Are you monitoring your competitors?
There’s an old adage that says, “keep your friends close and your enemies closer.” This is relevant for business too, especially with your digital marketing efforts. In this digital era, nothing can be done in private anymore.
When was the last time you conducted a social media competitive analysis? How is your social media strategy compared to your competitor’s? What do they post and does it get a lot of engagement?
Monitor your competitors’ digital marketing very closely and on a regular basis. Keeping an eye on what they’re doing – on their website, social media, paid ads campaign etc – keeps you abreast of what you are up against. With this you can even come up with a better strategy, keying into areas they might not have thought of.
With the information you get, you can improve your sales, customer service and product/service which will bring in an all round improvement on your business.
Here are 3 important reasons to watch your competitor’s marketing;
1. Gives You Ideas For What and What Not To Do
By monitoring your competitors you can get ideas on what to do to better improve your marketing strategy. A good way to monitor them is to set up alerts on networks like Twitter or Facebook for whenever they make a post or are mentioned by people. You can monitor the way your competitors address these comments and how they win people’s hearts.
Learning from someone else’s mistakes is even better than making a mistake and learning from it since it’s not you whose time and resources are used for not going the right way. You will learn what to do to avoid their branding mistakes. You can even use your competitor’s mistakes to attract new customers to your business.
2. Generate Leads from Unhappy Customers
When people complain about their product/service, use the opportunity to point out that your brand is superior to them. Don’t be too pushy though, try to offer them value and be helpful. Use incentives such as discounts and freebies to draw them to you.
3. Identify Market Opportunities
People love to share their experiences on social media, sometimes about their private lives, sometimes about products and services they have purchased or tested. Constantly checking what people say about your competitor’s product can give you an idea of areas they are not seeing and keying into them to make your product/service better.
Hope I have given you enough reasons to include competitive analysis in your marketing strategy. If you have more questions email me at firstname.lastname@example.org.
Also published on Medium.