Social

Why Streaming Publishers Need Competitive and Industry Data to Improve Social Media Performance 

By Jessica Ramirez

April 14, 2022

Like it or not, social media is all about standing out from the competition. Every single post is competing for user attention, hoping to get them to stop their infinite scrolling for a few seconds.

For streaming publishers, Instagram captures 75% of all content engagement so most streaming giants will likely focus their attention on that platform. With users flooded with similar content from each streaming publisher on one key platform, how can they identify opportunities to stand out?

Analyzing competitive and industry data is essential. Social media teams need to have a pulse on the competition’s content performance.

Monitor key metrics

How do you quantify and compare your performance against competitors? The metrics you choose to measure competitive performance might vary based on your social media goals. Below are some key goals and metrics that align with each:

  • Content engagement: total engagement, impressions, post reach, video views, mentions
  • Audience growth: total followers, follower growth rate, total engagements, mentions, demographic and behavioral data
  • Campaign performance: unique hashtag usage, engagements on campaign content, engagement rate, follower growth, campaign link clicks
  • Share of voice: mentions, engagement rate, post frequency, follower growth

When benchmarking performance, it’s essential to define what metrics you want to base your comparison on. You’ll derive even deeper insights when you specifically analyze a competitor’s performance based on the goals you’re trying to reach.

Identify strategies that win

There is much to be learned from competitors’ social media content. Your competitors are most likely working toward similar goals, so analyzing their content can uncover some interesting new strategies that might be applicable for your business. With that insight, you can identify a tactic your competitor is executing well and find opportunities to improve it.

Competitive benchmarking can also help you find gaps in your competitors’ social strategy.

Maybe your top competitor gets lots of engagements on their Facebook posts, but their video content doesn’t perform as well. Enter: new content opportunity. You can use that insight to develop a highly engaging video series on Facebook because you already know what strategies aren’t working for your competitor and can find opportunities to improve it.

Stay current

Social media is constantly evolving. One of the biggest challenges for social media managers is keeping track of all the trends, themes, and memes that are popular—or on social in general. Monitoring other brands in your industry can help surface those themes as they become popular with your audience.

Social media users also tend to expect a certain type of content from their favorite brands. Think of Instagram story takeovers, “Day in the Life” series, or any of the many memes that dominate social media. Once it becomes a trend on social, brands are expected to follow. That’s why you need an analytics solution to help identify those key industry trends before your top competitors. No brand wants to be the last to participate in the latest trend.

Convert loyal fans to your brand

Ultimately, you need competitive insights to find opportunities to take market share away from the competition. If you can quantifiably identify their gaps and your strengths, you can develop a social strategy that helps you win.

In the world of streaming, social media has become the primary way for users to discover new series or movies they want to watch. With users constantly flooded with new content, it’s essential for social teams in the streaming space to identify key acquisition strategies to attract users to their content.

In Conviva’s Content Discovery Report, we uncovered that high social media user—those that use six to eight platforms—are more than twice as likely to spend more than eight hours per day streaming. So any opportunity to tap into that heavy social, heavy streaming segment can help grow your competitive advantage, not just in social but across your entire streaming business.

Benchmark for the better

Competitive insights become even more powerful when they are tracked and compared over time. Benchmarks help keep you attuned to your competitor’s progress and growth as they evolve their social strategy. Since social is ever-changing, what might have been a competitor’s weakness a few months ago might not be today as they adjust their strategies.

It’s also a crucial method to track your own progress. Having a baseline helps to make sure you maintain your competitive advantage over time. Maybe you didn’t have the largest audience a few months ago, but after implementing a few new strategies, you can quantifiably measure your improvements by comparing your competitive standing today to previous benchmarks.

Differentiate yourself

Do you know what makes your brand unique in social? Competitive insights also help you understand what sets your brand apart. Perhaps you consistently have the most-engaged content or maybe you have a relationship with a segment that your competitors do not.

Understanding these differentiators is crucial to developing a winning social strategy. You can double down on the content that sets you apart, grows your share of voice, or drive more conversions.

It’s also an essential factor in engaging with sponsors, influencers, or any other partners. Sponsors and influencers have a wealth of brands they can engage with, so you must be able to demonstrate why your brand provides the most value. Competitive data can be that deciding factor to show sponsors that you can deliver the results they want to see.

Ultimately, competitive and industry data is an essential measure of your social performance and positioning. As the social media space becomes increasingly saturated, the competition for user attention will only become more challenging. Strategic social media teams will use competitive data to optimize their content performance, grow their audience, and develop strategies to boost conversion.

Learn about how competitive benchmarking helped the Kansas City Chiefs outpace their peers.