Tracking your opponents is an important but laborious job. Do it the James Bond way – no boring manual routines, agree with smart tools using content marketing. What is competitor analysis?
If you promote your brand or service using content marketing and social media, analytics means comparing metrics, listening to using content marketing, aligning channels of brands against each other, and verifying their updates. Sounds like something only big luxury brands do? No more. 71% of small businesses actively use social media to build relationships with their customers, and more than half of them post daily. 52% of online brand discoveries happen in public social feeds.
So even if you are the only employee in your business, chances are you have direct competitors in your area. It makes sense to check out what they’re doing online – and do it better. You don’t need to hire an expert. Leave this task to the algorithms. Advanced social media competitor analysis tools will do the whole process for you and provide detailed reports.
Why do you need to use competitive intelligence? Monitoring competitors can be an inspiring process filled with ideas, especially when you’ve run out of ideas on how to expand your online presence without spending a fortune. Your competitors must have tried all the marketing tricks in the book. They don’t necessarily reveal statistics, but the results of their social media campaigns can still be tracked and measured.
Analyze competitors’ strategies to identify their strengths and weaknesses. Take a closer look at your niche. This deep learning will help you improve your own performance and generate more leads.
You don’t have to imitate every step of your competitors. Spy wisely. Spot the latest trends in your industry to fill gaps in your own strategy. Tracking your competitors can help your brand shine.
A little follow-up will help a lot and will give you answers to these and other related questions:
- What are your competitors doing to get more eyeballs?
- How often should you post or email?
- What are your potential customers reacting to?
- How far can you go when testing media and content types?
- What are the best ad types for your market segment?
- What types of reviews do customers leave for similar products and services?
- How can your brand increase user engagement?
- What’s missing from your competitor’s social media performance? Imagine how many months it would take and how much it would cost to answer these questions yourself.
More than 60% of American adults prefer to receive weekly promotional emails from companies they trust. This means you can improve and update your content strategy on a weekly basis using data gathered using competitor research tools.
Social Media Dominates The Mobile App Market
On social media, things happen at breakneck speed, so adapting and implementing changes here will take even less time. So starting tomorrow, you can create and deliver the experience your customers dream of. Do regular competitive analysis on Facebook and Instagram and you’ll stay on top, despite the hype and fancy algorithms of others. How to discover your competitors?
There are many ways to know who you are competing with. The most obvious and least successful method is a simple keyword search on Google. The search engine will show you a few direct competitors in the “People are also searching” box. But let’s go further.
SpyFu and SEMrush help you do this more thoroughly and faster. These tools work very similarly: choose a tool, enter your website or specific keywords, and wait. You will get a complete list of sites that you are fighting against.
But that’s just the first step to getting you started. Next, let’s explore more savvy tools to do in-depth research and stay on top of your digital strategy and marketing performance.
- How many tools should you use? Lots of competitor analysis tools, very little time.
- Start by narrowing down your competitors – make a list of your direct competitors.
- From there, start analyzing each of their channels and email campaigns.
Once you’ve done this, improve your own positioning and marketing plans based on the information you have. And remember, this is not a one-time activity. You should scan at least once a month let yourself be tempted and share your experience with us.