See what your competitors are doing by Listening
Social media listening tools look at a vast amount of information so they can create some interesting data that will help businesses to target key areas for development. Social media listening can be used to generate leads, find influencers and identify key sites. However, what is often overlooked is how these tools can be used to analyze competitors.
One source of information to identify hot topics, influencers, media outlets and industry sites could be your own competitors. This includes brand competitors and/or target audience competitors. For example, Coca Cola might want to observe Nike or Adidas since they share the same target audience. Download Related Report
Monitoring competitors allows you to understand their marketing strategy. You can analyze what their main presence is, who their target audience is, and whether they are interacting with customers regularly, who is their target audience?
By analyzing those who are discussing your brand and your competitors you will have a better understanding of their potential target audience. For example, it could show that males are more engaged in a product or campaign than females. This information could change your current marketing strategy or influence future campaigns.
You can also analyze the humorous tone they are using to communicate with their audiences. The humorous tone should fit your brand’s voice and should appeal to your target audience. Are you gentle and family-friendly? Or edgy and a little out-of-bounds? These insights will help you to choose wisely when matching your tone to your audience. Download Related Report
You can also monitor any weaknesses that the opposition may have and take advantage of them. Seeing what others may be doing differently will help you adapt and enhance your efforts. By understanding your competition, you can identify any failings in your own approach and highlight any key areas that they are failing in.
By developing a clear picture of your competitors in your marketplace, you will be able to navigate more easily. It is essential to be aware of what other businesses are doing and to grow alongside them, learn from their mistakes and understand how to outsmart them.
Finding out information about your competition is only useful if you know how to use the data effectively. It is important to consider what you wish to achieve from this information and how you would implement any changes to your current strategy.