Every brand in the social media ecosystem is striving to stand out. The goal isn’t just to fetch customers and generate revenue, but to leave an impression in front of customers that they can’t forget. To stay ahead in this crowded space, it is extremely important you know what your competitors are doing. Competitor Analysis is, basically, taking a bird’s eye view of your competitors from far above. Competitor analysis gives you a tactical advantage so you can create better strategies and stay ahead.
The prime goal of any Digital Marketing campaign is to build long-lasting relations with customers. Obtaining such goals require using strategies and tactics that work in the best interest of consumers, keeping best Social Media practices in mind.
The Social Media Environment is radiant and dynamic. Changes occur rapidly, what worked yesterday might not necessarily work today. That is why it is vital to adopt best practices and mold your strategies with the changing environment. It is equally important to keep a close look on campaigns run by competitors as well as your own brand.
Here’s why you should include competitor analysis in your strategy ASAP:
1: To get a holistic approach: One of the core reasons as to why you should perform a competitor analysis is to look at the whole picture, instead of fixating at its fragments. Looking at the whole picture triangulates your focus where it needs to be. It allows you to take a deep dive into the wide pool of campaigns thriving in the network where you want to stand apart. I know that sounds like a lot of work but fear not, we have got this covered. Our aim at Inclick is to make every marketer smarter and their work easier. With Inclick Track, we have simplified the whole process of tracking data in real time and providing insights. This gives you a bird’s eye view so that you can improve your strategies without spending a lot of time. We are no longer talking about close or distant competitors, we are talking about the entire sector. Having equipped with so much information enforces you to make clever decisions and deliver actionable results. Because now for the first time you know what works and what doesn’t. We are no longer relying upon hunch or workable strategies.
2: To gauge the performance of campaigns: So you’ve planned your next viral campaign? It is really important to measure the impact your campaign is going to make. Measuring campaign’s impact not only helps you in understanding what works and what doesn’t, it also helps you in becoming better at your job. There are a lot of times when all brands in your industry might be running a campaign about a certain topic for eg. Festivals like Diwali, Holi, Valentine’s Day or events like Black Friday, Cyber Monday etc. Campaign tracking during these events can help you understand how well your campaign is performing compared to your competitor’s. Dig deeper and you will understand spending patterns of industry-leaders. Competitor analysis is your gateway to campaigns that deliver results. Because now you have had the bird’s eye view over your competitor’s campaigns in the network where you are planning the campaign. In fact, you have a deep dive into the entire sector to which your business belongs.
We hope now you understand how important Social Media Competitive Analytics is. Start your Inclick Experience today and feel the difference!