanding your audience, knowing the competition, monitoring conversations and trends relevant to your service on social networks and being able to take appropriate actions, in that growth strategy must fall in place.
Also, one cannot ignore the importance of building up stronger two way connections - emotional engagement with users in relation to the service or product being offered.
Importance of this is highlighted by the fact that Research says 67% of Twitter users are more likely to buy from brands they follow
With the new dynamics of how growth of relevant audience is viewed and achieved, a robust competitive analysis is important.
How To Grow Your Audience Using Your Competitors As A Source?
Source Feature is a great way to monitor your competitor’s growth and gain in depth community insights on Twitter. Using their profile as a source, you can make a direct comparison between your community and that of your competitor. This analysis can help you understand about the competition in social world and thereby improvise your own product or service.
Your competitors can also help you grow your audience base. Practically, people who follow your competitor are most likely interested in their product and services which means that if you offer a quality product, they are your potential sales leads.
Here is a model of how you can build your Audience using Source Feature at Statusbrew
1. Identify Competitor
One of the foremost steps in building your community on social media is identifying your targets, those social profiles that are relevant to your business. And competitors could prove to be a great resource provided you know who your competitors are.
To gather profile insights of your competitor, you can add them as a Source Profile at Statusbrew. This feature brings all the inside details of your competitor’s profile right on your dashboard.
2. Gather Their Profile Data
Gathering your competitor’s profile data - its audience composition can help you estimate their market share - who are their followers, fans, etc. This analysis would make you understand about their growth points and fine tune your marketing plan in a better manner.
Statusbrew gathers all the data (Followers/Following) of the Source Profile and divides it into preset Criteria. These criteria are different segments of your competitor’s followers/following which are in direct relation with your own profile. You can select a particular Criteria from the available category to fetch the list of specific users from your competitor’s profile.
3. Streamline The User List
The data available under a specific Criteria can further be narrowed down with Filters. Filters are a powerful tool of segmentation which skims away all unwanted profiles and therefore can help you pin down to more relevant users from your competitor’s profile that have a greater potential of conversion rate.
Depending upon your requirement, you can apply different Filters such as High Followers/Following Ratio, Tweets/day or Zombie Filter to ensure that you only have active users in your list.
4. Monitor Mentions
Listening to conversations and monitoring mentions on social media is great way to keep an eye on your competitor's movement. Mentions can be in the form of a complaint, compliment, feedback or a request. Observing such conversations can get you close not only to your competitor’s marketing strategy but also customers. And, since you are dealing with similar product or service, it can help you cater with better solution for users than your competitor.
For instance, you can generate leads by looking for their unhappy customers. Follow such users in bulk and offer them your solution. You may also create a Tag and later connect with them over a DM or a Tweet.
5. Analysis Of The Data
A statistical insight into your competitor’s profile gives you an added advantage of observing the response of competitor’s marketing strategies on their audience growth. You can learn about their New Followers/Unfollowers, Friends Change and various other growth parameters.
Using Stats, under Source Profile you can compare two different data points of your competitor’s profile and derive a meaningful relationship. For instance, you can compare their New Followers to New Unfollowers to estimate their growth rate.
6. Perform Actions
Once you have understood the competitive arena and the community of your competitor, you can start by building relationships with the potential users extracted from the competitor’s profile.
You can perform actions such as a Follow, create a Mention Tweet or send a DM. Taking such actions can help you in growing your audience and building stronger relation which gives you the opportunity to increase conversion and retention rates.
You can add Multiple Source Profiles on the dashboard and check the conversion rate from each profile to see which Source Profile yields maximum result. Since competitive analysis is an ongoing process, you can come later and review the profile insights and stay updated with their New Follower/Unfollowers as well.
Growth has always been a major concern for all big brands and business but with increased noise and audience dispersal on multiple social networks - it is more about ‘right growth at right time’ than just ‘growth’. Therefore, keeping an eye on your competitor’s audience and analyzing their marketing strategy is a key step in building your own community.
So don’t stop learning from your competitors and audience behavior to keep that growth curve for your organization on a steady climb upwards, use Statusbrew for maximum output in your growth journey.