There is always a room for improvement, right? Businesses need to constantly improve their services or products, so the real question is the ‘HOW’. Social media platforms are the new battlefield of marketeers targeting different audiences. Companies can always learn a thing or two from their competitors, the small and the giant brands. To find out what are your business rivals doing, just monitor their activities on social media. Sounds easy? Not really, firms need to put the work to collect the relative data and analyze it accordingly.
Below are three key steps needed for companies to follow for them to monitor their rival’s activities on social media:
Know your competition:
First thing first – as a business, you need to know your who are your competition. The main ones should be on your top of your head. However, there are some firms that are competing with you and are not on your radar, and these ones also need to be monitored as well.
A straightforward method to identify who is heading against you in the business is using a simple google search with the right keywords. The main keywords to be searched include the product or service your company is offering, location, target audience. You will be surprised on the number of firms who are competing with your brand and targeting a similar customer base.
Now you have identified who is competing with you, the next step is to see if they are active on social media platforms. You do not need to be a tech savvy person to know if a company has a social media platform or not. Simply, check their websites and they should have a link their social media accounts on the header of footer:
After your have narrowed out which of your business peers have social media pages, the next thing to do is to check if they are active. The good news is that there are plenty of social media analysis tools to help you asses who is doing the effort on their social media pages. With the right tool, you can save time to dig out what and how are companies are doing via social platforms. Below are two of the popular platforms you need to track:
- Facebook has 2.80 billion monthly active , and more importantly, there are more than 200 million small businesses around the world using Facebook’s tools (Facebook, 2021). I would say that is your start to monitor key pages. With Facebook’s ‘Pages to Watch list’ option, you can anonymously add up to 100 different Facebook pages to examine.
- With 67 percent of all B2B businesses using Twitter as a digital marketing tool (Statista, 2018), your competitors are most probably using this platform too. A great tool to check what your competition is doing on Twitter is using Twitonomy. To do so, just type in a you competitor’s name into the search box and a list of hashtags linked with that brand will appear.
Depending on your lined of business, you might need to check other social media platforms such as LinkedIn or Snapchat. Analytics tools are also available to help you track your competitors’ activities on these pages.
I have listed the basic steps for brands to track down the activities for their competitors. The next step is to digest the data collected, analyze it, and finally learn from to grow your brand. Let me know your thoughts on the comments section below:
Facebook: Companies should be learning from the competition. Check out my new blog on how social media is a good start to do so: https://bit.ly/3dyG1Ew
Twitter: How social media can be used to track your #competitors’ activities #socialmedia #learn #competitor #brands: https://bit.ly/3dyG1Ew