This article covers the third and final step in creating a social media strategy, which involves analyzing your competitors.
So, you’re planning on starting the grand adventure of social media marketing for your business! You may be feeling a mixture of emotions from overwhelmed to excited. I like to consider a social media marketing strategy like a road trip. You start out by pointing yourself in the right direction with a destination clearly set out, you choose how you are going to get there, check in regularly to make sure you’re on the right track, and have some fun along the way! Starting from square one may seem daunting, and you may not have a road map to your social media destination; so we’ve created one for you. Here is the third of 3 simple steps we have developed to help you create a strong social media marketing strategy.
Analyze Your Competition
You understand your target audience, now what? It’s time to start digging into your competitors and see who else is targeting that audience of yours! Start by researching what your competitors do well, and what they don’t do well; this is a competitive analysis. A competitive analysis of other businesses within the market you are in will give you a good idea of what’s expected in your industry and can therefore help you spot opportunities. For example, if you notice that your competitor has focused all their efforts on Facebook, you may want to focus your efforts on other platforms such as Instagram or YouTube. This way your efforts are focused on an underserved audience instead of trying to win over followers from a dominant player.
Social Listening is another great way to learn more about your competition. Social listening involves tracking, analyzing, and engaging in conversation about your brand and the industry you are in over social media. Explore your competitors social accounts, and do a search of their company name and other relevant keywords. Find out what content they are sharing, and what others are saying about them. As you track them you may find campaigns that really stick out to you, and others that seem terrible; either way it can start to give you ideas of content themes you like and can use for your brand’s social media posts.
To recap the 3 steps in this series on building a social media strategy:
Part 1 – Meaningful Social Marketing Goals: This step recommends using SMART goals for your social media goals. We break down what a SMART goal is, and also provide an example.
Part 2 – Research Your Target Audience: This step explains that researching your target audience, as getting to know your audience as real people with real wants and needs will help in knowing how to engage with them through different social platforms.
Part 3 – Analyze Your Competition: This step was explained in the current article! To summarize, analyzing your competitors will help in understanding what to expect within the industry and will give you a chance to spot the opportunities that are available.
Let Your Social Adventure Begin!
There you have it – the first leg of the map to your social media adventure! With SMART social marketing goals, a better understanding of your target audience, a bit of exploration into your competition and maybe even some fun along the way, you can construct a strong plan for your brand’s social media strategy. While building your strategy, a great question to keep at the forefront is: “What are we wanting to accomplish with our social media and how does this relate to our business goals?”
Now that you are well on your way with a social media strategy, you may be wondering what the next step is! Check out our article on 3 Simple Tips to Start Social Media for Your Business.