Competitive analysis is extremely important for all business, particularly for the start-ups. Competitor analysis significantly separates the digital campaigns with strategies and without strategies. Any strategy which is not backed by the competitor analysis is a forgettable effort, particularly for the start-ups who are looking to get started with the Digital campaigns.
You and your competitors are the same answer to a qualified leads question. You and your competitor may argue that you both are different but for the customer, you both are just the vendors.
Every business has competitor unless your products are time travelling telephone booths.
Every entrepreneur wishes to have an edge over their competitors. Simply knowing what your competitors’ activity on the several platforms will not help.
Do not rely on vague data. Instead use the software technologies and tools that give you a detailed report on your competitor’s activities on social platforms
Our competitive analysis procedure for the social channels will help you stay a step ahead of your competitors.
You ideate and approach the market to do better than your competitors. Now it is time for you to look at your competitors and understand what they are doing.
Most of the businesses, particularly the smaller and medium scale ones, compete only with the local competitors. In many scenarios, these businesses avoid competing with the large scale industries.
The internet has leveled the playing field for the large scale and small scale business. You can understand what your competitors; even the big ones.
You can use Google to identify your competitors. There are several online tools that help you identify your customers based on your products and services.
Go through your competitor’s social profiles. This is a tedious process as you will have to dig deeper to understand what kind of content they are posting on their accounts.
A thorough research will help you understand in which patterns your competitors are publishing their content. All of those may not work but look at the most successful content.
The content could be shared through the blog posts, whitepapers, by publishing info graphics, videos, Podcasts, webinars, live sessions, interviews, sharing news, etc.
Select the posts that which are performing the best to assess the quality as compared to that of yours. This exercise will give you a fresh perspective on what needs to be improved with regards to your content strategy for social channels.
It is of utmost importance to understand the objectives and the motives of your SMM strategies before your get into the competitor analysis.
Almost every platform has a huge number of users. However, there are a good number of passive or inactive users as well. It makes no sense to target those users.
Hence, while planning the marketing campaigns using social media channels, use the data available to understand how many active users are interested in your products and services.
There are several online tools that help you analyze an unlimited number of the competitors and their activities on the social platforms and their performance.
Engaging is not merely posting on your business profile page, but motivating the subscribers to react to your posts. You can check the performance of your competitor’s content on their business pages through several tools.
When non-subscribers visit your business page, create a striking impression with appropriate description. Go through the competitor description and invest time in finding out the right keywords.
Use the keywords and create a description that clearly communicates your business to the visitors.
At the same time, design the cover page and the display image. The brand logo or avatar represents your brand identity. Observe what your competitors are doing and create something that emulates and personalize your brand identity.
Identify what is working for your competitors. If you are getting started with paid SMM campaigns, it is likely that most of your competitors are already quite active on multiple platforms.
Observe what kind of content your competitors are sharing. Analyze what content they are using for paid and the organic engagement.
More importantly, observe how their subscribers are receiving it. There are several tools that can reveal this information. Invest in those tools to understand your competitor’s paid and organic content strategy.
Some of your competitors could be doing better than you because they are tapping into the areas which you have left unexplored. Hence, apart from analyzing the competitor’s activity on their business pages, analyzing the web mentions will help you to understand your target audience better.
The platforms that are publishing your competitor’s blogs and articles are the good source of traffic to their business profiles on the social platforms and the website. Understand where they are getting the web mentions. Contact those web platform owners and let them know about your business.
You can track your competitor’s web mention by understanding what keywords they are using. In tools like social mention, you can type in the company’s name if you don’t know the keywords and get the list of the pages where your competitors are getting the web mentions.
Growth should be a continuous process for any business. Gaining the competitor’s insights is an added advantage and helps you ideate and create unique content to reach the qualified customers.
However, if you are sticking to the same old routine, your strategies will become obsolete and irrelevant. Fresh perspectives and original content will help you create a unique brand identity.
Tracking the competitor’s social channels should be a routine exercise. This will help you re-visit your strategies to improve its efficiency. Constant evaluation will make your brand relevant to the social media users.
Your competitors, like you, are using the social media channels to communicate and engage with their subscribers. They will scrutinize your content as well as SMM strategies and work towards improving their strategies.
Stay a step further with regular analysis and never back away from thinking out of the box.