Social Media Success – Understanding the Marketplace by Tyrone Green
I come from a background in sales. While in college, I did everything from door to door selling for a fiber optic company to managing 3 cellular phone company locations; my responsibility was and still is understanding people, generating leads, building relationships and converting customers.
Now, I manage and coordinate social media content for clients. I create content of all kinds to help engage, grow followings and drive traffic to websites from social media. I’m getting my foot in the door with managing ad campaigns as well, so be on the lookout for more content.
What is the marketplace?
The marketplace is the arena: it’s the collective of competitors, customers, trends, ideas and more. To refrain from this article being interpreted as a competitive analysis, I’m going to set the tone here: understanding the marketplace is different than market research. Market research is the collection of data while understanding the marketplace more about emotions and emphasizing what is currently important in the marketplace.
Analyzing competitors is one part and you also have to truly understand the whole collection of their activities and the consumers’ activities. After analyzing the marketplace, you can construct the foundation for a compelling strategy that will show what’s important to your consumers.
The code for success is within the marketplace, and it doesn’t take that much of a trained of an eye to see it. I’m going to go over my experience and how I use the marketplace for managing social media accounts for the purpose of educating those who may be new to managing social media accounts.
Below is a list of “marketplaces”
- Social media
- Niche blog
Where are the leaders in your industry succeeding in these marketplaces? Where are there opportunities? Notice what’s trending and how companies like yours are using different marketplaces to make it happen. Reverse engineer their success by modeling their behavior and personalizing it with your own flair. Some people may not be so digitally adept today, but there will be a time when everyone will be able to see right through a business’s fake persona online just the same as they would be able to see it in person, so it is best to be genuine in this process.
Using the marketplace
From my work with clients, I have learned that businesses can use the marketplace to their advantage. First, they must understand what is happening in their niche. Second, they must produce content that is valuable to their customers. Obviously, your value proposition must be better than your competitors, or you don’t deserve to be in business, so hone in on what your business does better than the rest, then show the world through social media and other suitable marketplaces.
When I analyze a niche marketplace, this is my checklist that I go through to make sure that I fully understand what I’m dealing with:
- 2 market leaders
- 3 influential companies
- Target audience profile
- 3 trends
- The tone of competitors content
I really appreciate you reading my article. If you have any recommendations, questions or anything else, here is my email with the subject line provided:
Subject: Recommendation/Question Email: TyroneGreenMarketing@Gmail.com