It comes as no surprise that we are a competitive species. Everyone knows second place is just the first loser....kidding, kind of. Who doesn’t want to win? We have to compete for things in life all the time, mainly when it comes to work. There is usually always going to be someone competing with you and your business. As much as you might loathe your biggest competitors, you can actually learn a lot from them.
I am not saying go and steal your competitor's clients or copy everything they do, but there are some things you can take away from them. For instance, what is working for them that makes them your biggest competition? When it comes to social media, there are many ways in which monitoring your competitor can be one of your most beneficial strategies.
Here is a list of ways you can use your competition to your advantage:
Study and examine their followers and who they are following: Again, you aren’t stealing their clients here, but you are seeing what type of people found interest in them and who they find interest in. Trust me, they are doing the same to you. I also can’t promise that they won’t try and connect with your followers and you won’t try and connect with theirs because let’s be honest, it is a dog eat dog world.
Pay attention to their interactions and engagement: Does something seem to be working for them? Are you doing the same with your followers or clients? If you are not, should you be? If something is working for your competitors, it could work for you. They may be engaging with their followers or potential clients, asking them questions or answering theirs. They may be “liking” posts or always posting a reply where it makes sense. We need communication as a species and that fact should be used to your advantage. Talk to people. Be human.
What do their profiles look like? Do they have professional cover photos and profile pictures? Is it easy to get back to their website from their social accounts? Do they have a well-written bio? Are they educating and providing solutions to their followers or just trying to sell their products or services? Is there an easy way to contact them? How often are they posting? There is a lot you can learn about a company just by looking at their social media platforms. Is yours up to par?
What do their reviews look like? Not everyone gives you a preview of their reviews and although it is important to be transparent, sometimes reviews aren’t always helpful because scammers can give you a negative review when you have never even provided them with your product or services. With reviews, it is really all or nothing. You can show them with good or bad ratings, or not at all. That being said, some people want to have their reviews displayed, especially if they have some 4 or 5-star ratings. It is important to really look at these, especially if there are a lot. What are the customers saying about your competitor? What led them to give such a good rating or a bad one? Is your company doing something similar or could you be doing something better?
By focusing on all of these areas, you can develop a strategy to help you aim even higher, leaving your competition in the dust. Not sure where to start or frankly, don’t have the time? Reach out to us here at KBK Communications. A social media audit which monitors your efforts with social media and that of your competitors is included in our digital marketing assessment. We will tell you what is working, what is not and what you can do better to get yourself and your company ahead of the competition.