Today, it is hard to imagine a business not having a social media presence. A business without social media presence is like trying to do business without using the help of a good employee. Even if you don’t like using social media, the fact that your customers are there as well as your competitors—the very same people you don’t want your customers to do business with—will make you not question its value to your business. Your competitor’s social media presence is not something that you should be scared of, but rather it is an opportunity for you to know what your competitors are doing, learn from it, and develop a strategy to do it better. That’s Business 101–you need to study and learn from your competition. Here are just a few things you can learn from them:
1. What your competitor is doing right
One advice given to business people is to find their competitor’s weak spots that they can exploit. But take also into consideration those things that they are doing right. Odds are they have done all the hard work of creating a social media game plan that is already working for their business. All you have to do is to look for it. Once you have determined the things they are doing right, don’t imitate--use it as a springboard instead. Think of ways you can improve on what they have by doing it differently by making it more efficient, faster, and better.
2. What your strategy is missing out on
Once you have assessed your competitor’s social media game plan, you will then find out the things that are lacking in your social media marketing. Maybe you are not engaging your “new” customers by not holding contests or posting sales in order to attract their attention. Or your posts lack personality or are not engaging enough compared to your competitor’s. Browse through their timelines and take special attention to their posts that get the most shares, likes, or comments. By knowing which posts get the most engagement, you will be able to determine the type of content you need to post.
3. What your competitors are up to
It’s important to take note of what your competitors are talking about on their social media platforms, who they follow, who they talk to, as well as the hash tags they are using. These are all good things to ponder for you to have a pretty good idea of what is still missing in your social media strategy. Don’t be obsessed about the number of followers or fans your competitors have, but rather focus more on the quality of relationship you have with your audience.
There’s a trove of information that you can find from your competitors’ social media platforms. This information from your competitor will be your guide and reference point to social media for your business. It’s always good to strive for originality, but not connecting your brand to ideas that have worked for your competitors limits your potential to succeed.