The social media and interpersonal relationships

Nowadays, it is a company’s ability to track, monitor, and engage on various social media platforms which will help determine success. You need to use both measurable and written marketing analysis to be informed about key areas of your competition. Visualizing Porter’s five-forces model for analyzing industry profitability as discussed in this module, focus on the following points:

Platforms:Have a look to see if your competition only uses the social media standbys of Facebook and Twitter, or if they use other slightly more niche social media platforms. For example: LinkedIn, Tumblr, Pinterest, Reddit, Instagram, and others. Also, see if they engage more often or more effectively on one platform in particular.
Frequency:How often do your competitors share posts? What kinds of posts (videos, images, text only)? What time of day are they posting?
Following:You want to look at the overall number of followers for your top competitors, and it’s not a bad idea to check back over time, to give you more insight into your competitor’s strategy, how well it works, and if their audience is growing. You can use the tools Tweepi (Links to an external site.) and Follower Wonk (Links to an external site.) to analyze your competitors on Twitter in more depth. (Note for BUS 460: do not pay to sign up for these tools).
Content: Notice if your competitors are promoting their own content offers and articles or if they are giving equal play to other content creators that are in the industry. Also see if they are aiming content to the personalities of buyers or if they are sharing items that don’t really fit their profile; this will help better position your own content to be as relevant as possible for your user base.
Response time:How are your competitors responding to customer questions or concerns on social media? Quick responses are important to consumers, so a company that halts responding after 5pm isn’t in the best position. Aim to provide better customer service than your competitors on social. (credit to Julie Petersen (Links to an external site.)from her article 10 Ways to find out what your competitors are doing. https://articles.bplans.com/10-ways-to-find-out-what-your-competitors-are-doing/ (Links to an external site.))
Assignment Instructions
Instructions: Using the five points of Platform, Frequency, Following, Content, and Response time, investigate how the competition is conducting themselves online and report back to the team and manager of your company how the competition is doing. Please write a minimum of two pages double spaced with headings for each of the five categories as well as the answers to a. b. c. d. e. and f. above. I designed a template that students may download and type directly in a Word document, save and resubmit.

 

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