Why do companies start a social media programme? In many cases, it is because they are very aware that their competitors are already doing it, and that they risk falling behind.
And yet, nine times out of 10, they never pay serious attention to what their competitors are actually doing online, beyond the fact that they’re there and are building up a following.
It’s a major mistake, because analysing your competitors’ social media activity can give you enormous insight into what you should be doing yourself. If you’re a little ruthless (which you must be in business!), you can also snatch some of their success.
So how exactly does a competitor analysis help you? Let us count the ways.
1. Understand the opportunities. Before you even launch your social media programme, you need to make sure that there is room for what you have to offer online.