Keep your customers close; keep your competitors closer.
Following your competitors on social media gives you the insights and the right tools to keep up with the trend. Especially if you are in the same industry or niche, some competitors have a different way of positioning their products and services on the market that might and might not work for your brand.
Track your competitors by following, liking, or subscribing to their social media accounts on Facebook, Instagram, and Twitter. Facebook’s Pages to Watch and Twitter’s Lists are some of the tools to help you monitor your competition closely.
These are the reasons why you should follow your competitors:
1. Keep Up With Your Competitor’s Latest News
Brands like to show off their latest company news on their website or social media content. These are often used to attract new customers.
Find out which platform your competitor is active. Follow them and be updated with their latest company news, products, or services. This can help you study their marketing strategies.
2. Understand Your Competitor’s Marketing Game Plan & Strategy
Focus and observe your competitor’s page, social media content, and blogs. Understand how they are using the content and managing that content. Find out their publication strategy, and when they usually publish it. You might learn a trick or two from your competitors and their customers.
3. Get a Feel for Your Competitor’s Online Persona
A brand’s online personality can be seen through the conversational tones of competitors on the social media pages. Study the tone that is being managed with the customers while talking with them.
4. Learn from Your Competitor’s Unhappy Customers
Concentrate on monitoring strategies than on marketing. Find out ways to achieve an edge from the customer’s perspective where the competitor is getting low down. Achieve the business from a point where the customer is unhappy with the competitors.
You can monitor and observe what the customers are saying based on the reviews. Analyze your competitors through ideal platforms on how they troubleshoot and handle customer complaints. This way, you can also learn from their mistakes, without having to make those mistakes yourself.
5. Gather Inspiration from Your Competitor
You can get creative ideas from looking at new designs and keeping up with the latest trends for inspiration. Sometimes, you also need to follow not only your competitors but other brands that you feel that share the same tone of voice, online persona, and company values that can be applicable to your business.
Social media is the best platform to target customers in a better way than competitors. As they say, you do not need to reinvent the wheel. All you need to do is improve its functions and the next thing you know, you are ahead of your competitor.