When it comes to running a business, it’s very important that you know everything in regards to all of the social media competitors that surround you. The more you learn about them, the better you can come up with ways that will allow you to deal with them. You can also read competitor SWOT analysis templates.
Most likely your competitors will be trying to find ways to take customers away from you so that they have more people to do business with. One of the best things that can help them do that is through the power of social media. And that’s why this article is going to teach you how to conduct a social media competitive analysis.
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Social Media Competitive Analysis
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How to Do a Social Media Competitive Analysis
Remember that the entire point of doing this kind of analysis is so that you can gain as much information as you can in regards to the social media strategies that your competitors. It’s always going to be important that you gain the competitive edge and that includes the use of social media. The more information you’re able to obtain about your competitors, the better you can come up with ways in which you can deal with them.
With all that in mind, here are the steps that will allow you to properly conduct an effective social media competitive analysis:
1. Know Who Your Competition Is First
Before you can even start doing an analysis on your competitor and how they use social media, you have to make sure that you know who they are first. This is the section where you will identify the other businesses that you should consider as a threat to your own. So who are in the same industry as you? Do you think they serve just about the same products and services that your business does? You may also like competitor analysis templates.
You’ll want to take note on the top 3 or even top 5 threats that you think could have the potential to completely dominate the market. Once you’ve made a list as to who they are, then simply write them all down into the document. Understanding who your threats are will give you an idea as to how they’re going to conduct their strategies as well help you see how they’re able to attain success. You can also read worksheet competitor analysis templates.
2. Do a SWOT Analysis on Your Competition
Once you’ve managed to figure out who your top competitors are, the next step is to identify how they manage to use social media. This is where you’re going to have to do a SWOT analysis that will tell you everything from what they do to what you can do. SWOT stands for the strengths, weaknesses, opportunities, and threats and you’ll want to find out about all of them when assessing your competition.
So start off by taking a good look at your competitors’ strengths. These can be defined as anything that helps your competitions get the customers that they desire. So what it is that they do to acquire new customers as well as having their current ones to keep coming back for more? What are they doing with social media that helps attract their target audience? Take a good look at their social media pages and see if there’s anything that they’re doing that you think has helped them reach success. For example, you see that they have excellent customer service by replying to customer questions on time via their page.
Once you’re done with that, you can move on to identifying what their weaknesses are. If they’re doing things that can help them get customers, then they’re most likely also doing something that’s losing them. What you want to do is to find out what their weaknesses are as that can tell you what you should avoid doing and it’s something that you should definitely capitalize on. You may also see free analysis templates.
It’s best that you go through their entire page and see if customers make any complaints in regards to how things are being handled. One of the best examples of an enemy weakness that you can take advantage of is if customers continuously complain about your competition not listening to their feedback. Even something as simple as that can prevent customers from coming back and that means that you’ll want to avoid making the same mistake. You may also like customer analysis samples.
Next is to look at all of the different opportunities that will allow you to get ahead of your competition. When it comes to social media marketing, there are always going to be ways that you can find to help you get the competitive edge. This is where you will need to take a good look at both your target audience and competition so that you can easily spot opportunities that you can take advantage of.
One good example is if one of your competitors have yet to take advantage of a specific trend that’s currently going on with your target audience. Since they have yet to do so, you should definitely capitalize on that as it’s an opportunity that you can stand to benefit from. But be careful, not every opportunity can be ones that will benefit your business. There’s always that chance where what you think is a good opportunity is actually one that’s a waste of both time and effort. You may also see customer analysis.
And lastly, take a good look at the threats which surround your competitors. While you’re obviously one of their main threats, you have to focus on other things that are trying to devalue their social media marketing strategies. It’s possible that they have internal threats that they’re having trouble in dealing with. If you can figure out what they are, then that will be really good for your business as the information can help tell you what you should avoid from having or happening.
A good example of threats would be other social media competitors that have just come online. Fresh ones usually bring intrigue and if they happen to have something that your competition doesn’t, then they’ll also be a threat to you. Again, remember how important it is that you find the best ways to deal with these threats. So learn from your competitors and understand what you have to look out for and what you have to do should they threaten your own social media site or page.
3. Figure Out the Strategies to Deal With Your Competition
Although you already understand what it is that you have to do in order to gain information about your competition, you’ll still have to figure out the means in which you’ll need to deal with them. So this is the section where you’ll use whatever you’ve gathered about them and use it to help you come up with the strategies that will ensure you stay ahead. You may also like sample company analysis templates.
For example, you notice that one of your competitor’s social media page has received a lot of angry comments from their customers in regards to their customer service. You’ve noticed that many of them are furious of the fact that your competitors never respond in time to their concerns and that they’re rarely ever noticed. Knowing all this, you want to make sure that the same thing doesn’t happen to your business’s social media page. So what you can do is to figure out a system wherein you can timely respond to any concerns your target audience may have and ensure that they have a pleasurable experience in dealing with you. You may also see market analysis templates.
While strategies can differ for every business, all one has to do is to make sure that they’re able to figure out ways to deal with the problems and get ahead in the industry. You can also read sample industry analysis templates.
4. Come Up With Ways to Deal With Risks
Even when you’ve figured out everything that you could in regards to your competition, there’s always a chance that something could still happen that could potentially ruin your business. Your competitors might have come up with their own sample social media strategies for what they have to do in order to retain success and prevent anyone from taking away their target audience. So knowing that you’ll have to plan ahead to ensure that you can deal with whatever strategies they could possibly throw at you and the rest of their competitors.
Again, this is where information on your competition will definitely come in handy. Use what you’ve learned to figure out what the potential risks are. Once you know what they are, then simply come up with the best solution to ensure that these risks are either avoided or prevented from doing any harm to your own business. You may also read best product analysis templates.
If you would like to learn about the other types of sample analysis that you can conduct, then all you have to do is to go through our site. It contains many possible articles that could provide you with whatever information you may need. The only thing that you will need to do is to read these articles thoroughly so that you can make the most out of whatever they have to offer.