I’m sure you’ve heard this many times before but how exactly do you accomplish that – especially as a newcomer to your chosen niche market?
By analyzing your competition and monitoring their behavior, you will come to understand them, their product and their strategy, enabling you to anticipate their actions and therefore be ONE STEP AHEAD!!!!
This is known as competitive analysis. A very important step in helping you establish what makes YOU different from other competitors and why your customers should choose you over everyone else.
Here is a quick guide on how to do your own competitive analysis.
It’s likely you know who your obvious competitors are. However, if you don’t, then some quick searches on Google and social media (particularly on Facebook and Twitter) can often reveal who your competition are.
Begin by thinking of the potential keywords you’ll use for your app and try searching those words on Google and on social media platforms. See which businesses come up. Browse their “About Us” pages and feature descriptions. If they are relevant to your business then add them to the competitors list you have created. Choose about 5 brands to follow and now gather all the intel you can!
1. What social platforms do they use and which are they most popular on?
2. Who are their top followers? (This will also help with your persona
3. How are they sharing content/ advertising?
4. What are their most common hashtags?
5. How often do they share?
We hope this helps give you a basic understanding on how to perform your own competitive analysis to add to your marketing strategy.