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Competitor Analysis… Why you should consider it!

Have you heard that you need to conduct a competitor analysis but don’t exactly know where to start? That’s okay! Whether you’re just getting started with your business, are new on socials, or are a seasoned manager but are looking to provide more insights for your clients, we are here to help.

So, let’s start with the basics…

What is a competitor analysis?

Competitor analysis in a basic explanation is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. And believe it or not, it comes into play in many different fields!

Why is a competitor analysis beneficial?

No matter what type of business/creator you are, you have competitors. Here are some benefits to a competitor analysis.

1. Unique Value Proposition

Now even if there are plenty of competitors in your industry, no two are the same. Conducting a competitor analysis allows you to distinguish what sets you/your business apart from others. What makes you different? Knowing this information can already catapult your marketing strategy right off the bat.

2. See what is working

You are able to see what is working within your industry. Now, this isn’t saying you are seeing what is working for others and planning to copy them. No, that is not the case. Rather, this can serve as a basis for brainstorming your own take on what is already successful.

3. See what isn’t working

On the flip side, you can also see what isn’t working within your industry. You will have a good idea of what not to do, which can save you time in the future.

4. See where your competition is falling short

While analyzing what is and isn’t working is important, it’s also good to note where there is room to take opportunities! It also gives you the ability to test out new and unique marketing strategies no one has taken advantage of yet.

5. It gives you a benchmark for which to measure growth!

This provides you with an idea of what success looks like!

The fact of the matter is that there is always some competition out there and it’s a good idea to be in the know about your niche or specific industry. Now that you know the benefits of a competitor analysis, it’s time to conduct your own.

There are multiple ways to conduct a competitor analysis.

You can do it from scratch or utilize online resources, like SemRush or your preferred social media scheduling tool. Many social media websites have the resource built in these days so definitely take advantage!

We also offer customizable Social Strategy Templates that includes an easy-to-follow guide to completing a competitor analysis for your own brand.

Once you’ve done your analysis, you’ll have new insights and strategies to try to get ahead of the game in your marketing practices.

Conduct away! Let us know in the comments if you have any other questions about competitor analysis.

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