Every business manager knows the importance of competitor monitoring. The main reason why one tracks competitors is to know where a particular brand/business ranks in the niche. The competitor activity report you get after the analysis helps you decide where your brand needs to improve and which businesses are racing ahead of you. The social media competitors you track will also tell you a lot about your brand’s potential in the niche. Apart from all the data, competitors’ data must answer a few questions for you too.
There are many other things that can be detected with the help of competition tracking. By now you surely know how to conduct competitor analysis and why it is necessary to do the same. But, in this blog, we will understand what questions your competitor analysis report must be able to answer.
Simply comparing which posts did well on a particular platform will not give you a complete picture of your brand presence. It is necessary to dig deeper into the competition tracking reports because that will help you figure out how to frame strategies for the future.
List of Questions Your Competitor Monitoring Report Must Answer
1. Who are your future competitors?
When you monitor competitors or study competitors’ marketing strategies you can also detect who are your future rivals in the niche. No business is stagnant and every industry witnesses new players. With the help of competitor monitoring tools, you can see which new businesses have entered the market and the ones that are scaling up faster on the ladder. These passive businesses or indirect competitors can be your future direct competitors. Make sure you keep an eye on their marketing strategies because most new entrants now focus on increasing online brand visibility and that can pose a challenge for your brand. Moreover, new businesses are desperate for audiences’ attention and are likely to try engaging strategies that can overshadow your brand presence.
2. How different is their target audience from yours?
The most important question social media competitor analysis must answer is who your competitors are directing the brand message to. A well-researched report will tell you who the target audience is. This is crucial for framing future marketing campaigns. Once you know who your competitors are targeting you can detect unexplored and passive audiences. Additionally, the audience demographics will also tell you who is interested in your brand/business. This way you can frame effective content strategies that generate engagement from the users. Competition tracking tools like Unbox Social can help you with in-depth analysis for the same.
See to it that your content connects with the audience because only then will it help increase brand awareness.
3. What flaws are the customers highlighting?
Social media is a tricky place and it displays more than what you want to show. Brands connecting with the audiences on social media must be ready for both complaints and compliments. In many cases, if you observe closely and regularly you can detect where a particular brand lacks and where it is letting the audience down. Be it the after-sales service, product packaging or delivery hassles, users voice most of their concerns on brand posts. Analysing your competitors’ brand posts can give you a glimpse of what’s wrong with the brand and how you can avoid similar issues as far as your brand is concerned.
4. Where do they stand in your comparison report?
Successful brands on social media are usually trendsetters too. The reports you generate will tell you the hierarchy of your industry wrt brands that rule the niche. See which brands have a higher ranking as compared to yours. This will help you create future brand goals and objectives. Moreover, top brands can also give you a lot of inspiration for marketing strategies. Conduct platform-specific competitor analysis to know which brand is doing good on which social media platform. Unbox Social offers competition tracking for all major platforms namely Facebook, Twitter, Instagram, and YouTube!
Platform-centric analysis will also tell you how a particular brand is showcasing itself on social media. For instance, if you want to work on your Instagram presence, conduct Instagram competitor analysis to see what your competitors are doing.
5. What additional value your competitors are offering in their products or services?
With Facebook competitor analysis or Twitter competitor analysis and other such platform-wise analysis, you will be able to see what your rival brands are offering to the customers. Right from discounts to festive offers, brands do a lot to increase sales. But what value is all this giving to the consumers? Are their products better than yours? Are they highlighting their USP which is fetching them sales? Is it their brand presence that is attracting more and more buyers? All this can be understood when you compare your marketing strategies with the competitors.
Every competitor analysis report must answer these 5 basic questions without fail. Make sure you check for the same when analysing a report. These five answers are essential to frame an effective marketing strategy. Take a look at a few other blogs to ace your competition tracking.
- 5 Reasons Why Your Competitors Are Ahead of You
- Tour of Unbox Social’s Competition Tracking Solution
- 6-Point Competitor Analysis Checklist For Brands