Competition is good for business.
It forces you to dream up new products and new campaigns just to outsmart your competitors. Think about Coca-Cola vs. Pepsi or the newest brawl between Apple and Google; who owns the world? Where would the NY Yankees be without their arch nemesis the Boston Red Sox? We could go on, but our point would get lost. Competition is inevitable, and you should be aware of what your top competitors are doing.
So, now it’s time to get your sinister laugh ready because we’ve got some great advertising campaigns that use your competitor's edge to your advantage…Muahaha.
Use Your Competitors Fans When Loading Up Your Facebook Ad Target Market
Facebook doesn’t allow you to target these people, exactly, but there are ways around this. Take a look at your competitor's Facebook page. How do they categorize their business? What words do they use in their posts? Which posts are most engaging on their page?
Utilize these learnings to fuel your page with the best content out there, then invest some cash and boost your posts! Good ideas come from other good ideas. Don’t steal their content but use their stepping stones to guide you to greener pastures. A good tip is to learn from your industry leader. Why are they so awesome? Pay attention to everything they do, especially, socially.
Utilize Your Competitors Twitter Followers
Rule #1: there’s (most likely) a tool for everything, especially when it comes to social media. In fact, there’s a tool where you can download all the followers of any account you choose. This becomes particularly dreamy because you can upload that exact list to your Twitter ads.
Pay attention to which followers engage most with your competitors and spend some time nurturing a relationship with them. You of all people know why you are just as fantastic or even better than your competitors, share this with them! Be there for them!
Use Competitor Social Research To Find Their Weaknesses
Do your due diligence when it comes to researching anything and everything about your competitors. The more comprehensive data you generate the more you will learn about how to position your business and make it stand out. A good tip is to run this same analysis on your own brand; you will learn where your peaks and valleys are. We recommend using an agency with expertise in all facets of marketing to complete a full discovery phase. A professional discovery phase will give you insights to areas you normally wouldn’t assess, more importantly where to channel your efforts.
Regardless, learning more about others in your industry is never a bad thing. You have the opportunity to learn about your brand and the best ways to become a better business. Eventually, if you play your cards right, you can be the brand your competitors desire to be.
Get started with one of our free reports. In the social world, SIX offers a Free Facebook Competitor Report. This report will help you determine how to earn market share over your competitors. Are you responding to your customers in a timely fashion? Does your competitor have more less fans but more engagement?