Analyzing your competitors is essential, especially now when the majority of marketing happens online. You might come up with great marketing ideas on your own, but there is nothing wrong with finding out what your direct competitors are doing on their social media, websites, and blogs. It can be both inspiring and useful.
So let’s dive deeper into the subject and see what you can take away from your competitors!
1. Get to Know the Competition
You can learn many things from your competitors, but first, you have to get to know them better. After all, you are in the same market and have the same audience. If you have a small business, find out who your direct competitors are and check out their website or social media. This list could be lengthy, so narrow it down by location or anything else you find relevant.
Check out the most successful companies in your niche and see what they are doing online. Don’t forget to use a fake profile, depending on a social media website. It will prevent them from knowing you are looking at their business. Then use various online tools that can compare your profiles and social media engagement.
2. Embrace the Social Media
These days, social media is a vital part of marketing. Unfortunately, some brands decide to either have a small social media presence or ignore it altogether. If you are in charge of a company’s social media, be fully committed to building and maintaining the profiles. Your job will be more than just replying to the comments.
The best place to start is to check out your direct competition. See how active they are on Facebook, Twitter, and Instagram. Do they reply to comments or messages right away? How often do they post brand-related content? Which type of content gets the most likes? This information can help you a lot if you are beginning to build your brand’s social media audience.
3. Create Engaging Social Media Content
If you are in a slump when it comes to getting fresh content ideas, you should get inspired by your competitors. There is nothing wrong with checking out other similar social media profiles to see what they have been posting lately. Of course, you shouldn’t rip off other people’s ideas. Instead, please take a look at the general look and feel of their posts.
Don’t forget to follow the trending topics. Twitter can provide an endless stream of relevant tags you could explore with your business. By using trending topics, you could expand your audience and get your brand more exposure. Just remember to keep your posts uplifting, engaging, and enjoyable.
4. A Brand with Personality
Brands that do well on social media usually have a bit of personality in their posts or replies to their followers. Generic responses that look like they are made for marketing only don’t attract customers. If you look at your competitors’ social media, you will probably see that their marketing team is doing their best to connect with people instead of just posting images of products.
When you add personality to social media content, people will start engaging with your brand. There is no need to be completely informal, but add some humor in the captions and replies. Another good trick is that you ask your followers questions or create polls. It will encourage them to engage with your brand. Don’t forget the power of memes, either!
5. Come Up with a Content Schedule
Being active on social media is extremely important. So make sure you have an excellent content schedule in place. Your competitors probably do have a social media calendar they follow. So hang out on their profile for a couple of days to find out when and what they post. The chances are your competitors are utilizing all the social media features such as blogs, profile posts, stories, reels, videos, etc.
Daily posts are okay but don’t overdo it. Your followers will not forget about your brand immediately. So if you plan on bringing your social media game to a whole new level, you have to develop a content calendar. It is better to have your posts scheduled in advance than to rush them. Plus, planning will help you maintain the engagement with your audience. They will be encouraged to comment, like, and share more often.
6. Focus on Quality
Before every post, take a step back and think about what you want to accomplish with it. Do you like to remind followers of your brand? Do you want to share a piece of valuable information that can help your followers out? Do you want to cheer up your audience and make them smile? You definitely shouldn’t post only to promote your products or services. Instead, think about what your followers want to see and hear at that moment.
Straight forward promotion does not count as quality content. However, posts that are shareable, educational, and uplifting are very welcome on social media. You can drop by your competitors’ social media and see if they have quality posts or not. The chances are their content is probably very entertaining and helpful. So focus on creating similar posts with information your audience will find valuable.
7. No Need to Post Every Day
You might feel eager to start posting every single day, but this could be overwhelming. You can’t come up with fresh ideas all the time. So it is better to create quality content a couple of times a week instead of spamming your followers. SEO changed the rules quite a bit, so use it to your advantage. Do proper keyword research, and you will still get high engagement numbers even if you don’t post all the time.
Once again, dive a bit deeper into the content created by your competitors. There are various tools available online that can tell you how much engagement their posts get on average. Compare it with their content schedule, and you will have a better picture of how their marketing team works. You can also find out which keywords they are using to generate high engagement numbers.
8. The Power of Influencers
Influencer marketing is an excellent way to get organic engagement with your brand. These people can be essential if you want to build a real following. Find out which influencers your competitors are collaborating with. The chances are they will be a perfect fit for your brand too. Marketing campaigns that involve influencers are super successful overall.
Of course, there are several types of influencers out there, but it all comes down to the number of followers they have. If you are unfamiliar with influencer marketing, begin with nano influencers. They usually have less than 10,000 followers and are very relatable. Nano influencers can bring in plenty of organic followers who will be genuinely interested in your brand.
9. Think Like a Customer
Become a customer for a day to better understand your competitors. After you create a list of brands in the same niche as you, go to their website and explore. This little experiment is super important for eCommerce brands. Start with the customer service section. Do they answer questions quickly? Are they motivated to resolve issues quickly and effectively? Are you as a customer satisfied with their service?
Checkout service is also essential. It can reveal how your competitors manage sales and abandoned carts. Perhaps they offer discounts for items left at the checkout or send out emails reminding you about your incomplete purchase. Once you gather enough information, use it to improve your brand. You can find plenty of inspiration if you become just a regular customer for a couple of hours.
10. Smart Pricing
Naturally, you will be checking the prices set by your competitors. But remember not to be influenced by it. Your company can adjust the prices according to the market but don’t lower them too much. You can put your business in danger by doing so. Remember that at the end of the day, you still need to make a profit.
If you keep your prices significantly lower than other businesses in your niche, there might be a price war just behind a corner. It could get ugly pretty fast, so make sure to avoid this situation. However, this isn’t a reason not to keep an eye on your competitors’ prices. Being on the lookout can help you maintain realistic prices and reach the set goals.
Marketers have to use some privacy software to ensure their online safety. After all, they are managing the personal and financial information of many customers. This data can be very attractive to cybercriminals, and you need to protect it. For example, a VPN can come in handy in this situation. What is a VPN? A VPN is a cybersecurity tool that encrypts the data you send and receive. It can also hide your IP address, making it harder for hackers to break into your computer, phone, or any other device.
One of our experts will get back in touch with you soon.