3 Reasons Why Understanding Competitor’s Social Media Strategy Is Vital
Have you ever spent time binge-watching motivational speeches or celebrity interviews where they share their personal experiences? Ever spent time with a grandparent where they talk about their own journey in life? What learning experiences such encounters are. One gets to know of people’s mistakes as well as successes that have taken them ahead in life, nevertheless. We might even get motivated to learn from these and make sure that we avoid making similar mistakes and try experimenting with their success mantras. Now, think of your business competitors as these motivational speakers, celebrities and grandparents. Wouldn’t knowing about their mistakes, history, strategies, campaigns and more aid you in shaping your company’s future and social media strategy in a much better way than without it?
So, why the need to prioritize analyzing their Social Media Strategy? Well; employees, managers, COOs and chairmen might be hiding behind concrete walls. However, in today’s massively digital age, their company’s inevitable social media presence brings them out in the spotlight. They are connecting and communicating with their customers online, running drives & campaigns and getting feedbacks as well. This is definitely something you can make great use of. Here are 3 reasons why you need to begin analyzing your competitors’ social media marketing strategy now:
- You will have a treasure trove of ideas – Knowing what works for your competitors and what doesn’t can give you a head-start when you are applying similar strategies to your brand. Let’s say you feel that your competitor’s Strategy-A worked wonders for them but Strategy-B didn’t. Now, you can try analyzing their effect on the competitor’s company and begin drafting plans to apply the same strategies to your business by discussing with collogues, partners and come up with the best possible and highly-customized strategy meant just for your business. Having been already applied on a business with visible results, the chances of this modified but tried-and-tested strategy affecting your business positively are very high.
- Learning from their history would be immensely helpful – Imagine you and your competitor each has a whole sandwich with a spoon to cut it in half. While you try and struggle to cut it using the wider side of the spoon; your competitor succeeds by using the slimmer, sharper side of the spoon. Seeing this, you realize what you need to do and finally cut the sandwich using the same technique. Now, imagine learning in this way from your competitor’s Social Media Strategy. Be it their mistakes or their successes, knowing their social media strategy and how they have affected the business can easily guide you towards better decision making. Moreover, you will save yourself a lot of time by being enabled to eliminate strategies headed towards the wrong direction beforehand.
- You can tap into newer, more promising marketplaces – Analyzing where a company’s campaigns are headed or who they are targeting would result in some of the most valuable information for your company’s progress. You will get to know of many unlocked pockets of customers and audiences that you didn’t even know about and this can amplify sales and output to a whole new level. Imagine owning a food stall in a colony where you are unable to sell sufficiently due to low demand. However, you find out that another stall in the same colony serves the exact same cuisine as you but attracts ten-times the amount of customers. Turns out, this second stall is situated in an alley right next to a populous college catching the attention of students and professors that regularly rush to the stall to enjoy a scrumptious, affordable snack after each tiring day. The presence of this college and your potential customers (students and professors) was unknown to you and thanks to your competitor i.e., the second stall owner’s marketing strategy (opting for a spot next to the college), you found out about plausible customers. Similarly, in the real world, getting to know your competitor’s reach in the public and how their social media strategy affect the same can prove to be the sole key to opening several doors for new customers for your company.
Social media has transformed palpable relations into digital ones very quickly. And it is about time that businessmen utilize this amazing maze of information for their business’ progress.