Top ways to analyze your social media competitors
Social media is the new age of advertising. Whereas sales people one went door-to-door demonstrating and selling products, this is the equivalent to social media. The in-person sales techniques soon became obsolete because those in sales realized they could reach millions of more people by interacting through an active social presence. But around every corner there are competitors. You have to bring your A-game to rise to the top. This will attract more customers. Sometimes you have to toot your own horn a little bit louder. Here are other techniques you may want to try.
First and foremost, you have to track which social media networks your competitors are on. The top social networks are Facebook, Twitter, Instagram, Pinterest, LinkedIn, and Google+. Also check to see if they have pages on Busker, Periscope, and Youtube. The more social networks your competitor dominates, the more you’re going to have to step up your game. If you only have a business page on Facebook, for example, ask yourself what’s holding you back from promoting your brand on the other social networks? Time? Get a social media manager. Lack of content? A social media manager can help with this as well.
On this note, you have to analyze the content of your competitors. How many updates do they post about their business? How many giveaways or contests do they do within a week, month, six months or a year? Check out their Instagram for a moment. What types of images do they post—quotes, tips or behind-the-scenes from their company? Compare all this to your own company’s pages. How can you stand out and rise above them?
Another way to analyze your competitors is to sign up for Google Alerts. This is a tracking system that tracks your competitors by the keywords which they use. If your niche is secondary music education, you may want to track music theory or classic music from your competitors. Each time your competitor mentions these keywords, you get an alert to your email inbox. You can also track each time your competitor is mentioned online. This could be a review or a guest post, but you will still get that alert.
Likewise, you should also analyze the website content of your competitors. This is similar to social media content, but website content focuses more on how your competitor presents themselves as a brand. Do they have a blog? Are they selling products through their website? If so, take note of what type of products. Courses, e-books, webinars, or products with their logo—mugs, t-shirts, blankets, puzzles and so forth? Do they sell events to events related to their brand? Or, do they have a paid membership site that presents exclusive content?
Now let’s take a look at their blog content. Do they write any series of blog posts? On my blog, I have an ongoing series titled Wacky Word Wednesday meant for writers. Take notes of keywords they use in their blog posts. How much interaction do they have with each piece of content? Try not to mirror their site, but take a cue from it. If your competitor writes on music theory, try to put your own unique viewpoint on music theory. If your website lacks any of these features, your competitor is winning by a long shot.
Finally, analyze your competitor by using the S.W.O.T. method. This is where you analyze your competitor by identifying their strengths, weaknesses, opportunities, and threats.
• Look first at their strengths:
• How good are your competitors at pushing out their brand to their customers?
• Do they promote online or offline (or both)?
• Do they host company events to promote products or attend trade shows?
• Do they have a competitive social media strategy that, in turn, gets interaction on each of their posts?
• Do they take care of their customers like family or throw their customer’s shade?
• Here are some weaknesses that should stand out:
• Do they have any errors in spelling, punctuation or sentence structure?
• Do they have terrible customer service?
• Do they not take the time to promote their products?
• Is their website out-of-date? (Do they have a website at all?)
• Do they have an inactive social media presence and don’t interact with their audience?
• Opportunities that may appear among competitors:
• Their response time on social media is slow.
• WHAT YOU SHOULD DO: Improve your response time to attract followers from your competitor.
• Their customer service is lacking or not present.
• WHAT YOU SHOULD DO: Hire more customer service agents and improve your methods of customer service. Give customers the opportunity to contact your company through social media, live chat, e-mail and so forth.
• They miss opportunities to promote their products.
• WHAT YOU SHOULD DO: Take advantage of offline and online advertising opportunities. This gives you the best opportunity to attract new customers from every interest and demographic.
• They don’t have a website.
• WHAT YOU SHOULD DO: Get a domain and keep it current. Have a blog and update it regularly. Sell your products directly on your site, as well as having an e-mail list and a paid membership site.
• They don’t have an About Us page.
• WHAT YOU SHOULD DO: This is vital if you have a website. It lets your customers know who you are. It makes you more trustworthy and more reliable. Be open and honest; customers always to find out how your brand relates to them.
• And finally, here are some threats to consider. This is anything that could go wrong:
• What obstacles do you face as a business?
• Have you kept up with constantly changing technology?
• Does your business have financial problems?
• Are you up-to-date on industry certifications and knowledge?
• Who are your biggest competitors for your business?
I’ve only provided the short list of things to think about here. I recommend that you do further research if you want to do more in-depth analysis of your competitors. If you’re serious about rising above them, it’s a goal that you must achieve in order to be successful. Best of luck!