Recent popularity in social media marketing has caused a large overflow of information online. Users are now bombarded with various advertisements for products and services they have previously viewed or Internet ad spots that often cover portions of the page they visit. Online advertising has become a competitive field, especially with tech-savvy businesses embracing digital.
A saturated market can often lead brands into submission, so properly navigating the Web has become more important in keeping a company’s head above water. There are many success stories in online advertising, but a simple way for businesses to take advantage of social media platforms is by analyzing their competition’s movement.
Listed below are four reasons why a company should actively monitor its competition online:
1. Help distinguish the proper platform: Although one business may have different company values and missions than its competitor, the end goal is pretty much always the same: make sales. That said, despite varying values, competing businesses are typically predicated on similar business models if they operate in the same market. Research which platforms the other business is on and how it interacts with the consumer, Social Media examiner suggests. Find out where your audience spends its time online – competitors are most likely trying to do the same.
2. Pick up on their habits: If a competing business is repeatedly doing something online, there’s likely a reason behind the action. Things that go well for other businesses are an opportunity for others to do the same. Obviously, it’s sexier to be a trend-setter as opposed to an industry follower, but a business’s bottom line doesn’t care about which company is coolest in the marketplace.
3. Don’t repeat others’ mistakes: It’s important to mimic a competitor’s social media success, but it’s equally vital to not repeat their mistake. For example, if a business promotes an offer online that creates little to no buzz, then it’s probably a good idea to not follow up with a matching offer. Customer feedback about another company in these channels can actually help a business improve its digital marketing efforts, Marketing Works says. Social media tracking can help prevent future hiccups in this case.
4. Exploit their errors, stand out: Most business owners wouldn’t want to wish anything poor onto another company, but at the end of the day, a competitive marketplace is survival of the fittest. One business may pick up insight from its competition online and use it to its own advantage. By observing a rival’s failed social media practices and amending them, a business is likely to stand out in the marketplace for promoting something unique, Marketing Works added.