No matter the size, age or niche of your business, there will be a competitor. And as a business owner, it is important to identify your competitors and keep a close eye on what they are producing so you can ensure your own business is going above and beyond – and ultimately stands out in the market.
To put it simply, “Keep your friends close but your enemies closer”. In today’s article, we will discuss the importance of competitor research and the benefits it can bring to your business.
Keep up with the trends
Through conducting your research, you will easily be able to identify trends that are working successfully with your shared audiences, which can ultimately be embedded into your own content and strategies.
As they say, imitation is the highest form of flattery!
For example, when Snapchat first launched the ‘Stories’ feature in October 2013, it was a social media marvel and has set a new industry standard for the majority of platforms.
After seeing the success of Snapchat’s feature, Instagram replicated its own version in August 2016 – and in doing so, it has become the preferred platform to use the stories feature due to Instagram making it a staple to their platform, as well as becoming a digital marketing phenomenon.
Stand out from the crowd
When it comes to competitor research, it can be easy to become overwhelmed – and can leave you kicking yourself with the “Why didn’t I think of that?”.
However, it’s also a way to visualise what you’re doing well in comparison to other businesses and helps you identify your USPs, which you can ultimately push in future marketing strategies.
Set a standard
Keeping an eye on what your competitors are doing successfully allows you to set realistic benchmarks – in other words, setting a standard for your business to live up to and achieve.
For example, watch closely to whoever you define as your main competitor(s) and form a benchmark; i.e metrics of how well their Instagram posts do on average (likes, engagement, reach etc) and set that as a goal for your own content to surpass.
Here at Social Nucleus, competitor research is a key part of the client onboarding process. Our Creative Team conduct competitor research on a monthly basis to ensure our clients are always performing to the highest standards – as the industry is constantly evolving and it is vital to keep up!
If you feel that your business would benefit from fully comprehensive competitor research, book a call with us today to find out how our creative team can help you achieve your fullest marketing potential.