We started this four-part blog series with which social media platform is best for your business and Branding & Goal Setting.
In this third blog of the series, we’re going to look at What your business competitors are doing?
So, let’s take a look at our next blog.
What are your business competitors doing?
Did you know that it’s imperative to analyze your competitors? Several tools will assist you with this task. By analyzing your direct and indirect competitors, you have the opportunity to assess what works and what doesn’t before you even start.
It’s smart business.
LOCATE YOUR COMPETITORS
First, ask yourself the following questions:
1. Who are my competitors?
2. Which keywords connect us?
3. What product or services would they offer to be a competitor?
Next, do a keyword search in Google or any strong Search Engine. When you find the businesses that you’d consider your competitors, assess the social platforms they are using. You can usually find those on their website in the header or footer.
Then, ask yourself these questions:
4. What do I believe to be their strengths and weaknesses?
5. Which platforms are they using?
6. Which platform produces the best results visually for my competitor?
Try and add other brand-related questions that you think might be beneficial to your marketing efforts.
WHY ANALYZE YOUR COMPETITORS?
Analyzing your competitors’ social media behavior will give you a better understanding of how your market is doing across social platforms.
STAY EDUCATED ON MARKET TRENDS
Make competitor analysis part of your social media marketing efforts. Staying current with an analysis routine can help you identify trends in your market, such as challenges, posts that work and don’t work, seasonal sales, hashtags, etc.
RESEARCH COMPETITORS
This next part might seem time-consuming, but trust me, it’s worth it. Look at your competitors past six months of content and determine the following:
- What kind of content are my competitors sharing?
- On average, how much engagement do they get for each message they post?
- How do their voice and tone compare to my own?
You can use many tools to analyze your competitors, but let’s look at one of the native tools on the popular Facebook platform.
Facebook has a tool that allows you to watch and assess five or more pages of your competitor’s platforms.
Here’s an example of Facebook’s insights before choosing the Facebook pages you want to compare to your own. You must choose five competitor pages to start. You can also add more if needed.
Here is the example after you choose the pages to compare with. Facebook allows you to compare the following data:
- Company
- Total Likes
- From Last Week
- Post This Week
- Engagement this Week.
SET ACCURATE KPI EXPECTATIONS
What is KPI? That means Key Performance Indicators. To set realistic and measurable goals, you need first to understand where you are compared to your competitors. In a future blog, we’ll dive deep into KPI’s and what you’ll need to track to measure your success.
FINAL THOUGHTS
Taking some time to research your competition’s social media activity across all platforms that they use will give you the information you need to assess the engagement they’re receiving, the campaigns they’re running, and what is and is not working for them. You may also discover new ways to engage with your audience and serve their needs.
If you adjust your social media marketing by using your new knowledge, you could grow your followers, customer base, and engagement. Our next blog will discuss valuable social media tools, including tools you may want to use to discover more about your competition.
We’re here for you and your business.
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson.
