Let’s say that you are all set to do your competitor analysis and benchmark against them. But how will you find the right competitors? Business accounts on Twitter usually encounter this common problem. To use the competitor analysis as an effective strategy, there needs a good amount of research to choose your competition. .
Any business you do, there are going to be a few successful brands who will be winning in social media every day. Remember, you can aim to be there one day, but you should not be choosing them as your competitors. Starting with the revenue, they will be on a different playground. Accept this reality and learn every bit from their strategies. Importantly, anything you learn from them, change the methods into how it best fits you, and then proceed. About the right competition, have a set of parameters to determine if they are really in your level playing field. If so, use your growth curve to analyze how you fare with them and how to improve even further. Continue reading to understand the ways to find your right competition.
1. Use Google to find Top Competitors
Use different combinations of the most common keywords connected with your business. Look at the brands that constantly pop up on top. Google’s algorithm displays web results as one of the closest things to perfection. If a brand had managed to get their results on top, their SEO activities and strategies must be one of the best. From the first page of the google search results, find everyone with a Twitter account. This will leave you with more than three competitors at the least. While choosing the right competitors among them, remember what we discussed earlier about ‘Major players vs right competition.
2. Analyze the Hashtags
A good Twitter account always makes the best use of relevant hashtags. The competitor we are looking for will also be planning to promote business with the right hashtags. The chances are that he or she would also be using the same hashtag like us for engagements. So, check the tweets on the hashtags you use as part of your strategy. There you will find a similar business. See who makes the most out of the hashtags. Choose them as your competitor. This way, you will be continuously monitoring an efficient model. You can also generate ideas based on their methods.
3. Look at Advertisements
Constantly look for advertisements by businesses that are like yours. If there are regular advertisements from a brand that is not already a big player, then concentrate on them. The equation is simple. Anyone who is spending a considerable budget on advertisement over a period is absolutely serious. They will obviously have a roadmap well worked out. Choose them as your competition. Constantly monitor their strategies. This kind of competition will grow your business account at a good pace.
4. Deep Dive into Your Followers’ Account
This is the best place to start. Because it is the most effective and easiest method to decide on your competition. Someone who follows Xbox will be most probably following ‘PlayStation’ too. Also, the Twitter algorithm suggests a user similar accounts to his/her interests. So, there is very minimal chance for this way to not work out. Look into the list of people your followers follow. Find the common names that evolve when you repeat the process for a few your followers. Now, you have a preliminary list. You have a list of competition, filter the ones in stature and strategies that are similar to yours.
5. Use Twitter List
Twitter list is a feature where you can be very specific about the tweets you want to see. Whenever you come across a potential competitor, add them to your Twitter lists. Follow them for a good number of days to see if they are consistently on top of the game. If so, then they are one of your competition. From there, see how they operate. See what works for them and why it works. When you look at the promotions and strategies used by them. You will be able to see if it was a success or a failure for them. Those strategies could also be in your plan. Now, from their results, you already know which strategy will succeed. You already are a few yards ahead of him in the game now. Use the analysis effectively and see yourself succeed.
6. Use Twitter Analytics Tools
Many Twitter tools are powerful enough to analyze every keyword, hashtags, engagement and dozen other data classification. Employ these tools to find brands selling similar products, using similar keywords, and so on. With every detail of a business account analyzed, finding the right competition for you will be an easy process. A few handy tools to find the right competition and track them are,
7. Look for Discussions in Online Communities
Discussions are endless in social media. People keep talking about all the products in many online spaces. The casual conversation of the product consumers always reveals a great deal of detail for the product owner. Look for them. See who has impressed them the most. They are your worthy competitors. Also, don’t limit the social media world to only the popular platforms. Go beyond them and use all the right platforms. Because a good marketer leaves no stone unturned.
We hope the above tips help you in finding your right competitor and that in turn helps you grow. Finding the best competition is one thing and making the best out of your competitions is other. Keep following our space and we will soon explain to you the ways to make the best use of your competitions.