Knowing how well your digital marketing campaign is working compared to internal metrics is helpful, but getting a sense of how well it is working compared to external metrics (such as competitors’ campaign results) can give a crucial competitive edge. With its Market Intelligence tool, Yesmail aims to allow digital marketers to study competitors’ results, as well as their own, across email and social channels to create success at a level that beats not only internal expectations but the expectations of competitors.
We live in a competitive world, and marketing is probably one of the most cutthroat pursuits within this world. “Marketing-speak” focuses on neutral-sounding terms like “growing market share” and “customer acquisition,” but in reality, these terms could just as easily be termed “stealing market share” and “stealing customers.” Successful digital marketing in large part hinges on taking customers away from your competitors without letting them take your customers away from you.
While developing new customers who might not have previously been involved in your particular vertical is an important part of marketing, the fact remains there are far more experienced consumers waiting to be wooed than “first timers” waiting to be introduced, and Yesmail proudly announces “spying on your competition has never been easier” in promoting its new Market Intelligence 2.0 platform.
Let’s look a little more closely at exactly what kind of covert operations Yesmail is enabling marketers to conduct.
If You Can’t Beat ‘Em, Join ‘Em
One interesting aspect of Yesmail’s market intelligence functionality is dynamic filtering of competitive data. Users can apply advanced filters based on keywords, channels, date ranges, etc. to competitors’ campaigns as well as their own.
Obviously originality is a big part of any successful marketing campaign, but at the same time if a chief competitor is winning customers by using a certain phrase in their email subject line, it is certainly prudent to at least take that into consideration when tweaking your email strategy.
Comparing Yourself to Others
Your mother may have advised you to simply be the “best you” possible and not worry about what anyone else does, but mom’s advice to build strong character and personal identity does not extend to the rough and tumble world of marketing.
If your campaign is not performing as well as those of your competitors, the “best you” you will likely soon be asking those competitors for a job. Yesmail enables users to create side-by-side comparisons of their campaigns with up to four competitors at a time.
Comparisons come as interactive, exportable charts and competitively measure campaign count, campaign engagement, and campaign deployment times. You know in high school you were always comparing yourself to the “cool kids” no matter what your mom told you, so why not make sure you measure up to the “cool companies” now?
Other features of Market Intelligence 2.0 include the ability to create, track and analyze customer personas based on demographic and behavioral characteristics and real-time analytic and insight capabilities.
The Proof is in the Pudding: Social Media Campaigns Don't Match Consumer Engagement Patterns
Yesmail put its money where its mouth is a few months ago, using Market Intelligence to track and analyze more than 20 popular clothing retailers’ Facebook, Twitter, YouTube and email campaigns over a three-month period to assess how effective they were in driving consumer engagement. As reported by CMSWire, what they found indicated that many social media and email campaigns do not match up with consumers’ patterns for when and how they engage with brands.
What’s causing the disconnect, exactly? Yesmail seems to think that it’s a combination of not having the right tools, not being able to harness the power of the customer data available and the inability to produce actionable insights to drive a successful brand strategy. For example, while Yesmail data shows Tuesdays to be the day producing the highest level of engagement with Facebook campaigns, Tuesday only ranked fourth in terms of when actual campaigns are deployed.
Additionally, the report also showed discrepancies between the time slot when campaigns achieved the most engagement and when retail brands deploy their campaigns. But not all marketing campaigns are on the wrong course.
Yesmail’s research showed that if email campaigns were sent out before social campaigns, those emails drive social engagement via share buttons and calls to action that promote interaction with the brand. When retailers’ email campaign data was overlaid with social engagement data, Yesmail found a significant increase in engagement on social channels.
Digital marketers should not only take notice of Yesmail’s specific technology functionality, they should take notice of the broader marketing methodology represented by the Yesmail market intelligence platform. Competitive research and analysis is nothing new, but marketers need to pay as much attention to successes and failures of competitors, in real time, as they do to their own successes and failures.
Whether you use Yesmail or other means, in a hypercompetitive marketplace moving at hyperfast speeds, knowing what the competition is up to has never been more important.
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