It can be difficult, as a business owner, to establish whether your efforts on social media are making an impact on your audience, but if you want to know how you’re progressing you have to know where your competitors are at, and how they are advancing. Following your competition and monitoring what they are doing can help you to avoid repeating their mistakes and the easiest way to do this is via social media. Learning what type of content performs best with their audiences or when it is best to post to get the highest engagement is really easy and we are going to tell you how you can do it for yourself.
This process is known as “competitive brand analysis”. It is a very effective and budget-friendly way to obtain business and customer intelligence. Following ads your competitors are running, listening to what their customers say, what problems and requests they have are priceless. Armed with this sort of knowledge, you can quickly adjust your product and customer support strategy to win the market. You already have sales leads to contact and convert.
You should be ready to take advantage of every arising opportunity and acquire new customers when your competition fails to provide them with a good service, and here is how you can use the results of your competitive brand analysis to benefit your business:
Get to know your customers better
Most of the time, competitor analysis will help you in better understanding the shared target group, its desires, and needs.