Building a social media strategy is vital before publishing content on any social platform, and analyzing competitors is another important part of that strategy. According to Ana Gottar even if you are in the same industry, with similar target market, your competitors can have a different perspective on things than you do.By tracking competitors on social media, we get to know the latest trends in industry, and the content they are putting out that their fans and followers respond to.
Few steps to analyse your competition and thus build your strategy to grow on social media
1. Research your Industry environment
The first step towards this would be to analyse what competitors are doing. This may include what type of content is getting shared on social media, which content is working for your competitors? There are some tools to measure that, and BuzzSumo is one of them. For example- a company like Ecostore may be interested in finding what is shared on the chemical free cleaners in past 6 months. Below is the screen shot of content shared on that.
There are other tools like Topsy which can be used for checking out whats being shared. According to Andrianes Piantoan , it is important to know where our competitors are getting traffic from, social is just a small part. It is imperative to look for rankings in terms of SEO. This will give you the information which articles get the most SEO Traffic.
2. Create Alerts
Develop and set up competitor’s alerts by creating custom feeds to keep an eye on competitor’s activities. “TweetDeck” and “Facebook Pages To Watch” can be used for twitter and Facebook monitoring.
B2B marketers can study which platform to watch for and then can plan their strategy. Also, tracking influencers give a better idea about who is talking and sharing competitor’s content and their customers.
3. Implement that information
As now you know what your competitors are doing and your market, figure out where do you fit in this picture? We have got the information, now use this data to improve the performance of your business.
One of the technique you can use is Skyscraper Technique which says find the old content that worked well and mould it to make it even better.
This strategy has done wonders in terms of boosting social media shares and thus increase traffic to the business website overall.
You can also use this information to boost your relation with your competitors , afterall they are the peers from the same industry and you never know you might be able to help each other out. Here are some more reads for tracking your competitors
So do you keep an eye on your competitors on social media? And do you use that information to promote your business? Please leave a comment below if you think you know some better techniques and ideas to perform better on social platforms.