Competitor research is key when developing your marketing strategy. Because your competitors are most probably targeting the same audience, their strategies might work for you.
Check how they are doing and their top-performing posts. That gives you a lot of ideas for not only your social media strategies but also your content creation. The following are my proven tactics for competitor research on social media:
PAY ATTENTION TO YOUR COMPETITOR’S TOP PERFORMING POSTS
You and your competitor are in the same industry or share niche topics. So that analyzing their top-performing posts gives ideas for your content marketing. Check what types of contents they are and if it’s promotional or not.
CHECK WHAT KIND OF HEADLINES YOUR COMPETITOR IS USING
From their posts that had a big impact, see what kind of headlines they are using. Check some points like their length, keywords, numbers, and types of headlines.
LOCATE WHICH ONES ARE YOUR COMPETITOR’S CORE SOCIAL CHANNELS
When you locate their social channels, you may see which ones they focus on across social networks. If you don’t get their strategies on platforms, then analyze which ones get more engagements.
SPY ON YOUR COMPETITOR’S HASHTAG STRATEGIES
Not only taking notes of their hashtags but also what types of hashtags they use. Are they the most shared hashtags, your niche keywords, the related keywords, or their original hashtags? Check the hashtag popularity, the potential reach, and etc.
UNCOVER YOUR COMPETITOR’S STRATEGIES FOR FOLLOWER GROWTH
You shouldn’t care about the number of followers so much on social media, but keep in mind that more followers, more chances to get your contents seen. Spy on how much is their follower growth within a certain period. It’s worth learning their strategies if the growth rate is higher than yours.
CHECK WHEN THEY ARE POSTING
Observe when is their average posting time. If they are posting at a different time from yours, then they might target a different audience, or simply they don’t use the optimal time. Also, check how many engagements they got. If it looks good, try to post at their posting schedule and see the results. You may have the wrong audience targeting.
DISCOVER HOW OFTEN YOUR COMPETITOR UPDATES ON EACH PLATFORM
The frequency of social updates can increase the chances of more engagements. Rather than the posting time of a day pay attention to how often your competitor posts their new updates on each platform. If you update seldom and they post often, the reason why you don’t get engaged may be the frequency.
UNDERSTAND YOUR COMPETITOR’S STRENGTHS
Knowing what are your competitor’s strengths gives you many ideas about the competition. You can have two strategies for strengths. One is to create a better product or service to defeat them. Another is to admit you cannot win the game and invest in other strategies.
ANALYZE YOUR COMPETITOR’S WEAKNESSES
Your competitor’s weaknesses are a big chance to improve and grow your business. It’s not only identifying your strengths but also giving you some lessons. Beating their weak points helps you to take advantage and maximize the differentiation from them.
DEFINE YOUR COMPETITIVE ADVANTAGES
To stay ahead of the competition, you need to step up where your competitive advantages are. It can be branding differentiation, pricing, advanced technology, and more. Based on the competitors’ strengths and weaknesses, find out what you can outperform.
MAKE SURE TO PICK THE SUCCESSFUL ONES FOR COMPETITOR RESEARCH
Don’t take the competitor that you’ve already defeated for your competitor. To have an upward revision, you should choose a successful competitor that you haven’t won the competition with yet. So, you’ll find more areas to improve your business and aim for higher success.
SPOT HOW YOUR COMPETITOR OFFERS SOCIAL CUSTOMER SERVICE
Social media customer service improves your customer support on social media. Check how fast your competitor responds and how they automate tasks using chatbots, and more. That gives lots of hints to improve yours.