When was the last time you did social media competitive analysis? Do you know where your social media strategy really is compared to your competitors? What is the right business value for your brand to see your competitors’ online marketing?
There is something to say “keep your friends and your enemies close” which is relevant to business as well as to digital marketing in particular where so few things are personal and so many things are easily exposed in an instant Can.
Thinking of your competitors as potential enemies, however, is not something we want to encourage you to do here, but instead, we want to focus your attention very closely on our competitors’ online marketing. Are and … even more important is on a regular basis. Keeping an eye on what other brands in your area are doing – their websites, social media profiles, blogs, paid advertising campaigns, email marketing sends, PR coverage – will tell you what you’re doing, nothing more. Can do. You help formulate your killer online marketing strategy.
What’s more, the profit you can earn as a result of properly conducted social media competitive analysis goes far beyond the marketing department. The information you get while watching your competitors online can help you with your sales, customer service and product, which makes all your business much better. Still not sure? We bet that you will change your mind after reading this piece.
1. Ideas for what not to do
Learning from someone else’s mistake is the best way you can actually progress. You know why? Because it’s not you who pays the bill for going the wrong way. Monitoring your competitors’ social marketing campaigns shows what is good and what is not.
Keep an eye on the main market players in your industry to fuel your strategy and avoid your reputation and branding mistakes. Or, if you want to show off your real-time marketing skills, nothing really stops you from using the mistakes of your competitors to promote your own business. A great example for such a strategy is the case of bowing down to the iPhone 6 Plus and the brands that took advantage of Apple’s product failure.
2. Get ideas for what to do
The way you can learn from your fellow market players which businesses to avoid in your online marketing, you can understand what is worth testing. For example, if the strategy a competitor is struggling with, you can see the difference between it and learn what you can do better in your playground.
Suppose you have customer service. In Brand 24, you can set up an alert for your competitor’s name to be shared online to all customers about your product and services. You can also see the way your rivals address these comments and how they can win people’s hearts. Want some examples of exceptional customer service cases on social media? See this post.
3. Identifying market opportunities
One of the most important social monitoring blessings is countless customer insights, the use of which can lead to strong competitive advantage. Perhaps never before (read: before social media), people were so inclined to share their personal lives with complete strangers. Social media users like to share their stories! Often, it incorporates their experience and suggestions about the products and services tested.
Both yours and your competitor. ‘Collecting feedback about your own product is definitely your bread and butter, but when was the last time you checked what people say about your competitors’ business? You can use social media competitors research to identify gaps in offers from rival brands and use this insight to improve your services. See how easy it is:
4. Find Their Backlinks
The total number of backlinks you receive affects the pagerank of you and your competitors. The more authoritative the source of backlinks, the better the chances of Google ranking better. Backlink research allows you to see what types of links are associated with your competitor brand and possibly leverage them to increase your authority online.
There are many tools to help you find links to a particular website or URL, such as Ahrefs, Open Site Explorer, S eokicks or Openlinkprofiler. You can also use Brand 24 to get real-time updates that link to your competitors’ websites by setting a particular main domain as a keyword in your search.