Using bench marking to stay ahead of the competition
Get tangible results with competitor bench marking
The age old adage that you shouldn’t compare yourself to others rarely rings true in business. After all, while internal improvements are all well and good in their own right, it’s the performance of your industry peers that will really dictate your success or failure. Why? Well, simply put, clients don’t really care for how an organisation has bettered its inward-facing processes and will always be more interested in where they can obtain a superior quality product or service. This, in turn, ultimately gives greater exposure and engagement to brands that outperform competition.
So, what can you do to outmaneuver organisations that share your market and capture more of your target audience?
“Competitor benchmarking can give you an edge over your industry peers”
In years gone by, staying ahead of the competition might have meant designing new and improved products in a bid to win over an audience, without any real understanding of whether your efforts would prove to be successful.
Thankfully, those days are long behind us, and now media monitoring analytics can provide you with competitor benchmarks, which can reveal a veritable treasure trove of data about your peers. This information can be used to learn more about audience sentiment within your sector and enable you to intelligently reshape your strategies as a result.
Naturally, the success of your efforts hinge on your ability to carry out bench marking effectively. To achieve this, the Victoria government’s Business initiative recommended that organisations should follow five steps:
Establish an aim for the bench marking
Determine competitors
Identify trends within their sector
Define an action plan
Monitor results
The final step can be a time-consuming process, so making use of media monitoring tools may help you stay on top of the data without dedicating all of your resources towards it.
3 compelling reasons to benchmark your competition
1. Learn what your competitors’ audiences are talking about
Social analytics can identify what your competitors’ audiences are talking about in the social space.
Alongside traditional channels such as TV, radio and newspapers, social media has quickly become a force to be reckoned with. In Singapore, for example, people spend an average of 2.1 hours per day on various social platforms, according to marketing agency Hashmeta.
Benchmarking can help you extract information from this valuable space. Find out what your competitors’ followers are talking about and engaging with, and use this information to restructure your communications strategies in the digital space.
2. Understand winning strategies that your competition is using
Use media monitoring tools to work out what goes into creating a winning communications strategy.
Nobody likes a copycat, but there’s no denying that taking inspiration from other successful organisations in your space can be fruitful. Media monitoring services can reveal strategies that your competitors have carried out in the past and help you identify the effective elements that went into crafting them.
With this information in hand, you can implement a strategy that shares some of the characteristics you’ve identified. Remember, you don’t want to recreate the work of your competitors. Rather, you’re determining the ingredients that go into a strong campaign and reinventing them for your own purposes.
3. Detect niches
Competitor benchmarking can help you set new targets.
Another benefit of using competitor bench marking is that it can identify gaps in the market that your organisation may be able to enter. Frost & Sullivan surmised that this ability to detect niches within a competitive space can help smaller organisations compete with larger and more established rivals.
Louise is an experienced content marketing professional who translates Isentia’s marketing strategy into impactful and effective marketing campaigns across multiple channels. As the Lead Gen Marketing Specialist for Isentia, Louise enjoys creating informative and engaging content for media and communications professionals.
Insights promote action and change with stakeholders
Research, measurement and evaluation needs to promote action with relevant stakeholders including the general public. It’s easy to fall into a trap of measuring something because you think you should or because someone has asked for a few charts on a communication team's activity. But your stakeholder engagement strategy is missing an opportunity to create long term impact with key audiences.
Stakeholders (internal and external) are an effective resource for driving change and shifting narratives. Stakeholders are a crucial avenue for advocacy of communications activity but are usually not provided with the necessary information. They need motivation to change their behaviour and support your objectives.
A project that champions this is the Media and Gender research the Isentia insights team produced with Sport New Zealand. This research examines how women are portrayed across sports news in New Zealand and shines a light on where there is work to do. The research itself is engaging and builds rich insight into an area often not looked at on this scale. The most success lies in how research helped motivate and support behaviour change within the primary stakeholder - the media.
