So far, most of what we’ve covered is hypothetical. If you want to pull some of these insights into reality, you’ll need to provide the right context.
Conduct a social media competitive analysis to better understand your brand’s role in the current social media landscape. Dietrich believes that can serve as a blueprint for outpacing your competitors.
“Capitalizing on a competitive gap or shortcoming can be home owner data huge,” says Dietrich. “We may not get as much funding for social media this year, but it needs to remain strong enough to function through the downturn and seize on opportunity when the time is right.”
Understanding how your competitors use (or don’t use) social can unveil opportunities that are hidden in plain sight. Here are some questions to consider as you dig for competitive intel.
What content formats (design, visual) are your competitors prioritizing? Based on their existing content, how would you rate their level of investment?
How active are your competitor’s mentions, tags and comments? How often are they replying?
What can you infer about their priorities based on their social content mix?
This context will help make the risks and benefits of your requested resource more tangible throughout the approval process.
4 ways to make the most of your current social media resources in a tight economy
Dietrich is no stranger to turbulent markets. She clearly remembers feeling frustrated in the face of budget cuts during the 2008 recession. “It’s hard to do more with less. It’s not like we’re all sitting around, spending money on things we know don’t work.”