Strategic competitor research.

In this article:

Competitor analysis can sometimes sound, well, boring.

We know our audience and can speak to them online, and let's face it, sometimes seeing what others are doing makes us feel shitty.

But it really is worth doing, and seeing how your competitors are presenting themselves can help you work out some starting places for your own strategy.

Side note: competitors are just friends we don’t know yet, and you might find, after doing your research, that they are not only NOT competitors but actually a great opportunity for either partnerships or referrals.

I digress!

So, here are some tips for getting the best from your research.

Identify 2-3 Key competitors:

Instead of spreading your resources thin and thinking you need to look at everyone, focus on 2-3 competitors that really stand out in your industry. These should be the ones you often find yourself admiring or questioning how they achieve their success. You probably know them already! 😬

(This video is a quick walk-through that shares a tip on what to look for) https://www.instagram.com/reel/C197a93oojc/

Deep dive into their social media presence:

With your digital scientist hat on, meticulously explore the social media feeds of these selected competitors. Where are the comments, what highlights do they have. What reels are working for reach, but perhaps are not encouraging comments.

Are the audience asking questions?

Pay attention to the platforms you're also using for your business, as this will provide the most relevant insights for you.

Analyse their content and engagement:

Look for patterns in their posts.

Which types of content get the most engagement?

What themes or messages are they consistently pushing? This can give you clues about what resonates with your shared audience.

Remember, what they are not doing can also give you a big clue.

N.B. I’m not suggesting you shouldn’t try out other types of content or put your own spin on what you see. Far from it. We have to be social media scientists after all. But doing this research can give us a starting point.

Understand their branding and market positioning:

Through their social media, you can get a sense of their branding and how they position themselves in the market. This can help you refine your own positioning- it helps us to be critical. What we can look at is:

Brand voice & messaging: Examine the tone and style used in their social media posts. Is it formal, casual, funny, authoritative? This tone is a key component of their brand voice. Also, pay attention to the key messages they are consistently communicating.

Visual branding: Look at their use of colours, fonts, and imagery. Do they use bright, engaging colours (like me!) or more subdued, professional tones? Are their images high-quality professional shots or more candid, relatable photos? These elements contribute to their overall brand image and can give you clues about the audience they are targeting. And crucially, are these clues telling you that you are, in fact, targeting a different audience than your own?

Content themes and topics: Identify the main themes and topics they cover in their posts. Is there an overlap? Are their topics any help to you working out what your audience need to hear about?

Engagement strategies: Notice how they interact with their audience. Do they regularly respond to comments, conduct polls, or ask for customer feedback? This level of engagement can indicate how they want to be seen by their audience – as approachable, customer-focused, or perhaps as thought leaders in their industry. It can also tell you if they are using social media as a customer services service (!) or as a community building one. Perhaps they don’t respond at all, and they’re missing a trick in engagement.

All points that can help you work on your own.

Audience interaction: Analyse who is interacting with their posts and how. Sometimes, it's a lot of private accounts, but do your best to see what info you can get.

If their followers are primarily young professionals, parents, tech enthusiasts, etc.. The demographics and behaviour of their audience can tell you a lot about the market segment they are targeting.

I get it, this can be the boring bit, and it might be worth hiring some support for this if you just can’t bring yourself to do it.

Comparison with industry trends: Compare their branding and positioning with broader industry trends. Are they aligning with these trends, going against the grain, or carving out a niche? Understanding this can help you identify gaps in the market or areas where you can differentiate your brand, and also check that the niche is one you fit into.

Collaborations: Pay attention to the accounts they collaborate with. This can give you insights into the networks they are tapping into and the communities they are trying to reach, plus you can see how the are aligning themselves via connection. Can this give you any ideas?

Consistency Across Platforms: Check if their branding and content is consistent across different social media platforms. This can give you clues to whether they are talking to different audiences on different platforms, and how they are presenting to them.

Special offers & promotions: How are they promoting their services. Do they offer discounts, bundle deals, or special events like Black Friday? This can indicate their market positioning in terms of pricing and perceived value. Although, as we know, we can’t see how successful these campaigns are from the inside, we can only draw conclusions from the outside!

Gather customer insights:

Look at the comments and interactions on their social media posts. What are customers saying? What do they like or dislike? This feedback is invaluable in understanding customer preferences and pain points. This is easier on larger accounts who may have a more active audience, but its’s a good place to begin looking for feedback and FAQs.

Experiment and test based on data:

We are content scientists after all! Use the insights you’ve put together to experiment with your own social media strategy. Test different types of content, messaging, and engagement strategies to see what works best for your audience. As I’ve said, it’s a starting point, and can be a big help. It doesn’t replace your own developed strategy though.

And finally,

Stay up to date!:

Keep monitoring their social media and any major industry news related to these competitors. It’s not one-and-done! The digital landscape changes rapidly, and staying updated will help you stay on top of industry, and also, keep your own strategy front of mind as you create.

It's all about making your life easier and giving your social media strategy a real boost. Keep it focused, keep it regular, and if you can make it a habit, all the better. It’s about grabbing those practical insights that can really make a difference in growing your business.

It's been a bit more of a meaty one today😅! Hopefully you've found some nuggets in here to help you look afresh at the accounts out there!