Move stakeholders with data-led evidence
Editor of The LockerRoom, Suzanne McFadden, said this study encourages national representation of women in sport,
“A surge in women's sport in NZ media, but a fall in female bylines, highlight the latest Sport NZ study - which also shows where LockerRoom leads the pack.”
Jennie Wylie, Netball New Zealand’s Chief Executive said to Radio New Zealand, that media coverage plays a vital role in female participation in sports,
"What we do know is the cost of our young people not participating in sport, and the gap for young women and girls in that participation, it plays out in terms of media coverage, so if you can't see it, you can't be it."
Sport New Zealand was able to build a stakeholder engagement strategy using data and research that goes beyond numbers. It encourages those at the source of reporting to strive to improve.
Here are some tips on how to rethink your approach to research and evaluation, so your organisation can do the same:
4 considerations for your stakeholder engagement strategy
1. Don’t only focus on your own activity
It’s easy to fall into the measurement trap of focusing on your own activity and neglect your audience and sector. It’s important to understand if your communication is successful, but you're missing key opportunities (and threats) that you can only see if your research lens is wider.
2. The value of pre-research
Research performs at its best when used to determine where you should be going instead of only where you’ve been. Bring research into your planning early and give insight into what your audiences already experience as well as their responses and their preferences, so you can tailor your organisation’s activity based on evidence.
3. Use your evidence to generate conversations
Engage all your stakeholders in the research process and as early as possible to increase their investment in the results, regardless if it means changing their own behaviour. The more measurement and research is collaborative and unites stakeholders within a common purpose, the more effectively it will spur change.
4. Measure more than once
Changing audiences and information requires your organisation’s research lens to focus on what's relevant to your objectives and audiences.
Talk to the experts about how Isentia insights can refocus your stakeholder engagement strategy
Ultimately, research should help drive conversations, and in those conversations is where you can create change. It doesn’t always work the first time, so be persistent - it’s worth it!
Contact us to discuss how we can create a tailored measurement programme that supports your goals.
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Thought Leadership
A targeted stakeholder engagement strategy in 4 steps
To have an impactful stakeholder engagement strategy you must use the right data-led insights to drive interest in your objectives.
The state of the electric vehicle industry in Malaysia
Malaysia's automotive industry is one of the more environmentally-friendly industries. Various parties, such as the government and local automotive industry players, have continuously sought to promote electric vehicles (EVs).
The subject of electric vehicles (EV) is growing among the Malaysian public in the social media sphere due to continuous efforts to promote EVs by various parties such as the government, local automotive industry players as well as companies directly involved in several aspects of EV (charging facilities/networks etc.)
Using data from Pulsar, Isentia analysed the conversations surrounding the topic of EV amongst Malaysia's social media users.
In this word bank powered by Isentia’s vast datasets, some of the most common keywords used by Malaysians when discussing EVs, apart from the topic itself, are 'drive', 'chargers', and 'battery'. EV is also associated with ‘future’ and ‘expensive’.
Across the country, social media users agreed that Malaysia is lagging behind neighbouring nations (such as Indonesia and Thailand) in EV facilities and vehicle development. They also agree that EVs are only accessible to rich people in the country because of a lack of affordable options and that the Malaysian government and other players should do more to promote electric vehicles as a practical form of transportation.
What are the audience segments that have been talking about electric cars online?
Malaysian social media users who are more interested in electric vehicles are most interested in watching movies and TV. The three main audience segments include the Conservatives, Technology Enthusiasts, and Innovation Seekers. They are predominantly male audiences aged between 18 and 24.
They also have high media affinity with Malaysia's prominent media outlets, such as Astro Awani, Bernama, and technology-focused outlets, such as Amanz and Digital News Asia.
Conservatives follow social media accounts of mainstream news outlets and the government (ministers, ministries, agencies etc.) They believe government policies would benefit their daily lives, such as EV-related ones.
Technology enthusiasts seek out exciting posts on new technologies and actively participate in discussions surrounding them. They are advocates of technologies that would make the environment that they live in better, as well as efficient technologies.
Innovation seekers are actively sharing news and involved in conversations about innovations that enhance the development of industries relying on the newest technology. They tend to evolve their lifestyles accordingly and embrace innovations available at their disposal.
