Even if you know a lot about your competitors, you might have the impression that you should and could know a little bit more. You can never know your competitors well enough and there’s always room for improvement, so it is important to track competitors in the world of marketing.
4 takeaways from our article:
- Why should you take a deeper look at how your competition is doing?
- How do you track your competitors on social media?
- What should you measure and compare?
- How do you make the most of your competitors mistakes?
Analysing your own performance on social media is vital for optimization and delivering the best possible results. But while you’re busy collecting data on your marketing efforts, your competitors might be looking at that very same data. X-raying your statistics helps them make better decisions and understand your audience as well as theirs. So why wouldn’t you do that in return?
Why else should you start tracking your competitors?
- Inspiration. Find some of your competitors’ profiles on social media and analyse their communication to get inspired with your content. We don’t recommend copy-pasting anything though. You’ll end up doing more harm than good.
- Their digital footprints can reveal what they’re planning, what they’re in the middle of doing, or which campaigns were successful.
- The less you know, the easier you sleep? That doesn’t apply to marketing. You should know as much as possible to stay one step ahead of the competition. Track competitors to avoid unpleasant surprises.
- Your competitors don’t really sleep, so if you don’t start tracking now, you might wake up with tears in your eyes (as well as poor campaign results from and an empty marketing budget).
- Bearing in mind their campaigns and results, you can see what is better to avoid in the industry, what works well, and what could be improved. You’ll learn from their mistakes without spending your own energy, money, and time on something that might not even work. It’s enough to track competitors.
- It keeps this competitive business spinning, as well as offers even better communication and understanding. Win-win-win.
How do you track competitors on social media?
There are many tools you can use, but of course we have to recommend Sotrender. With our tool, you can:
- Benchmark your competitors on many platforms such as Twitter, Facebook, Instagram, and YouTube. You don’t need to have an admin role to be able to analyse what and how your competition is doing.
- Measure their performance and see what kind of content engages their audiences.
- Get to know their audience better – in terms of demographics as well as mores specific details such as the community ranking that allows you to get even more info about your target group.
- Make a comparison group out of your market rivals and compare their performance with intuitive, user-friendly reports you can get familiar with in PDF or XLS.
What should you measure?
- Reach and reach demographics – Are they reaching the right people? Is it your target group? Or maybe there’s something suspicious in their results?
- Engagement – Because even if they reach a lot of people, they may not engage them all, meaning their communication might not be effective. If you track your competitors on a regular basis, you’ll find it out.
- Response time – This is an essential factor both for your competitors and your brand. By looking at their response time, you can judge if they’re managing their customer service on social media successfully or if they’re struggling.
- Content types – What kind of content do they use and which ones really works for them?
- Most popular posts – top posts – Look at their most successful posts and try to find a few reasons why they got so popular among your target groups. You can get inspired for your own communication.
- Fan growth – Are they growing naturally and at a normal pace, or are there some bumps along the chart (does it imply buying fans, a Page Likes campaign, or just a series of great posts encouraging users to like the page?).
- Fan demographics and age groups – Who are their fans and where do they come from? If your business is all about local activity and you have competition in the area, their fans should be gained locally as well. Having fans from other countries while you work locally can imply some dirty practices.
- Sources of likes – What is the most effective way to gain new likes? Are they coming naturally, or maybe certain types of posts are getting the most attention? Track competitors to find out.
- Negative feedback – How many fans react negatively to a particular brand’s communication? Negative feedback reflects the number of unlikes, hiding posts, or hiding all posts of a page. Unnaturally high growth in any of these might be the result of poor communication or content.
How do you make the most of your competitors’ mistakes?
Their mistakes are your advantages, so you can do a few things to turn their mistakes into your successes:
- If your competitors don’t make any offers, become a trendsetter in this matter (and in any other matter!). Give your followers some added value in the form of e.g. a discount code. It’s easy and effective to measure to measure conversions.
- Encourage users to like your page in your posts so you can gain even more followers.
- Take care of your response time (especially if your competitors don’t do so) so that others will consider your brand to be helpful, professional, and open to their followers.
- Did your competitors have only a few posts that were super popular? Take them as examples and add something similar to your strategy to analyse and optimize afterwards.
Tracking your competitors may be fun – unless you’ve been tracked before! In that case be sure to know how to reply to it and win over your customers (and your competition’ customers) hearts with your strategy. Do you track your competitors? Let us know in the comments!