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Micheal Hyatt’s Platform: A guide for anyone with something to say or sell
April 21, 2016
How to do customer research
How to Research Your Customers
May 3, 2016

How to research your competitiors

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You know what I hate?

I hate it when blog posts tell me to do a whole bunch of things that that I can’t turn into real life results. Have no fear, this is not one of those blog posts.

You can expect by reading this and downloading the ebook offered in this post to have your very own social media marketing plan that you can use instantly! Somebody que the Hallelujah chorus!

To help you achieve that purpose, please download this guide I made for you and click “subscribe me to your mailing list” (it won’t send you the worksheet unless you click that.) Not only will it give you a framework to work from but It will also give you a way to easily track your own progress.

(Believe me it is going to help A TON!)

Got your guide? Alright let’s begin.

 

SMplan

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Competitor Research 101

 

What is competitor research?

Competitive research is studying, collecting and analyzing what being done by people in your space to market their business.

 

Why do competitor research?

Just think of it this way,sherlock-holmes-462957_1920

  • Your competitors have already spent blood, sweat, tears, money and time on building their social media accounts. Research them will allow you to take advantage of their work.
  • By knowing what others are offering, you can offer something distinct. Remember the quote from Peter Thiel, “Every new business is successful exactly to the extent that it does something others cannot.”
  • It can save you hours of wasted time doing things that do not work.

 

How to do competitor Research:

For the sake of clarity, I have divided up the process of doing competitive research into 4 steps (each of these are included with space to organize it in the companion worksheet to this blog post):

  • Brainstorm: Who are your competitors? What social media platforms could potentially be most useful for your industry? (See demographics of Social Media platforms in this article) What type of time commitment can you put towards this project?
  • Explore: What is interesting, really good or really bad about each competitor? Don’t worry about digging into why or how it is interesting or bad yet, you’ll have plenty of time to do that later.
  • Analyze: Take a closer look at the information, are there any patterns or trends?
  • Select: Decide on which elements you would like to incorporate into your own content and which ones you will leave out.

 

Tools for Competitor Research:

  • Buzzsumo.com: As it says on it’s website, Buzzsumo is a site that allows you to “Analyze what content preforms best for any topic or competitor,” essentially you can type in any category that is of interest to your business, then it will show you the highest ranked content based on shares. It is very handy.
  • Klout.com: Klout is a website that gives people in any given industry a score between 1 and 100 that indicates their influence. It is a useful tool for being able to find out who the key influencers are in your industry and what they are doing.
  • Spyfu.com: Spyfu is the ultimate platform for understanding how your competitors are ranking, what ads they are spending money on, how well their working and a host of other data points that could prove invaluable.
  • Other social media: Finally, the best way to really see what is working on their social media is well…to go check out their social media accounts and see.

Now that we’ve gone over the basics, be sure to do it, fill out the sheet and get your business rolling!

SMplan

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Bruce
Bruce
Hello, my name is Bruce Peck! I love digital marketing and I am the social media strategist for Netmark.com.

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