Frequently, businesses look at their competitors as a challenge for marketing strategies, with a focus on distinguishing branding and promotion in a way that is meaningful with consumers. What many people don’t realize is that when the competition is having a successful run, there may also be a lesson for positive growth.
This can be especially important with social media marketing, since the connective nature of the outlet can also generate some of the strongest leads.
1. Engagement will keep a business’s social network in the loop. If one business is not active on the boards, then the competitors will fill that gap.
2. How are your competitors distinguishing their brand from other businesses? This information can help businesses positively rework their own image.
3. Leads come from interactions. Researching how the competition builds their client base can give a new perspective on social media uses.
4. If competitors have found the target audience, it can be important for marketers to learn how they are accomplishing this. A few quick adjustments can expand the social network.
5. Social media is all about connection. If competitors are combining social and corporate links, then these are avenues to explore.
6. Are competitors using social media to support their customer service? This approach can be a great way to build reputation.
7. Finding out about clients can generate stronger leads. Using social media for interaction can also lead to loyalty and word of mouth promotion.
8. What is the content that competitors are using? The language of social media posts can also increase search engine rankings.
9. Pay attention to who has the most likes. Tactics for a larger audience can be outlined in how posts and tweets are presented.
10. Upping number may be a part of budgeting. If competitors are using paid advertising, then it may be necessary to mirror that strategy.
While this list covers a range of lessons, there are certainly others that can be learned from the competition. Has your business found new ways of capitalizing from competitor success? It can be helpful to share the information that works, in order to build a culture of positive social competition.