Developing a social media marketing strategy is incomplete without competition tracking. Brands not only need to keep a check on how many likes their competitor’s post received but they also need to analyse their strategies closely. To conduct competitor analysis effectively, brands need to first identify who their competitors are. This step is crucial because the insights from the analysis will depend on the same.
No matter how unique your products and services are there are bound to be competitors in the market. Competition on social media platforms is cutthroat because every single brand is trying to increase its audience base. This makes competitor monitoring all the more important.
Brand managers need to take competitor analysis seriously because the pandemic has increased the number of businesses on digital platforms and likewise, there is also an increase in the number of users. This means that one has to dig deeper into the competitors’ activities.
While there are many tools for competitor analysis, there are also many other ways to track competitors. In this blog, we will explore 10 useful tips and strategies to help you with competition monitoring.
But first, let’s understand what you can gain from competition tracking.
Why You must Conduct Competition Tracking
1. Helps you identify industry trends
When you get competitor insights you are not just studying how a particular brand is doing better than you. It also tells you what is trending in the industry. Conducting competition tracking can help you study industry patterns and trends which can be beneficial for framing effective strategies.
2. Tells you about the strengths and weaknesses
Studying a rival brand will help you identify your own strengths and weaknesses. In many ways, your competitors can teach you! Try and diagnose what is lacking in your marketing strategy and what’s working well for them. This analysis also helps you in detecting loopholes in your strategies.
3. Tells you about the new players in your industry
The rise in the number of start-ups has influenced how people interact with businesses on digital platforms. And new businesses are equipped with all they need to create an impact in the industry. Studying your competitors’ marketing strategy will help you know who are the new players in your industry and what they are doing to stay in the minds of the audience.
4. Helps you discover an undetected audience base
Studying your competitor’s activity will also tell you about the audience they cater to. This can help you discover an undetected audience base. In many cases, you may realise there is a potential audience you can market to.
5. Tells you about the updates you need to come up with
Industry rules are always changing and by analysing your niche competitors you can know if your products and services need an upgrade. This keeps your business in sync with the trends and also helps you see where your services are lacking.
Let’s move on to the tips and strategies for carrying out competitor monitoring.
Useful Tips and Strategies for Competition Tracking
1. Sign up for the newsletters
The best way to keep yourself updated with the competitor’s activity is to subscribe to their newsletter. This will help you gauge their content strategy and work. Newsletters often dictate the style and tonality of the brand and this can help you get useful insights about the brand’s whereabouts. Newsletters will also tell you what their recent achievements have been and how their clientele graph is. Further, all the communication about the product and service updates are conveyed through newsletters which can be quite beneficial.
2. Keep a check on your competitors’ social media accounts
Several competitor analysis tools give you reports on competitor performance. Keeping a check on your competitor’s social media accounts will help you gain insights on what they are doing to keep their audience engaged. Check the kind of posts they are uploading, know about the influencers they are collaborating with, see the frequency of their social media activities, and so on.
Social media is a window to the brand’s identity and that can give you ideas to create your future strategies.
One important thing is to check on which social media platforms your competitors are active.
3. Keyword monitoring
Knowing what your competitors are creating content on can help find what is working with the audience. There are several tools that help you with keyword research and give you insights on which keywords are being used by the top-ranking sites. This will help you in content creation.
4. Once in a while visit the competitor’s website
Most businesses and brands keep updating their website for the ease of the users and to increase the ranking. Keeping a check on your competitor’s website will help you detect if there is a major update in their line of products and services or if they are transforming the message tonality of the brand and so on.
5. Check what kind of audience engages with your competitor’s content
To monitor competitor’s strategy on social media, you must also study what kind of audience is engaging with their content. This will help you see the quality of their potential consumer base. Seeing where the audience is coming from will help you check where your strategies are falling short and who you are missing out in your audience selection.
6. Keep a check on their most trending posts
When a particular post becomes a hit amongst the users it enhances the performance of the overall brand profile. Therefore, you must keep a check on their most shared and most liked posts. This will give you an idea of your competitor’s performance on social media. This analysis will also tell you what kind of content is working in your niche and what is the audience interested in.
7. Know what kind of influencers they are collaborating with
Most brands and businesses on social media now implement influencer marketing strategies to convey their message. Conducting Instagram competitor analysis and Facebook competitor analysis is usually a prerequisite. See whether they are teaming up with micro-influencers or nano influencers for their campaigns and how the engagement is.
8. Read the blogs they publish
The blogs your industry competitors publish on their websites can reveal a lot about their plans and future strategies. Analyse the frequency of their blogs and the tonality. Keep a check on the topics they usually cover and which of their blogs are ranking. This will help you decode their content strategy.
Hope these 8 tips and strategies will help you analyse your competitors efficiently. Before you start the herculean task of spying on your competitors let’s explore Unbox Social’s competition tracking tool in brief.
Unbox Social- Competition Tracking
1. Competition Benchmarking
The Unbox Social tool gives an in-depth analysis of how other brands in your niche are implementing their content strategies. The insights will give you details on the strengths and weaknesses of your competitors. This will help you craft effective strategies for your brand.
2. Share of voice
This competitor analysis tool has the share of voice feature that tells you what your competitors are posting and what reactions their posts are generating. The data from this feature will help you find out what the users think about your competitors’ products and services.
3. Sentiment analysis
The sentiment analysis feature of the tool will help you detect how the audience feels about your brand. The tool helps you classify the same into positive, negative, and neutral. Compare the analysis with your competitors and see what you need to change about your products and services.
4. Brand score on social media
The tool gives you an easy way to compare your competitors by giving a brand score. The brand score indicates how effective each of the competing brands are on social media. The insights highlight what is going well for a particular brand and helps you detect what you need to work on.
Lastly, the platform also provides detailed competition tracking reports. These reports will help you scan through all the competing brands and will give you a clear picture of where they stand in comparison to your brand.
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