Why Should You Follow Your Competitors on Social Media

When a company starts thinking about the marketing promotion on social media, the first thing they shall do is to identify who the competitors are and what they are doing on social media. In China, there is an idiom with the meaning that if you know your rivals well enough, you will always be winning. Startup or growing companies will still have many competitors as they might be just new to a mature market. It is important for them to survey finding out who the competitors are. For big companies like BMW, or Coco-Cola, only have very few significant competitors, it is then a lot more noticeable. 

                         

After knowing who they are, in order to make a strategy for the marketing promotion, knowledge of what your competitors are doing on social media is needed. Following the competitors on social media is very easy, but it is a little tricky not to show your keen interest publicly. Social media like Twitter, allow people to create two different lists, one is a public list, and one is a private list. By the name tells, the public list is open to everyone, and it could help other Twitters with the same interest. The private list will only be shown to yourself; therefore, your competitors and people interested in you will not know what you are following. For example, you could create a list of your competitors and observe them find out what happens on them, what they did right, and what could be avoided without them being any the wiser. This gives a good level of flexibility in a timely matter for reading and studying what competitors publish on social media without being known by others. 

Brand promotion on social media can be just posting what is happening for your company, how good your product or your service is, or any latest campaigns will be conducted. However, interacting with your competitor is sometimes a good idea. The recent campaign made BMW on the retirement of CEO of Mercedes was a huge success. It is very inspiring and entertaining without hurting a fair competition. BMW’s farewell video for retiring Mercedes-Benz CEO Dieter Zetsche, which launched in May, has drawn near to 4.5 million views on YouTube, which obtain much approval from netizens for its wit and quick turnaround. This video aroused widespread attention around the world and helped BMW to be the spotlight swiftly. It is a tremendous success for BMW to promote the brand on the premise of respecting major rivals and showing creativity and humor.

                                

BMW also put this video on Twitter and captioned it, “Retirement is when you can leave your past behind and embrace your future.” Mercedes-Benz responded to it, saying, “Thanks @BMW for the kind suggestion – but we’re 100% sure he already decided to #switchtoEQ 😉.”

           

From the online conversation, it shows a friendly way for both luxury brands as competitors. It is also 3M views and 30.3 likes on Twitter. Thousands of customers or potential customers of both brands discussed with each other and showed their passion and favor under the post. As groundswell mentions, it is an energizing that provides a community or stage for passion customers to discuss your brands. 

       

Although it was bold and adventurous, it is definitely breaking the convention that is the regular campaigns of competition and showing the brand’s unique thinking and value. Customers are willing to trust the brands that own credibility and unique insights. CEO and founder of Orion Social Media Shanker Joyrama said fortune favors the bold, and when throwing punches at rivals, what is important is to stay “classy” about it, not bitter.” 

As BMW did brilliantly in its farewell video for outgoing Mercedes-Benz CEO, please let me know your brilliant comments about it!