Every business in digital marketing has only one thing in common: there is endless competition! And, the competition in online platforms can be fierce. With the advent of social media, even the smallest company on this planet has a way of reaching thousands of customers. The key to online success is content. Meanwhile, should you keep an eye on your competitors? Is this mandatory?
Understanding what the other guys in your business are doing is important. The data you collect from this analysis can be extremely valuable.
The focus is not on glorious Twitter posts, or nippy Instagram pictures. Instead, it is all about making a connection with the customers of your rivals. This data will help you build a stronger interaction model with target audiences. After all, your rivals became successful for a reason. And, this reason is out there in social media.
Mastering what really works!
First things first, by following successful competitors, you will know what actually works. The main challenge in online marketing is the fact that everyone is after the same target audience. And, this might be a good thing for you. Yes, you read this right!
Let’s understand this with an example: you are following your rivals on social media networking sites. There is so much you can learn from them. You can understand if a radical idea implemented by them is actually working. If your target audiences are responding to this idea, you should consider improving it!
Should you spend time on PPC campaigns? Does your business need organic SEO strategies? Or, are your primary audiences focusing on TikTok? You really don’t need to spend all your time analyzing these factors. Just focus on your rivals. They would have already completed the job for you.
Quality of Content
Moving on, you need to understand the level of quality expected in your content. In this fast-paced world, social media is changing very quickly. Though social media is a great landscape for your business. It has an ever-shifting environment. This is why you need to be careful about quality.
Planning, knowledge and resources cannot beat the importance of quality content. With this being said, does your business need videos? Or, would simple posts do the trick? Or, do you need crisp images? Once again, the best way to answer these questions is by looking into your rival’s social media pages.
Always focus on brands that are performing better than you. You need to learn from their social media strategies.
Understand What Wouldn’t Work for Your Business
Just like figuring out what is important for your business, you need knowledge of what wouldn’t work. Once again, this is something you can learn from your rivals.
There would have been a point of time when sales dropped for your competitors. Why did this happen? What is it because of a bad post on Twitter? Or, was it because they stopped posting on Instagram? Simple changes in the social media world can shake your revenue and online reach. That is why you need to analyze the “timeline” of your competitors. Timelines can give ample information on when and why your rivals faced a drop in fan base.
