With more than a decade’s experience, Prosperity Research Digital Agency(PRDA) has provided professional digital solutions to a variety of businesses. First, realize there are many things that you can learn from your competition; you need to be aware about both the things that they are doing and the things that they are not doing. This guide is designed to help you conduct a competitive analysis that allows you to understand your competitors better. It requires you to gather, analyze and interpret thousands of information and data that will give you a clearer picture on their social media efforts and will help you devise a technique that will outperform their strategy.
An Overview of Competitive Analysis
Competitive Analysis is the process of identifying your rivals in the market and evaluating the techniques they are using that will help you pinpoint their weakness and strengths. However, doing this process on social media platforms can be time-consuming, though relatively simple. Just start monitoring the social activity and accounts of your competitors! This will give you a better insight on the landscape of the social media in your industry.
The first thing that you need to do is to determine your competitors. After successfully identifying your rivals, it is time to start gathering data and then translate that data into information that you can comprehend.
Finding Your Competitors
For many types of businesses, the process of identifying their competitors is very easy. However, there are some types of business where determining your rivals require some work particularly if you are offering services and products internationally. There are different ways to do this.
- Google- by using keywords that are similar to the keywords that is used by your company, you can identify the businesses that are similar to yours. You may also add geographical keywords when searching.
- Look at Your Followers- When you want to identify your competitors, you need to look at your followers and their activity. Check the social media accounts that they follow and see if there are any businesses similar to yours.
After you completed your list of possible competitors, you need to make your list into something manageable. You need to narrow down your competitors to 3-5 companies. Analyzing data from more than 5 companies will be overwhelming. Fewer than 3 and you will not have any accurate data that will help you determine your right marketing strategy.
After determining your competitors, it is now time to collect essential data. You need to identify the social media platforms that they are using; you also need to look at their numbers of followers. You should take a look at their online activity and their level of engagement with their audience. After this, you need to translate the data to analyze their SWOT or their strength, weakness, opportunities, and threats.
A Competitive Analysis is the most successful way to get a clear picture. It provides you with a competitive advantage and a winning social media strategy through the information and data you collected. Do you know where your brand stands among competitors? Find out now with PRDA’s free report and competitor analysis!
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