Are you hoping to gain an edge over your competitors on Facebook? Don’t worry – Competitive Analysis can be done very easily! Here are a few tricks to make sure you are on top of your Facebook game, both in Facebook ads and Facebook as a whole.
As you begin on your Competitive Analysis journey, you’ll have to do some self-evaluation to find your company’s strengths and weaknesses to know where you stand amongst your competition.
The first step of determining your company’s strengths and weaknesses is to write a SWOT analysis. Determine your strengths, weaknesses, opportunities and threats.
This great diagram from PPCHero shows you how it’s done
The second step will be determining your company’s place in the market. Where do you stand when it comes to your competitors? What are they doing right, and what are they doing wrong?
The best way to do this is to examine the competitive landscape. You know who your competitors are. You’ve seen their ads, you’ve seen their landing page, and you’ve seen their site. Now it’s time to examine the results of their marketing efforts, and compare them to your own, as well as your other competitors.
Ask yourself the following questions:
- Who are your competitors?
- Are there businesses who are similar to you, but not necessarily in your direct market?
- What marketing strategies do they use?
- What strategies did they use in the past?
- How do their strategies compare to yours?
- Is their success a threat to yours?
Are these organizations saying anything different from what you say? Are they more, or less, successful than you? Who is the most successful? Are they mentioning you? Is anyone mentioning each other? What are their commenters saying? Is it positive or negative? Is anyone posing new ideas? You can learn a lot from their fans reactions that will help you plan your marketing better both in immediate steps to take, and longer term measurement of them and the market you operate in.
Here’s what PPCHero says on the topic:
- What’s their Unique Value Proposition? Do they have a more compelling offer than you do?
- How are they creating urgency? Is there a time-sensitive reason to buy from a competitor and not from you?
- Do you trust their site more than your own? Why?
- Is there product visibly cheaper than yours?
Now that you have this information, it’s time to make that data work for you. Make a list of Fan Pages and Twitter accounts that you should track (Shameless plug: we can help with that!). Assembling a great dashboard filled with data on what your competitors are doing will help you continuously evaluate your place in the market and how your competitors are doing. Using Facebook and Twitter to monitor your competitors will help you keep track of any unicorn posts they may have.
You want to look for things like their
- fan page growth rate
- engaged users
- posting volume
- engagement rate
- page size
- community involvement
As you can see from this dashboard, it’s easy to understand which posts shone and which were a little rusty.
Monitoring this over time will help you understand what is working for them, what is not, and how to apply this knowledge to your own business.
This type of dashboard can be automatically refreshed, so you are never without up to date data on where you stand in the industry.
Determining who is the leader in your industry will help you emulate the winners and avoid the strategies of the losers.
Any of this sounding like the kind of pain you just don’t need? We can do it all for you. You pick out your competitors, we do the rest. Receive competitive analysis reports in your inbox every day. Quick, easy, and very useful.