July 12, 2020
Every morning when we pick our phone, the first thing that we do is check notifications in our Insta, FB, and other social media accounts. This is how influential or we can say important social media has become is all our lives. We don’t want to miss even a single notification from our friends or the brands that we follow.
We must say that social media has become a necessity for a large percentage of individuals across the globe and even businesses as well. This platform holds so much value to the brands that their popularity and status cannot stand strong without having a presence there. That is the reason why millions of businesses are actively engaged in social media and interacting with their target audience to ensure good brand recognition and authority.
Having a presence on social media gives the opportunity for businesses to learn from their competitors. Yes, you read it right, social media provides the best opportunity for you to do better than your competitors and for that, you are just required to follow them. In this post, we will tell you the benefits of following your competitors and how it could be defining for your marketing strategies.
The first key benefit of following your competitors is that you get to know them. This is one of the best ways to keep an eye on the products or services they provide and compare them with yours to identify whether they are the same or different. Following your competitors will give you deep insights into their business as they share with their target audience.
By acting as a loyal client, you can also get to know everything they share with their premium customers and that would be of great help for your business. In this way, you will be able to strategize better for your brand and have maximum chances of overpowering them.
The conversation is the key to open new opportunities for lead generation and getting sales. The way businesses react with their audience decides how loyal they will be and what response businesses will get.
Now here is the catch, if your competitors are getting great engagement from their target audience and it is reciprocating the way they have thought, then there has to be something in the way they interact with the audience. The communication strategy of your competitors might be different from yours and some of the others as well.
Hence, the best way to know the way they react and interact with their audience is to be part of the audience and monitor closely. See how they reply to conversations, how they tackle negative comments, and what tone they use while talking with the mass audience. All these parameters will help you improve the way you interact with the target audience.
This is a big plus of following your competitors on social media. Companies first inform about their new releases to their target audience through social media and if you follow them, you will also get to know better.
While, if you also have any upcoming new product release, it will help you make it sooner or delay according to the response of the audience on the competitor’s product. If you see that the response is good, you might delay the product launch and if the response is not satisfactory then launching your product early could be a good idea.
When you follow someone, especially business on the social media platform, you will be able to see everything they do on their account be it a simple post, contest, or something else. This will tell you which strategies are delivering the best results and which are improving their brand reputation.
Getting insights into all this will be of great help to optimize your strategies and implement them in the right way. You can check the type of content they are posting, their branding strategies, promotion tactics, and relationship with their audience. Focusing on all these parameters used by your competitors will give you better ideas to plan for your brand.
Positives and negatives are part of everyone’s life and this implies to businesses as well. Not everything you do will go in your favor and that’s how everybody learns. So along with knowing what is working for your competitors, it is also important to have an idea of what is not working for them.
Doing this will give you an idea of what you should avoid doing with your marketing strategies. For example, if you see videos posted by your competitors are getting less attention than infographics, then it might not work for you as well.
While, if you want to try something that is not working for your competitors, you need to be more careful and use different tactics to get the attention you desire. It is advised not to get your hopes high while trying those tactics.
Following your competitors will give you the authority to read customer reviews and post one you want. The theory is simple, if your competitors are doing better than you, then their clients and target audience is trusting them and they are getting better customer service as well.
Remember, not all wants discounts, there are some people who look for better product quality and better customer service, and such an audience is the loyal and genuine one. So, you will see that your competitors must be addressing each of the issues faced by their customers and making every effort to solve them.
You will encounter that even with harsh customer comments, your competitors are maintaining a soft professional tone and apologizing for the bad experience even when it’s not their fault. To some, they might be giving compensation with the apology. Results are amazing with such tactics and you will see while spying on the competitors.
So, from them, you can learn ways to handle unhappy customers and use them to a good effect on your marketing strategy. Remember, winning a customer who is not happy with your service is an art and it could be a defining factor in creating an authentic relationship with your target audience. Thus, you can learn this art by spying on your competitors.
The way your competitors with a strong base of the target audience are grabbing attention reflects their marketing strategy. The reaction of people to their posts define how well they have placed their cards. If you see that the audience is behaving the way your competitors want them to, then they are doing everything right and there is no harm in learning some of the tactics that might work for you as well.
Properly analyzing their web pages, contents posted by them, blogs, contests, quizzes, and any other methods adopted by them will help you know their marketing tactics. And if found cool enough, you can use them for your marketing campaign as well.
Especially when you are new to the business, it becomes important to do proper market research to know what customers are liking and what is in the trend for them. And for this, nothing could be better than spying on your toughest competitor. The reason is that the competitor who has a loyal client base and ruling over your niche from years must have something special and it must be serving clients according to the current trends.
So, studying your competitor by becoming one of the loyal clients or being in the target audience will give you a better idea of what is trending and why people are choosing your competitor over other brands of the same niche.
There is a philosophical saying that ‘you cannot keep everyone happy’ and this is a fact as well. While spying on your competitors, you will find that there are customers who are not happy with them. If you make some more effort, you will get to know the reason behind that.
Now here’s another catch, you know that the niche of your competitor and your brand is the same, and if someone is not happy with one brand, he/she will surely look for another one. Here, it’s time for you to make a move and that is to target that unhappy customer. There could be more and you can reach them in the best way possible by offering some discounts with better products/services.
Remember, you need to make that point stronger where the customer was not happy with your competitor. So, focusing and highlighting on that point, you can target those customers and the chances are good that they will believe you.
Learn from wherever you can because knowledge is something that grows and it stays forever. This implies to everything you do in your life. Now when it comes to running and establishing a business, a deep knowledge of what you are doing is necessary because, without that, you even won’t be able to move a single step.
You might have heard or even experienced that competitors are your rivals and this is true as well. But have you ever imagined that they could be your best teachers as well? Yes, this is also a true statement. Not only with your mistakes, but you can learn from other’s mistakes as well. That’s where the importance of your competitors lies.
Everyone is prone to do some mistakes and so do your competitors, thus, by having a close look at their activities and results, you can make yourself stronger by not repeating them. This is only just an example of learning from other’s mistakes but you can also learn from their successful strategies.
Knowing that the business niche of your competitor is the same as of yours, you can adopt some of the successful strategies used by them to a good effect on your business. All this could be done by following your competitors on social media and monitoring each of their activities closely.
This post has talked about some of the key benefits of following your competitors along with the tips that you can implement. We hope that these will work best for your business and give you great results you wish for.