Are you ready to tackle social media for your business, but don’t feel confident in your ability to succeed at it?
Do you have competitors who are dominating social media and you want to know how you can leverage the same tips and tricks at your company?
If you’re geared up to take your social media seriously, and to the next level, there’s one thing you need to do, first!
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You need to start spying on your competition and perform a social media competitor analysis. Here’s why:
1. Identifying Social Media Goals is Super Important
Have you made a list of your social media goals? Whether you are a solopreneuner running the whole show by yourself or you are on a marketing team within a multi-million dollar company, you should have individual goals you are trying to achieve with your social media marketing.
Anyone who knows anything about marketing will tell you that creating your goals is the first step to a successful marketing campaign. After all, without goals, how do you create objectives, and a plan to reach them?
When you perform a social media competitor analysis, you’re able to look at how others in your industry are succeeding. A competitor analysis allows you to make realistic benchmarks for your own business. It also helps you to create objectives, which should, in turn, help you figure out a proper strategy to execute.
It’s a common misconception that social media marketing doesn’t provide an ROI (return on investment). If you can create realistic goals for what you’re trying to achieve, it simpler to gauge your ROI based on those goals.
2. A Competitor Analysis Helps You Create a More Solid Social Media Strategy
Mark Twain once said, “There’s no such thing as a new idea.” In marketing, that philosophy is very true. Taking a deeper look into your competitors’ strategies can be an important step in identifying how you can position yourself as an industry leader.
It’s no secret that most businesses use social media to market to their customers. Finding out how other brands are connecting with their audience is a key factor in positioning yourself competitively on social media.
So while there may not be new ideas, researching current ones will only help you to get a grasp on how you can do things even better than your competition.
3. You Need More Time in Your Day
Almost anyone who has a job knows that we can all use a little bit more time in our day. As a busy business professional, you likely can relate all too well.
One of the biggest reasons companies don’t utilize social media marketing properly for their business is because of lack of time. You feel like you don’t have enough time to post to Twitter, get a live video up on Facebook, learn how to use Instagram and manage your other daily tasks; not to mention keeping up with technological changes all at the same time.
How does a competitor analysis help with this? By analyzing those in your industry which are performing well on social media, you can find trends and patterns of how often they are posting. You’ll also be able to note how people are responding, the types of content they are putting out, and more. Based on these observations, you can begin to understand how much time you’ll need to invest to make social media marketing for your own business beneficial.
You may realize adding a new hire to your team to manage your social media is a good idea. Or perhaps you’ll find out that it won’t take as much time as you thought. Maybe you can easily budget your social media marketing tasks into your company’s weekly schedule.
4. Content is King
Once you start utilizing social media, how do you know if what you are posting will even work? The truth is, unless you are posting GREAT content, it likely won’t.
In every social media competitor analysis we put together, the types of content competitors are posting are THE MOST important factors to consider.
So what constitutes as great content? Check your competition and notice content they are posting that’s getting a lot of feedback from their online followers. It will start to help you get an indication of what works well.
Knowing what types of content perform best for competitors will give you a great starting point. Plus, it will likely get your creative juices flowing, so you’re better equipped to come up with content ideas for your own business.
5. You’ll Understand Your Industry Better
Have you ever heard the saying “you don’t know what you don’t know”? This lack of knowledge can directly apply to the world of marketing. You may think you have a solid grasp of your target audience and how you’re marketing to them, but unless you dig into who they are and how they are interacting with your brand, you may be way off.
Performing a competitor analysis for your company can help you to pinpoint demographics and customer behaviors you may be missing. Is there a way your competition is delivering their messaging, or branding their product, that is working tremendously well for them? Can you piggyback some of their success by creating your own, unique strategies for your company?
A competitor analysis will be able to help you fill in the gaps by allowing you to relate to your customers and help you to understand them better.
So what are you waiting for? Get online and start spying on your competition. Head over to their Facebook page and see what they are doing that draws you in and makes you want to stay for more. Hop on Twitter and see just what your competitors are doing. Take notes. Notice trends. And use what you find to win with social media.