Looking at what your competitors are doing online (Competitor Analysis) and noting their strengths and weaknesses can help to improve your strategy in many ways, including:
- Content inspiration
- Identifying opportunities
- Understanding your audience
- Increasing engagements
- Understand potential threats
- Learn customer pain points
- Benchmarks your business so it’s possible to measure growth
What is included?
To perform a Competitor Analysis, you’ll first need to know who your competitors are. For example, are your competitors selling products/services like yours? Do your competitors post content that your audience love?
Moreover, once you have answered these top-level questions, you’ll need to dig deeper into understanding your competitor’s sales tactics, pricing, perks, marketing strategy and the technologies they use. To perform a holistic analysis, we recommend you use Social and Search Listening technologies, audience intelligence analysis combined with your data to allow you to view the data comprehensively.
Furthermore, Social and Search Listening provide insights into how well a brand is performing online and perceived by the public. Data includes potential reach, positive and negative sentiment, the key themes and hashtags associated with the brand, potential influencers and more! So, all of this information combined can help to form a robust strategy that will resonate with your audiences.