Your competitors are vying for the same audience. They are making marketing decisions that you can learn from. Are you paying attention?
A competitive analysis is the systematic process of understanding who the competition is and what they’re doing. You look at what is going well and what’s not working. Digging into what’s happening will help you develop an effective social media strategy.
Start with a list of three of your strongest competitors. What are they doing online? You may find unexpected leads to follow – competitors you weren’t aware of or places where your audience is getting information that you didn’t consider.
Look for places where your audience is gathered that are under served by the competition. Are there emerging channels they are neglecting? You might have a greater impact by being where your audience is under served, rather than trying to compete in a crowded channel.
Track Over Time
Track your competitors accounts and relevant industry keywords over time to detect shifts in the way competitors use their social accounts and the way people engage with them. Keep an eye on this information and use to it evaluate and update your plan.