I love a competitor analysis and it's something I've been doing since my uni days. Susan and I are stepping you through what's needed to complete a Social Media Strategy. We understand small businesses don't always want to engage an agency so we're sharing the steps you need to complete so you can social it yourself - SIY!
We're up to Step 3 Do A Competitor Analysis
For any small business owner who's completed a Marketing Strategy it would be a familiar term. It's about profiling your competitors and is a process of reviewing their products, supply chains, pricing and marketing tactics. The insights gained enable you to identify your competitive advantage - what it is that sets your business apart from competitors.
So how does it fit as part of a Social Media Strategy?
In today's online environment most businesses would include Social Media as part of their overall marketing tactics. The competitor analysis is a detailed review of your competitors' social media activities. What platforms are they on? How active are they? What types of posts do they do? How many followers do they have and how engaged are the audience?
Below are a few of the advantages of completing a Competitor Review?
- It can identify gaps - perhaps your competitor isn't active on LinkedIn yet you know that it is a platform your customer proactively engages with
- It can guide your content creation - you'll be able to discover what content is getting the greatest engagement and resonating with customers (and what isn't). Your competitor may be using video yet all your posts are only using images.
- It can uncover new audiences - you may discover by analysing the content of their activity they are appealing to a different target market and it may also be right for you
- It can help you improve your social media strategy
We have an excellent 11-Step Social Media Strategy to help you organise and take the first step. You'll soon be on your way to creating a social media strategy for your business and improving your chances of business success.
Click below for our 11-Step Social Media Strategy e-brochure - it highlights what you'll need to do next. If you need help - Strategic Social Profiles can help. It's what we do, create social media strategy to help you Social It Yourself.
Social Media Strategy to Help You Social It Yourself
Strategic Social Profiles write a regular blog to provide professionals and small business owners with collated information of all things social media. We strive to share our experience and knowledge and assist our readers on how to Social It Yourself and reap the benefits from effective social media. We provide ongoing tips, e-books, infographics and have guest bloggers from Small Business.