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10 Things Your Competitors Can Teach You About Social Media

May 16, 2016 6:52:51 AM

10 Things Your Competitors Can Teach You About Social Media

Your competitors know that social media isn't going anywhere.  The platforms may keep changing but it's here to stay. If you are a small to medium sized business owner social media is your key to getting ahead of the big competition.  You may not have their marketing budget but the good news is that social media is cheap and if you do it well the rewards will be seen in your revenue.

This Is What Your Competitors Can Teach You About Social Media:

  1. It's An Easy Way To Learn About Your Audience
  2. Helps Target Audiences More Effectively
  3. Helps Find New Customers
  4. Allows You To Receive Instant Feedback From Your Customers’ Perspective
  5. Improve Market Intelligence 
  6. Share Content Easier And Faster
  7. Can Help Increase Website Traffic And Search Ranking
  8. Social Media Helps Generate Leads For One Third Of The Cost
  9. Create Meaningful Relationships With Customers Through Social Media
  10. Increase Brand Awareness And Reach With Little To No Budget

1. It's An Easy Way To Learn About Your Audience

Knowing your audience is easier than ever with social media tools such as Facebook Insights for your business page.  Knowing what demographic area your audience is coming from, what gender or age group you should mainly be catering to, are all keys to creating accurate buyer personas.

10 Things Your Competitors Can Teach You About Social Media

 

2. Helps Target Audiences More Effectively

Geo-targeting is an effective way to send your message out to a specific audience or demographic based on their location. Social networks like Facebook and Twitter have tools that allow you to communicate the right kind of content to your audience (source: hootsuite). With Facebook Ad Manager you can promote your post to the audience of your choice.  You can break your audience down not only by age or demographic, but you can delve into interests, hobbies, title, or "35-year-old women who like wine".

3. Helps Find New Customers

Social networks like Twitter allow small businesses to locate their current customers or seek out potential customers. Use a tool such as HubSpot to build streams of interactions based on keywords, segments in your database, or by cross-referencing the two to drill down to the most important interactions.  For example, if you have just opened a new auto shop, you can set up a stream to follow all mentions of "transmission trouble" and whenever someone in your area mentions this pain-in-the-you-know-what you can tweet and invite them in for 10% off transmission work or a Free Transmission Check-Up.

4. Allows You To Receive Instant Feedback From Your Customers’ Perspective

If you are the owner of a company you may not be the person handling the social media.  You may have a Marketing Manager or PR division overseeing the online chatter. The great thing about social is that you don't have to rely on these people to give you the skinny about what is being said online about your biz.  Jump right in the conversation yourself, react to customer comments, handle unsatisfactory reviews, and be the driver of your public persona.

10 Things Your Competitors Can Teach You About Social Media

5. Improve Market Intelligence

See every interaction with your messages - retweets, mentions, favorited tweets, and replies, easily digested in HubSpot's social tools as well.  You may also create Competitor Streams to see all mentions of your targeted competitors and stay ahead of the game.

6. Share Content Easier And Faster

Getting messages out to your followers is easier than ever. You may promote new products, entice with promotions, and engage and grow your audience.  Covering all of the social media outlets can be a big time suck but with new social media management tool such as HootSuite or HubSpot you may publish and schedule messages to Facebook, Twitter, LinkedIn, and Google Plus right from your user dashboard all at once.  

This a great convenience if you are traveling or have a hectic schedule (who doesn't). It also allows you to create a social media strategy that your entire team can follow so your brand message is consistent.  Use a social media planning calendar to accomplish this. 

7. Can Help Increase Website Traffic And Search Ranking

The key with social media driving traffic to your website is being consistent with your posting.  You must post on a weekly basis; many times per week.  This may seem like a lot at first but it is about targeting different potential customers at different times of the day.  You want to engage as many people as possible.  Over time you will learn the times your posts get the most engagement and be able to narrow down your post strategy but always continue to be consistent.

10 Things Your Competitors Can Teach You About Social Media

8. Social Media Helps Generate Leads For One Third Of The Cost

This is known as Inbound Marketing.  Instead of the old outbound marketing methods of buying ads, buying email lists, and praying for leads, inbound marketing focuses on creating quality content that pulls people toward your company and product, where they naturally want to be. 

9. Create Meaningful Relationships With Customers Through Social Media

Social media allow you to have a conversation before, during, and after they use your product or experience your services.  This allows for better relationship management and improved customer experience.  Now the customer/client knows they are cared for and will likely recommend your services to others and continue to be a lifetime customer.

10. Increase Brand Awareness And Reach With Little To No Budget

Online advertising is cheap compared to a television ad and now that you audience is in front of a computer screen, smartphone, or tablet; it's more effective too. Companies are 3 times as likely to see higher ROI on inbound marketing campaigns than on outbound (postcard, billboard, etc.) according to the 2015 State Of Inbound Report

Well, there you have it, 10 reasons your competitors are excelling in the online world.  Now it's your turn! OUTLET can provide your business with a free inbound marketing assessment and set you on a path to success. Check out our website for more information.


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