Bartek Zdunek Outsourcing

10 Benefits of following competitors on Social Media

Track Your Competitors Online.

Social media is a platform where every business-big or small invests time and energy to grab the attention of its customers and excel over competitors. No matter what business you are in, you must be facing huge competition.

To succeed in your business and getting an edge over your competitors, you need to look out the activities of your competitors. When it comes to social media competitor analysis, it is though not an easy job but not that difficult too.

You can follow your competitors; sign up on business apps like ‘Perch’ to know the activities of your rivals.

Through competitive analysis, you would be able to determine the competitor’s business behavior, their customers, recent developments, and much more.

Based on the competitive analysis, knowing their marketing strategies, you may design your marketing strategy, working harder at points that you see are not very helpful to your competitors, doing what yields them the best results, etc.

But make sure your strategy is not completely dependent on your competitors’ activities, you should always try new things, new strategies as per your business, your schemes, your goals, etc.

10 Benefits of following competitors on Social Media

Let’s find out some of the benefits of following and undertaking a competitive analysis of your competitors on social media.

Get an idea of what to do.

By following your competitors on social media, you can get an insight into what you should be doing to attract the attention of users. For example, if you see a funny video posted by your competitor that has engaged a lot of customers, you may also try the same kind of video.

In contrast, if you see that your competitor has posted an informational video that didn’t help the competitor, you may avoid doing so, even if you were thinking of doing the same earlier.

Get an idea of what not to do

Learning from another person’s faults is one of the ideal ways for you to succeed since it isn’t you who takes care of the tab for going the incorrect way. Checking your rivals’ social media efforts will give you an insight into what functions admirably and what doesn’t for them.

Watch out for the primary market players in your industry to fuel your techniques and avoid such activities, which may have brought them negative results or not so many gains. Or on the other hand, if you want to use your marketing skills, avoiding the mistakes of your competitors, you may try out those, and you will succeed.

A splendid model for this sort of strategy is the situation of bending the iPhone 6 Plus and brands that exploited Apple’s product failure.

 Determine market opportunities

By following your competitors on social media and closely monitoring what they are doing, you may come across the customer’s reaction. By knowing how the customers are behaving in response to a post, you can determine opportunities for your business.

For example, if your competitor has posted information about a new product or service, you may analyze and collect customer feedback and decide your strategy. If you find the users behaving positively, you may also come up with a similar product or service.

10 Benefits of following competitors on Social Media

Determine the sources of their backlinks

Getting backlinks from other sources is a major factor in your Google rankings. But it depends on the type of sources you get the backlinks from.

You will rank higher only if you get backlinks from high-quality sources. Getting links from low-quality sources such as from a spammy website may yield you negative results.

But, backlinks from other high-quality sources is not an easy job. By knowing what sources your competitors are getting their backlinks from, you may also try to get backlinks from the same sources.

In order to determine the sources from where your competitor is getting the backlinks, various tools are available such as Ahrefs, Open Site Explorer, Seokicksderor Openlinkprofiler.

You can also use other tools like ‘Brand24’ wherein you can set a particular domain as a keyword to get an insight into the backlinks of your competitors.

Generate leads

Would you like to realize the way to adapt to competitors’ research? Indeed, locate their troubled clients and offer them your, ideally better answer for the issue. Not very pushy, however, yet to truly help.

Recollect the thing Gary Vaynerchuk said about selling? “Selling is the demonstration of giving, not getting; serving, not selling” Monitoring your rivals will give you insights of what their customers and users opinion about them is, including their distresses and grievances.

With the help of applications like ‘Brand24’, you can get access to these comments continuously and have the option to address them before another competitor does. Thus following competitors is one of the great ways to generate new leads

 Maintain your reputation

It is sometimes possible that your competitors don’t speak nicely about your business. By following your competitors, you may know who is speaking what about your business.

In case someone speaks ill of your business, we recommend not to get into an ugly fight with your competitor, but instead, you can choose to comment with the correct information on the same portal, or you can use your properties to let consumers know the correct information. 

If you do not follow your competitors and your competitor bad mouths about your business, you may never know about it and may lose your customers as they will believe your competitors only in the event they do not hear anything from you.

Know your competitors’ social media strategies

By following your competitors on social media, you can get a thought of their content strategy.

By observing them, you can perceive how they are getting along with content and engagement with the users.

Based on this information, you can determine how well your content strategy is designed. You can revise your strategy if you find some important aspects missing or if you have something that your competitor had that didn’t yield them worthy results.

If you and your competitor have similar ideas for future posts, whoever does it first will be considered the originator of the idea. 

10 Benefits of following competitors on Social Media

Know your rankings

Analyzing your competitors will help you gain insight into your rank based on customer engagement, customer feedback in your niche market, region, and industry. If you do not rank higher than your competitors, you may look at where you are lagging and what your competitors are doing.

Also, if you rank higher than your competitors, you need to make sure that you remain in that position and keep your competitors down. You can apply this factor to each social media platform you use.

Apply useful market trends to your strategy

Another significant advantage of following your competitors on social media will be in spotting and utilizing market trends. Your marketing strategy should be based on what is in current demand and may also be altered from time to time, depending upon the market changes.

With the help of abundant information that can be derived using social media platforms, you can conclude your current status in the industry as well as device your future strategy.

You can act according to the current market trends, and your strategy shall be based on what’s trendy in the market.

For this purpose, you can use various tools available such as social media listening tool.

Analyze your strategies

With the help of the information gathered by following and analyzing your competitors on social media, you can analyze your own social media strategy and your performance on these networks.

Let’s take an example to understand this point.

If you are not getting the desired results out of your social media strategy, you may think that your strategy is somewhere at fault, but when you analyze your competitors having the same content in his strategy, you may conclude whether you were at fault or that something out of your knowledge is making that happen.

If they are also not getting the expected results, such as a fall in user engagement, this may be a sign of a change of your network’s algorithm, and you might be applying correct strategies.

With the help of a detailed competitive analysis report, you will have a better understanding of what your competitors and you are doing and where corrections are required, if any; and thus, you can make better informed and effective decisions for a better content strategy.

You should never underestimate the importance of following and analyzing your competitors on social media as this information is priceless as it could lead you to sky-high levels leaving your competitors behind.

Subscribe
Notify of
guest
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Hannah Motts
Hannah Motts
6 months ago

My competitors inspire me more than my clients.

Camilla Haye
Camilla Haye
4 months ago

Monitor their profiles to see their social media and engagement strategies, nice example.

Gina Tales
Gina Tales
4 months ago

Reminder after this post, always keep an eye on your competitors’ social media.

Oswald Polls
Oswald Polls
3 months ago

Always be close to your competitors.

4
0
Would love your thoughts, please comment.x
()
x