When starting out with your business on social media, it’s often best practice to spend some time looking at what your competitor’s are doing.
When you and your competitors are both trying to attract the same audience, customers looking for the same thing are going to be torn between whose content is better. Therefore it’s good to review the kind of content your competitors are sharing, and if others are sharing it, if so – then there’s a good chance they’ll share similar content from your channels too – but you can work on it so that your content is even better! That’s why it’s important to research what content competitors are publishing as it will give you clues about where to gain the most engagement.
Take a look at three important things to be looking out for when researching your competition:
- Learn From Their Mistakes
In today’s digital word, as a small businesses you too have to go out and earn your brand’s reputation. One of the very first steps when starting online is to take a look at your competitors, and dig up the mistakes they have made in the past. Social media is any easy place to search and see what people are saying – so when you find mistakes that your competitors have made or things that didn’t sit well with your target audience – take note of it.
Tip: Aim to monitor your competitors weekly – look out for how often they post in comparison to you. You may be able to see some differences in what effects this has on your audience’s engagement. For instance if they are posting content a little more often then you and have a better engagement rate – you may want to test picking up the pace.
- Find Out The Best Ways To Interact With Your Target Audience
Your target audience should be the key objective when it comes to your social media strategy. How businesses interact with their social media audience will largely affect the kind of response they get. So be sure to investigate the customer acquisition approach your competitors have – then think about what you could be doing differently? Do you need to think about increasing your followers’ every day? What kind of voice do your competitors use? Keep in mind that humour always works well online – but of course it has to be appropriate for the business.
Tip: Don’t get caught up in the number of followers, likes, fans etc. that your competitors have – although these numbers are important, they’re not as important as the engagement rates.
- Find Out What Content Works Best
When researching your competition – be sure to look at what content works well for them – but clearly, your intention is not to copy them directly. You purely want to see what they’re doing to give you an idea on how you can make your content even better – so just take a quick look at their work and gain clues about your own content by seeing what gets the most engagement from their audience compared to yours. You’ll quickly be able to see whether those photos of you and your employees at the Christmas party were a good idea, whether you may need to post a video once in a while, or whether you need to use more images.
Tip: When following different theories to your competitors, it’s important to remember that just because they’re doing something new that appears to be working, there is a good chance that they have not tested it – so be careful and always use your best judgement.
As part of your social media activity, research and analysis is equally as important as sharing content, so take some time researching the ‘big players’ in your industry and be sure to take our tips on board and to consider how you can build in a process to critically analyse your completion now and again.
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