What is competitive analysis?
Competitive Analysis is the analysis of the competition to find weaknesses and strengths and compare the same. Think of it as Competitive Benchmarking to put your results against the big names in your industry. Competitive Analysis helps spot prospects for growth while outlining strategies not working as expected.
After a successful round of Competitive Analysis, you’ll figure out the following aspects:
- Your major competitors in the market
- Social Monitoring and Marketing platforms used by your competitors
- The strategies used by your competitors for each platform
- How successful those strategies are for your competitors
- Recognize major threats to your brand’s success
- The gaps in your business and marketing strategies
Know what works & what doesn’t for actionable insights
Analyzing the content strategy of your competitor is the next step. You need to figure out what your competitors are doing that’s resonating so well with the industry and the audience.
As every network is different, you can start by content analysis across each social network. For instance, photos and videos work better on Instagram than on Twitter since the latter is more about short texts. You can also take another route and assess the approach of your competitor in a particular campaign or topic by leveraging Social Listening.
Summing up in competitive analysis
Regardless of the business size or the industry you belong to, this practice will always be one of the most dependable strategies for making your brand stand out. The insights you draw will improve your marketing strategy and offer considerable business value to your company. So, have you started keeping a close eye on your competitors’ moves yet?
