Social media has quickly become its own market. A business must cater to social media users or they it is missing out on a huge demographic of current, future and even past consumers (remember, maintaining a connection with past consumers is almost as important as building new connections).
Since it has become nearly impossible to own a business without having a presence on social media, it is almost certain that your competitors — the very people you don’t want your consumers to know about or purchase from — are there as well. Don’t let this scare you, however. In fact, use this to your benefit. Your consumers may find similar service providers through social media, but they won’t make the switch if they think you offer better quality. There is only one way to know if your business is offering higher quality goods or services: find out what your competitors are doing and learn from it.
There are different areas of your competitor’s social media presence to keep an eye on, all of which will ultimately help you to your end goal: learning from them and gaining the online edge.
Just what can you learn from your competitors? The list is endless. Here are just a few items:
What you’re doing correctly
The best way to put yourself ahead of your competitors is by finding their weak spots. What do they lack that you have to gain that will ensure your success in a specific area? If you can find multiple areas of attack, that’s great. If not then take a peek at their existing content. After doing some comparisons against your own content, think outside the box; what can you improve on that will make people want to ‘follow,’ ‘like’ and eventually purchase from your business?
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What you’re missing out on
Perhaps your competitors beat you to the punch. Maybe they have already assessed your social media accounts and have implemented a strategy to gain the majority of potential consumers and possibly even take some of yours. Have no fear — now you can find out what your business lacks in online marketing, where your dollars might be spent incorrectly and how to correct your mistakes. Nothing is worse in business than losing your own consumers, or ones you don’t have yet, without even knowing it.
How to gauge your own online success
Learning how to gauge your own online success will come with time. The more you review the social media accounts of your competitors, the better idea you will have of what defines online success in your industry. That said, success in any social media marketing campaign should be assessed by engagement and the quality of content you’re putting out. Unfortunately, you can’t have engagement without solid content. Are your competitors engaged with their followers? Chances are that they have put in the effort to reach out and those who listen deem the content they post interesting.
Who you should be targeting
This goes hand-in-hand with engagement. If your competitors are active on social media (actually active, not just “well, they have an account”) then you can analyze their use of their hashtags, followers, who they are following and who they are talking to. Through these few bits, you should be able to grasp a pretty good handle on where you might be missing out, or whom you might be missing out on.
You must constantly be assessing in social media. Not just your own accounts, but also those of everyone who might cause a threat to you or your business.
They say Las Vegas never sleeps. Neither does the Internet.