We live in a digital marketing era where results are predicated from analytics and data. Whether it’s content marketing, email marketing, or even social media – data drives successful business growth. If you’re just starting out a business, generating data might be a little too difficult. That’s where tools like Rival IQ come in.
Rival IQ is a social media tool that helps you generate competitive intelligence and data. Using a tool like this can quickly accelerate your business growth and help you compete even against the biggest brand. Here are 3 ways you can grow your business using Rival IQ!
Table of Contents
1. Convenience
As entrepreneurs and business owners, we don’t have a lot of time to search for resources and data. Rival IQ is set up so you can literally scroll up and down a page, and get all the insight at your convenience. Let’s take a look at the Facebook section for a minute.
At a glance, we can see some of the latest posts from our rivals, the time each was published, how many shares they received on Facebook, and even what kind of specific engagement they got. How does this help us? In many ways actually!
First, we can start seeing what kind of content our competitors are posting. Are they promoting video or images? How quickly did they get likes and shares soon after it was published? We saw that none of the competitors used hashtags, why was that? Maybe my competitors know something about Facebook hashtags that we don’t…
Not only can you get this data conveniently for Facebook, you’re able to see data across Instagram, Twitter, YouTube, and Pinterest. Get insight on:
- The kind of engagement your competitors are getting across social
- Hashtags are they use to drive more awareness
- The frequency they’re publishing on social media
- And more!
You’ll have actionable data in an easy-to-understand manner, and in one central location.
2. Staying Ahead of the Competition
One of the coolest features of Rival IQ is the ability to uncover boosted Facebook posts. While you might be struggling to find the benefit for boosted Facebook ads, chances are your competition is finding some sort of success. To check for boosted posts, simply go into the Facebook section and go to the ‘Likely Boosted Posts’ section.
Rival IQ explains it the best on their website:
“Open a window into your competition’s strategy: Our machine learning helps you react quickly, copy successful posts, or explain an increase in competitors’ engagement rates.
…Justify additional budget: By explaining how your competitors are investing in social marketing, Rival IQ gives you real, impactful, and timely data to help you advocate for additional marketing resources.”
Additionally, you can see what the top posts look like for the given time frame for your competitors. Maybe you’ll find a theme they are using to find success on social media… (Why recreate the wheel?)
In this example, we can see that:
- 4 of the 8 top posts are from Neil Patel
- 1 is a YouTube video
- 3 have quotes on the images.
Instantly, we can see Neil Patel finds success publishing quotes on social media. The remaining 4 posts also have some sort of text in the image which suggests that images with text on them could perform better than images without any text on them
Getting data on your competitors paid social media strategy and uncover hidden information has never been this easy, thanks to Rival IQ!
Read More: How To Use Social Media Competitive Intelligence To Outperform Your Competitors
3. Audience Insight
Testing different marketing tactics is an ongoing process, but how do you know where to start? With Rival IQ, you can get insight on who exactly is in your audience, what kind of engagement your posts are getting, and even the location of your target audience.
Let’s take Instagram for an example. With Rival IQ, we’re able to see specific demographics broken down in their dashboard. Let’s say you’re a male nutrition company that sells products only in the US and your demographics are broken down as below:
If approximately 40% of your audience is female, and more than half your audience is not from the US, do you think Instagram is worth our time to market on? Probably not!
By using Rival IQ’s dashboard, you can position yourself to save a ton of time and effort in the future. Yeah having a bunch of followers on Instagram is fun, but what value does that bring when they’re not targeted?
We can also generate insight on other channels such as Facebook and Twitter. Since we put our top competitors in Rival IQ when we set up our account, we can take a look at the average engagement rate across all competitors.
The average engagement rate will highlight how posts react with each competitors’ audience. With just these 2 social media metrics (above), we can see that our competitors get the most engagement on Sunday.
Our team never even considered publishing on the weekend, but numbers never lie! Moving forward, our team is going to incorporate weekend social media posts since we can see that it works for our competitors.
We can also see specific times our competition generates the most engagement (and for some reason that’s between 6 and 7 in the morning.)
Think about it for a moment, since we’re targeting entrepreneurs and business owners, when does their day typically start? Most likely between 6 and 7am!
Just from this small analysis, we can now use this data in multiple ways. Maybe you should post more between this time frame or maybe your email campaigns should be sent between 6 and 7, (since activity is the highest at this time.) At this point, it comes down to testing and seeing what works and doesn’t work for your business.
Rival IQ is a powerful tool that can help any business grow in 2019. From seeing what type of posts are working for your competitors, to seeing insight on the results from their Facebook Ads; every business should be running competitive intelligence.
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