Anyone involved in business will understand the need for healthy competition. This same rule applies in the world of social media marketing. It is important to understand the weaknesses and strengths of your competitors so that you may improve where things need improvement and alter your course to get a step ahead.
Thanks to modern online advancements, sussing out your competitors is even easier. Conducting a competitive digital marketing analysis could give you the exact tools you need to win the war of the web and let’s face it, in today’s society, that is one of the most important battles to win if you want your business to have a future.
How competition analysis will benefit your business
When we are aware of our competitors, we automatically begin to strive for excellence in our specific field. This means that by keeping a close eye on your competitors, you will be able to see the flaws in your own strategy as well as open yourself up to new opportunities to serve the needs of potential customers that are not being met by your rivals.
Five tips for competition analysis
- Social media- Have a look at the frequency of interactions between them and their clients. Try and determine what the purpose is behind the use of each social media platform.
- Campaign structure- The tone and behavioural patterns of a business campaign can provide useful insight into the way the business is run.
- Unique value proposition- This offers an indication as to what fraction of the market your competition is targeting.
- Use tools- Online tools such as Google Alerts and Talkwalker will enable you to better track new competitors in your market.
- Find common ground- This will enable you to determine where you can get an edge over your competitors.