South West Growth Service partner Aquamarine Media explain why competitor analysis shouldn't be reserved for business strategy but can critical for giving some bite to your social media content.
General
Improve your content with competitor analysis
Posted on 2nd February, 2017 in General
A competitor analysis is a critical element of a marketing plan as it is crucial that your product or service can measure up to the competition. By carrying out a critical evaluation of other businesses in your field, you can establish the pros and cons of their marketing, and exploit the opportunities.
Analysis Techniques
The most popular ways of conducting a competitor analysis is by utilising a SWOT or PEST analysis.
For a SWOT analysis, you must put yourself in the place of a potential customer, and break down the strengths, weaknesses, opportunities, and threats of the business that could make them want to avoid or buy from them.
A PEST analysis is a more in-depth alternative, which assesses the Political, Economic, Social and Technological features of businesses. This allows you to anticipate what your competitors next moves will be when they face a hurdle, keeping you a step ahead.
Moz’s ‘Follower wonk’ is also a great way to analyse their social media. The website allows you to see your social authority score (the higher the better) against companies in your industry on Twitter, and compare their followers and who they follow.
How It Can Improve Your Copy
When it comes to copy writing, competitor analysis should underpin the tone of voice and format (blog, whitepaper, article etc.) that similar industries are adopting.
If one of your competitors receives a surge in engagement from a new blog series - you need to understand why. If other companies are offering things that you’re not, you need to assess whether to match it or go down a different path.
However, it would be a big mistake (not to mention plagiarism) to change your writing style and format into a carbon copy of your competitor’s. Your brand and target audience should be at the forefront of everything you do.
Do other companies have spelling and grammar errors, incorrect or missing punctuation? Stand out with untouchable proof-read copy.
Is their copy long winded and hard to make sense of? Make yours short and sweet.
A competitor analysis is ultimately about keeping your finger on the pulse of what is happening in your industry, and keeping up with the changing needs of your target audience. The key is to spot a gap in the market and take full advantage of it, making your copy stand out for all the right reasons.
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