Several points between April and July 2022 peaked due to active discussions among Malaysians on EV:
Launch of Automotive High-Tech Valley on 14 April - The launch would assist in positioning Malaysia as a hub for EV manufacturers and component suppliers to the ASEAN market.
Foxconn announced plans to build a facility in Malaysia on 19 May - Taiwanese company Foxconn plans to build a chip production facility in Malaysia with Malaysia's Dagang NeXchange Berhad to fulfil the demand for EV semiconductors.
Criticism of parking at charging facilities on 10 June - There was criticism towards road users in Malaysia who parked their vehicles at EV charging facilities.
Samsung develops plant in Malaysia on 21 June - Samsung SDI Energy Malaysia Sdn Bhd announced that they are developing a RM7 billion plant in Negeri Sembilan to pioneer the EV battery cell industry in the country.
First Range Extended EV developed in Malaysia on 21 July - Mimos Berhad has developed the first Range Extended Electric Vehicle (RE-EV) in Malaysia with the cooperation of Motosikal dan Enjin Nasional Sdn Bhd (Modenas) and Universiti Malaysia Perlis (UniMAP).
Get in touch with Isentia today to learn more about what consumers are saying about your brand.
How the recent Therapeutic Goods Advertising Code is changing the rules around skincare advertising in Australia.
What has an influencer endorsement or testimonial influenced you to buy lately? Would you have purchased it otherwise? Well, you may see less of this type of advertising in the coming years in Australia. Using Pulsar's recent report on the online conversation on sunscreen and SPF, we can understand how audience intelligence and media monitoring can help organisations direct and target their messaging and operations in response to (for example) significant regulatory changes.
The code allows for genuine, unpaid testimonials in advertising. Still, it prohibits influencers from making testimonials or endorsements based on their own experiences due to using a product. They can only stick to communicating the product's aims and purpose as claimed by the product's labelling and instructions. The recommendation must also align with the product's purpose, as the Australian Register of Therapeutic Goods records.
So why is this happening, and how can influencers still operate under these new regulations? The TGA ensures that consumers can trust that recommendations are unbiased without the influence of incentives, including gifts. There is a further requirement for social media influencers to include mandatory statements in their advertisements depending on the type of product and its availability to the public. The TGA also highlighted that they aren't making any unusual changes but are just aligning advertising on new platforms with code that previously targeted more traditional forms of advertising.
The code requires all testimonials that are in breach to have been taken down by July 1st.
But some influencers have not taken to the new regulations well, believing the new rules will hinder a critical source of information for consumers and audiences. Australian sunscreen (Naked Sundays) owner Samantha Brett, told the Sydney Morning Herald Emerald City she believes sunscreen should be exempt from the laws asking, "How else will those who are influenced by social media, particularly Millennials who are most at risk of melanoma, be encouraged to use sunscreen every day."
On August 22nd, Got-to Skincare's founder Zoe Foster Blake posted a statement on Instagram to announce the release of a new SPF 50 sunscreen product and how the code impinges people's sun protection practices and knowledge.
“I believe elements of the code have the potential to reverse the momentum public health, cancer awareness groups, and skin specialists have been building for years to ensure Australians wear sunscreen daily”.
Foster-Blake goes on to highlight how some still find sunscreen polarising and unappealing.
“Many consumers still believe sunscreen is gross, thick, greasy. It’s not.”
But are younger demographics, influenced by social media, confused about sunscreen use? Social discussion would say the answer is yes. Where to apply, how many times to reapply and in what settings is wearing sunscreen necessary are some questions people are asking.
Social media conversation around sunscreen is evolving and recorded by Pulsar as a therapeutic good that goes beyond a necessary use case. Sunscreen is feeling the influences of climate change activists and holistic beauty trend-setters tied to long-term health values.
Promoting sunscreen and daily SPF use on social media has a positive impact on long-term health and beauty maintenance and protection against skin cancers; 51.1% of Australians' reasons for applying sunscreen, as discussed in online conversation, is to protect against skin cancers.
