Keeping an eye on what your competitors are doing in their social media strategy is extremely important, especially if you share the same target audience. Here are the main reasons why you should always be up-to-date about your competitors’ social media strategy and activities:
GET INSPIRED. If you’re struggling to create a successful social media strategy or to produce engaging content, the best place to look for help and ideas is on your dear rivals channels. Your competitors have most probably done the hard work and figured out a good action plan, so all you need to do is analyze it and implement the parts that you feel would work the best for your company – with your own creative touch, of course.
WHAT TO DO. Your competitor’s social media behavior is a great reference when it comes to deciding how often you should be posting on different social media channels, and which types of updates to post. Compare their posting frequency on Facebook and Twitter, and see which types of content have been the most successful ones – most probably the same guidelines work for you too.
WHAT NOT TO DO. On the other hand, competitor analysis might also reveal what NOT to do on social media. See what kind of posts aren’t performing well, and try not to make the same mistakes.
SPOT OPPORTUNITIES AND THREATS. Your competitor’s customers’ opinions can give you hints about development opportunities or hidden threats. If someone is complaining about an issue, you can do your best to improve your own performance in order to avoid the same issue, and to improve your customer experience. In the same way, if your competitor is doing something innovative and successful, you can be the first one to implement a similar, and an even better, strategy – just remember not to copy, but always add your own unique touch.
Analyzing your competition actually means analyzing your own brand, and learning about your best competitive advantages, as well as opportunities for improvement.
After an initial, comprehensive analysis, it is important to keep monitoring your competition on a regular basis. Monitoring all the different platforms of your competitors can be time-consuming and confusing, so the Comparison Tool on Allin1Social can really come handy for a clear, structured report of your chosen competitors’ activities.
With Allin1Social, you can instantly export visually rich social media dashboards in PDF or excel – ready for sharing with your boss, colleagues and clients.
Want to know more? Take a look at our competitors monitoring features – click here.