Business and brand managers often lose sleep over their competitors! Why is that particular business getting all the audience’s attention when my business is offering similar products and services? What is it that is fetching your industry competitors high engagement on social media? These are some common questions that always pose a challenge for marketers. But is keeping a check on your competitor’s social media posts and sales enough?
The answer is NO.
Conducting an in-depth competitor analysis is necessary to fuel your brand’s presence in the market. Every industry is facing this problem wherein the brand managers are not able to detect where they are lacking behind. Is it their social media presence that is not up to the mark or is it their audience selection that has gone wrong? Several such doubts in recent times have increased the significance of competition monitoring.
The best way to beat your industry rivals is to get a clear understanding of the competitor analysis framework. Once you know who your competitors are, there are certain steps you can take to decipher their marketing strategy.
Competitive analysis in marketing serves a greater purpose than just telling you how you can gain more as compared to your competitors.
The competitors’ data also helps you restructure your own marketing strategy. The data highlights the ups and downs of a strategy that can be helpful in framing your future marketing plans. In this blog, we will help you decode your competitor’s marketing strategy in just a few steps.
Let’s first understand how to choose competitors for monitoring.
Who Are Your Competitors?
Before going deep into the competitor performance analysis, it is first essential to know who your competitors are. Make sure you choose your competitors wisely because it will affect your competitor analysis framework. Don’t only look at top-performing competitors, make sure to keep an account of upcoming businesses too. Brands often face challenges from indirect competitors too. Here are a few ways to shortlist your brand competitors.
See who are your immediate or direct competitors
Brands/businesses dealing with products and services similar to yours can be labelled as direct competitors. These form the biggest threat in most cases.
Keep a check on upcoming businesses in your industry
In most niches, new businesses have managed to give already established businesses a run for their money. This is why it is very important to keep an eye on new entrants. See what new they are offering and how their products are different from your brand. This will also give you scope for improvement.
Businesses that target the same audience as you
In several cases, businesses from different niches end up competing with each other because they are targeting the same audience base. This is important to check because you will need your audience’s attention to implement a marketing strategy successfully.
Competitors on different social media platforms
Apart from profit margins and sales, one also has to keep a check on social media competitors. Social media competitors have the ability to change the game completely because that’s where the consumers interact with different brands and businesses.
The above-mentioned competitor brackets need to be studied thoroughly to understand who your actual competitors in the market are. Monitor competitors keeping these parameters in mind and continue with competitive tracking.
Now that we know how to shortlist our list of competitors for analysis, let’s begin the process of decoding their marketing strategy.
What is Your Competitor’s Marketing Strategy?
Sure, a single marketing strategy cannot be applied to every business and also there is no strategy that guarantees success. But knowing about your competitors’ marketing plan can help you understand which areas to work on and where you need to improve. Here are some ways to know your competitor’s marketing strategy.
1. Get in-detail information on your competitors’ overall presence
To know your competitors’ marketing strategy, it is first necessary to know their presence. Know which channels they are active on. Is it only social media platforms? Are they consistent with email marketing as well? Which social media platforms are they using to market their products and services?
2. Check if they are consistently expanding their business scale
The scale of the business matters a lot when conducting competition tracking. Check if your shortlisted competitors are expanding their reach. This will give you a glimpse of new marketing channels to explore. Check if they have explored a new geographical location or are simply targeting a new audience base. Competitor insights like these can help you detect where your brand needs to build a presence.
3. Keep a check on their content marketing strategy
Are your competitors actively publishing blogs on their website? Conduct keyword research to know more about the content being posted. Do they have a good ranking on search engines? If yes, work on your SEO strategy! Brands these days are active with email marketing too so make sure you subscribe to your competitors’ newsletters.
4. Learn how the competitors are engaging on social media
The fastest way to build a connection with the audience is to stay active on social media. However, brands need not be present on all social media platforms. Check which social media platforms your competitors are active on and how they are engaging with the audience. Are they coming up with perks and discounts to keep the audience engaged? Is their content getting them all the attention? Make sure to keep a track of their social media content.
5. Use competitor analysis tools
Competitor analysis tools can help you get deep insights into what your competitors are doing on social media. Unbox Social’s competition tracking feature also offers Share of Voice data. The tool provides brand score, content themes other brands are talking about, and so on. It is necessary to rely on competition tracking tools because they give you accurate and detailed data on competitors.
Hope this brief guide on decoding competitors’ marketing strategy helps you come up with a result-oriented strategy. Check out the blogs below to know more about competition tracking.