How to perform a competitive analysis on TV

Brands must have something unique to offer in the highly competitive marketing and advertising world. A successful brand or product must know its rivals inside-out, whether it's their advertising strategies, perks they offer, or demographics they are targeting. Insights gained from this research can help you discover new opportunities and inform your marketing strategies.

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In this article, we look at the necessity and benefits of competitive analysis on TV, as traditional broadcasting is still a powerful platform for brand awareness.

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TV data holds many levels of insight and requires specific tools to unpack what it offers. Fortunately, there are easy-to-use analytics tools to help you understand how people see your brand. Read on to learn how tools such as 7M Discovery can search, compare and monitor your organic TV mentions.

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What is competitive analysis?

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A competitive analysis is a strategy used to learn the ins and outs of your competitors' marketing tactics, products, and sales.

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Conducting a competitive market analysis will help you implement better business strategies and outperform your competition. It also enables you to stay on top of industry trends and exceed industry standards.

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Some of the benefits include:

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• Helping you identify your unique value proposition, which informs your marketing strategy
• Identifying what your competitors are doing right so that you can make choices that help your product stay relevant
• Telling you what your competitors are not doing, which enables you to identify new opportunities in the marketplace
• You can learn what features and qualities your competitors are missing from customer reviews of competitive brands. Thus, you identify customer needs that your product or brand could meet.
• Conducting an analysis also provides you with a benchmark to measure your growth.

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What is a competitive analysis on TV?

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In some cases, brands need help understanding how to optimise their marketing strategy, such as advertising on TV for the first time or introducing a new product. This is where a media agency comes into the picture. They conduct a competitive analysis of their clients' competitor's TV presence, including their reach, frequency of advertising, campaign strategy, scheduling, and channel mix.

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TV data can also determine when someone mentioned your brand in an advert or a programme. TV data can provide details such as the time the brand was mentioned, on what channel, and the context in which the mention happened.

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Thus, TV data provides a deep insight into what encourages audience engagement and offers valuable information for planning future marketing strategies. Harnessing this data will enable your brand to offer new features and products based on previously unavailable insight. In a competitive world of TV advertising, continuously adding new value is key to success.

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How to carry out competitive analysis on TV

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When advertising on television for the first time or for a new product, brands often have a murky understanding of important metrics like reach and frequency. The media buying firm might do a competition analysis to learn more about similar brands' TV advertising strategies. Brands can learn about the advertising approach of their rivals by analysing this data, which may comprise any of the following details:

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• Share of Expenditure (SOE): The brand spend of the total index of the category, in percentages.
• Share of Voice (SOV): The brand’s gross rating point (GRP) as a percentage of the total GRPs delivered by the category. 
• Channel mix: Which channels and genres did the brands select to run their ads
• Scheduling: How were the spots distributed across the days and time slots 
• Time Slot Mix: Distribution between prime and non-prime time slots 
• Program Mix: The top programs included in the plan 
• Reach & Frequency: What type of reach and frequency do the brands in the same category have achieved in the past campaigns, on average
• Campaign objective and creative: The most common campaign objective across brands and what message their creatives carry.

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There are a few tools that companies can use to carry out competitor analysis on TV. One such tool has been created by 7th Minute, a contextual data company that provides access to TV data. With tools such as 7M Discovery, brands can better understand their data by gaining unique insights from TV mentions.

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What is 7M Discovery?

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With the 7M Discovery tool, you can search every spoken word on TV and get insights you can use to understand when people talk about your brand, products, or industry. It's an advanced analytics tool designed to explore TV data quickly and easily with self-service tools at your fingertips. It allows you to search, compare, and monitor organic and paid TV mentions.

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7M Discovery helps you develop confidence in your decisions with unique TV insights from the discovered data.

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7M Discovery packages

7M Discovery offers an Essential, a Pro, and an Enterprise package.

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The Essential package is free to use. It offers unlimited, multi-term comparative searches and six monthly look back.

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The Pro package offers an unlimited multi-term search function and an 18-month lookback with additional year-on-year analysis.

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The Enterprise is the most advanced package, offering:

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• Multi-term comparative search
• 24 months lookback
• Year-on-year analysis
• Sentiment analysis
• Context frame text
• Transcription API access

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How can I use this tool?

7M Discovery is an easy-to-use, self-service tool. You can get started with the following three simple steps:

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• Create an account: sign up for a free account on our homepage or select one of the paid options.
• Access 7M Discovery
• Search: You can start searching the terms you would like to get information on by

• Comparing TV mentions to those of your competitors
• Searching and comparing organic vs paid TV mentions
• Comparing multiple brands, industry & product terms

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What are the benefits of using 7M Discovery?

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Every day, millions of words, brands, and products are mentioned on TV. But with the right tools, you'll fully understand how people perceive your brand.

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With 7M Discovery, you can search every spoken word on TV and get insights you can use to understand when people talk about your brand, products, and industry.

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With 7M Discovery, you can:

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Gain a competitive advantage

Benchmarking your share of voice with a multi-term comparative search will help you identify untapped sources of customer data. Taking advantage of these unique insights will contribute to your competitive edge.

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‍Understand your brand context

7M Discovery is an excellent tool to help you understand how people perceive your brand & product. This information is invaluable when it comes to dialling in your marketing strategies in a highly saturated market.

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Explore data quickly and easily 

7M Discovery’s intuitive dashboard function will allow you to explore TV data in a timely manner. The ease of use will save you time and help you stay on top of current trends.

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Develop confidence in your decisions

The actionable insights gained from TV mentions will help you: 

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• Build trust & credibility with a reliable data source
• Increase efficiency with data-backed decision-making
• Create a clear advantage with unique TV insights

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Key takeaways

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In the rapidly evolving media landscape, it's necessary to cut through and ensure that you understand your audiences and that they understand what you stand for. To stand out among your competitors, you need to harness the valuable TV data you can gain from the competitive analysis.

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Competitive TV analysis can help you develop a more effective TV ad performance with an accurate analysis of your competitor's TV marketing strategy.

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7M Discovery is an excellent analytics tool that can help you gain an edge in competitive markets due to its ability to search, compare and monitor your and your competitor's TV mentions. Benefitting from contextual data unique to your brand will set you apart from your competitors.

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