You have probably already done some competitive analysis to understand what your rivals are doing in your business space. If not you may be missing out on a huge opportunity.
Offline
You should be very aware of their pricing and products, their methods of selling, their media activity through print (brochures, newspaper advertisements) and television. You can also check out your competitions store if they have one.
But what about the Social aspect? Do your rivals have a Facebook page, a Twitter stream, a Google+ page? They do? What are they doing? How are they engaging their fans?
What’s the point of a Social Media Presence?
I feel that there are 3 main reasons for any brand or company to have a Social Media presence:
- Low cost marketing – your name is out there
- Customer feedback channel – you can actively engage with your customers (existing or potential)
- Build trust within your community – the more you are available the more likely you are to be called upon at a time of need
What is the competition doing online?
So you have established the reasons for your Social Media presence – what about the competition? From a very simplistic point of view you could just “like” a rival companies Facebook page and ensure that you get notifications on their activities. This gives you an indication of what they are doing, though it doesn’t show how engaged their audience is.
Seeing what types of posts work for them is all well and good, but if you just copy their strategy you will always be one step behind. Read a bit more into the feedback they receive. Pick up on what are popular features of their products and what are not. You might be able to push a feature to your product that makes it more appealing if it’s wanted in your rivals.
They might be creating hangouts or webinars – join them. See what they are like and what the goal is. Can you learn anything from them?
Search & Websites
You can search to see what keywords your rivals use, check out their website to see they’re offering. Check out Twitter and search against your brand. Are your rivals using your keywords?
Competitive Advantage
By analyzing what your competition are doing you can create a competitive advantage. Instead of being reactive and one step behind the competition you can take ideas from others and use them to your advantage. Find out what the competition is doing and do the same – or better. Find out what doesn’t work for them – and avoid doing the same.
EzyInsights
Here at EzyInsights we make following what your rivals are doing on Social Media easier. Look out for our upcoming series of posts highlighting good and bad SoMe activities on Facebook. I am sure that there will be something for everyone.