It’s always good to know what’s going on in your industry; to stay up-to-date, and one step ahead of your competitors. Keeping an eye on the competition has always been part of running a business. In today’s age, it’s easier than ever to keep up with your competitors with social media. In this blog post, we will share with you the most effective ways that you can use social media to your advantage to do just that.
The most important reason you should track competitors on social media is to see what content they’re putting out, how they’re doing it, and who’s engaging. Your competitors may have a different angle or perspective on things than you do. Tracking the competition also helps you monitor what’s going on in your industry. If they have something big going on they’ll be sharing it on social media.
Social media is one of the most powerful marketing tools today, allowing you to quickly and effectively reach your target audience. Tracking your competitors on social media is a great way to gain useful insights into their strategies which, in turn, can help inform decisions related to your own marketing efforts. Not only can you gain beneficial knowledge about what works and what doesn’t for them, but you can also be inspired by their successes and adjust your tactics accordingly. Additionally, tracking competitors enables you to quickly see when new trends arise — ones that may affect or benefit your content strategy — as well as gauge customer sentiment toward that company compared to how customers perceive you. Generating competitive intelligence from social media will not only enable better monitoring of potential threats but also proactively seek opportunities that could increase market share for your business.
You can see how they’re doing with their customer base. See what content they’re putting out and how their fans and followers respond to it. What’s getting the best responses? If they’re getting a lot of loyal engagement, you’ll learn from them. Finding something new and interesting is important to have your own success on social media. You can see how many fans/followers/subscribers they have and how they acquire them. On Twitter and Instagram, you can see what hashtags they’re using and that would be a huge advantage to you.
You can create a list of your competitors’ Pages on Facebook. Facebook will automatically help you monitor their performance statistics through a tool called Page Watching. With this tool, you can track weekly analytics as you do your own page. Using this tool can help you identify your top competitor, and see if you’re measuring up.
You can access Pages to Watch on your Page’s Insights. In the overview section, scroll down until you see the Pages to Watch tab. You can track the progress of 5 or more Pages. However, don’t just copy your competitors or rip off their content. Use it to get inspired and motivated. Use this information to form relationships with your competitors. You just might be able to help each other out and everybody wins.
If you’re looking to stay on top of the competition in your industry, following your competitors on social media can be an incredibly helpful strategy. Doing so will give you valuable insight into their practices and strategies, allowing you to keep abreast of the latest developments in your field. It’s also a way to check in with the attitudes and conversations that are currently surrounding your competitors, giving you real-time access to public sentiment about them and potentially highlighting opportunities where they’re weak or deficient so that you can play up those points in your own messaging. Keeping tabs on the competition is always important and following them on social media is one of the most efficient ways to do it.