There is still confusion around SPF levels and growing concerns around online conversation promoting misinformation that sunscreen use increases the likelihood of ailments like melanoma, reportedly one of the most common cancers in young adults.
Social media conversation and prolific posting of beauty & wellness-related content frame spaces where skincare brands can find their niche. Brands like Cerave and Supergoop are finding ways to differentiate their branding to appeal to specific communities (meet their communities in the full report). Is this new code holding social media influencers to account for their sway over masses of followers? Or is it taking away a vital information-sharing source? Time will tell if the regulations will significantly impact beauty and wellness influencer marketing in Australia. However, the effects may be taking hold now. If you look up sunscreen and SPF on tiktok, you will notice a decrease in related content since the end of 2021.
Avoid the risk of getting burnt and check the code to ensure you’re not in breach.
Will wellness brands need to rethink how they use and apply influencer marketing?
How the recent Therapeutic Goods Advertising Code is changing the rules around skincare advertising in Australia. What has an influencer endorsement or testimonial influenced you to buy lately? Would you have purchased it otherwise? Well, you may see less of this type of advertising in the coming years in Australia. Using Pulsar’s recent report on the online […]
Sustainability in businesses, and where to draw the line
With consumers taking more of an interest in living a sustainable lifestyle, many companies are prompted to take steps to reduce their environmental impact and embrace sustainability.
However, what happens when companies make false claims that they are more sustainable than they actually are? This is where greenwashing comes in. Greenwashing is when a brand frames itself to be environmentally conscious for marketing purposes but is not making any notable sustainability efforts.
We analysed conversations on greenwashing among Malaysia's social media users powered by Pulsar's data.
Our study shows that the term "greenwashing" is not as widely used when consumers call out practices that mislead the people with positive communications on environmental and sustainability practices when it is not.
'Investment', 'banking', 'ESG', and 'sustainability’ are just some of the keywords most commonly used when Malaysians talk about greenwashing.
Consumers tend to be sceptical and raise concerns with sustainability claims as they question the effectiveness and legitimacy of such initiatives. Some have linked such "green efforts" as a tactic for cost-cutting and even for financial gains.
Malaysians talking about greenwashing online lean slightly more towards males. In terms of age group, the 18 to 24 years old have shown stronger interest in the topic.
They are most interested in watching movies and TV and have high media affinity with some of the nation’s prominent media outlets such as Astro Awani, The Star, and Bernama. They tend to be sentimental, particular, and analytical.
The top three audience segments we have identified talking about greenwashing are The Green Lovers, The Informers, and the Activists
The Green Lovers who are passionate about sustainable lifestyle are highly interested in entertainment and social issues. Their choices are driven by a desire for well-being.
The Informers, on the other hand, follow media outlets such as Astro Awani, The Star, and Bernama and tend to share content that concern the people with their networks. Their desire for organisation drives the choices that they make.
The Activists describe themselves as advocates for social issues. They follow political figures such as Khairy Jamaluddin, Syed Saddiq, and Hannah Yeoh. They are philosophical, authority-challenging, and empathetic.
Despite having different interests, their purchase decisions are likely to be influenced by online advertisements, brand names, and social media.
Sustainable businesses are focused on continuous improvement and long-term goals. They seek to promote the health of a company and the community in which it operates while balancing these goals with the need to develop profit.
However, despite efforts to campaign for sustainability and adhere to ESG (Environmental, Social, and Governance) standards, some industries such as banking, oil and gas, and fast fashion have been called out for greenwashing. Consumers have also pointed out initiatives such as the RM0.20 plastic bag pollution charges by the public sector for missing the ESG mark for seemingly profiting from the use of plastic bags.
Generally, these sectors have been criticised for failing to fulfil their 'green commitments’ adequately.
Greenwashing can be harmful to a company’s reputation in the long run. As many consumers are focusing on ‘conscious consumerism’, companies are expected to live up to their sustainability goals.
Get in touch with Isentia today to learn more about what consumers are saying about your company and brand in relation to greenwashing.
