We many times say “keep your friends close, but keep even closer to your enemies” and that’s exactly what you should do in social media with your competitors, with the exception that you should not see them as your enemies but as allies who, without being aware of it, will drive your business towards success. That is the best way to keep your competitors close on social networks, just by observing them, seeing what they do and analyzing them meticulously.
Performing a competitive analysis is essential within your social media strategies. Think about it, how can you tell if your social media marketing strategy is working if you do not know what your competitors are doing? How are you going to be able to make smart decisions that help you keep your current customers and attract new ones if you do not know anything about your competition? Reading social media news may even help you get closed but that’s not the case here.
The closer you have to your competitors, the better chances you will have to know if your social media actions are on the right track or if on the contrary there is something that you should promote, suppress or revise. Now, how should you perform a competitive analysis to be effective, what data should you analyze from your competitors and what tools can help you during the process. We will tell you everything in detail so that when you finish reading this article you have the feeling of being a true expert in analyzing your competition even though you have never done it before.
If you are wondering why it is so important to perform competitor analysis, you will immediately have all the answers you need so you do not have to ask yourself this question again. Because analyzing your competitors will not only help you study them thoroughly, to know what they are doing, how they are doing or to check if they grow more or less, but also to help you to know where you are in relation to them and at the same time track if they are buying instagram followers. It will allow you to make decisions that will help you improve the potential of your social media strategy. But there is still more, much more. So if you’re wondering why you should spend part of your valuable time doing competitive analysis, here are some reasons you’ll want to start today.
- It will provide you with an overview of your industry.
- It will help you to know how your competitors communicate with their audience.
- You will know at all times what your competition is doing, wherever it is.
- You can identify the strengths and weaknesses of your strategy and yours.
- It will allow you to know your customers better and have a firmer idea of their habits.