If you’re looking to start your marketing journey on social media, there’s a few things you need to consider. From advertising budget to content strategies, each area is just as important, but brands often ignore what their competitors are doing, which can in fact save more time when planning social media strategies.
Let’s get down and dirty with competitor research…
Identify where your competitors are active
This sounds like a no brainer, but some brands forget to update their social media channels on their website, meaning you might be overlooking their most recent addition, like Snapchat, which could in fact be performing far better the social media channels they started out on. Make sure you search individual brand names, along with their variations, on the social media channels themselves.
Examine their audience
How many followers does your competitor have? What is their engagement rate? You can identify how engaged their audience is by the amount of discussion or conversations on each channel. A great starting point is by analysing how much activity is on their posts.
Examine their share of voice
Is your competitor really well known? Do you see their product posted almost everywhere you look? They could be tapping into influencer outreach strategies.
How’s their content looking?
Is your competitor putting time and effort into their content or do they post haphazardly? Note down the amount of times they post and most importantly when. This will give you a good indication as to when your future audience might be online.
Identify their USPs
While USPs can refer to their product or service offering, it can also relate to their social media specific USP. What’s truly unique about them on social media channels? Examine why their audience is engaged. Is it the imagery? Are they asking questions? What kind of questions?
…And if they’re nowhere to be seen? Even better, though sucks to be them because social media has fast became the number one marketing channel to influence purchase behaviour.
The above points will play a pivotal role in mapping our your social media strategy, understand your market and most importantly what areas to avoid so you don’t make the same mistake and always be a step ahead of your competitors on social media.