Social Media Competitor Analysis Info
As part of our digital marketing strategic planning, and this includes for social media, we absolutely take a look at your competitors. It really is important to keep tabs on their social media presence, how they’re doing with their social media marketing, and other pieces of data.
However, this actually isn’t as important as most clients think. We believe it is important to monitor, but it isn’t everything. It is a good idea to view the data, but to remember to focus on your own business as a first priority. Here are some observations we’ve made over the years:
Focus On Attracting Your Ideal Audience
At the end of the day, it really doesn’t matter what your competitors are doing. Even though you might be vying for the attention of some of the same people, if you strategize and implement your social media properly, what your competitors are doing won’t even remotely matter. Work on providing your ideal audience with value via your social media. This will attract them.
In fact, most people can sense if you are trying to “one up” your competition. It feels fake to people, and this could dissuade them from embracing your brand. What people really care about is how your company can actually help them. If a potential customer feels like you want to solve their problems, they will easily become a valued member of your audience.
Your number one concern should be to attract your ideal audience. In other words, focus on your business first, and only use your competitor information to enhance your strategy as needed.
Know the Right Way to Use Competitive Data
That is not to say you should never gather data about your competitors. It can give you valuable insights about your target audience. However, just be careful that you view the data with objectivity, or else it won’t be helpful. Here are some things that data can be useful for:
- Details about your industry. Observing your competitors can help you stay current on industry trends and give you insights that will help you better serve your audience.
- Get to know strategies that work. By checking up on your competition, you can get to know strategies for your audience that work, and those that don’t. However, you’ll want to be careful that you don’t take this too seriously. What works for them might not even work for you.
- Find information about demographics. You can also use competitor information to help you find helpful details about your target demographic. However, you also should keep in mind that your company’s demographics could vary from your competitors’.
- Use it to uncover new opportunities. What you’re really looking for when viewing the data is to find opportunities that you may not have thought of on your own. It’s okay to use your competitors to inspire changes in your own strategy.
When it comes to social media, you need to focus on your own target audience and working out how you will provide your audience with value. It is okay to use competitor information to help enhance your strategy, but it shouldn’t be your main focus.
Categorized in: Social Media
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