HOW TO DO A QUICK AND DIRTY COMPETITIVE ANALYSIS
Whether you own a business that has obvious market competitors, or you’re an individual who wants to optimize your social media presence, there’s enormous value in conducting a #competitiveanalysis.
And look, I get it, just those two words sound like yuck and work. Even when you work on digital teams at big organizations, doing a competitive can feel like a slog.
BUT, the truth is that is doesn’t need to be and there are a lot of variations of them that can give you valuable insights that will offer you an immediate #competitiveadvantage [which is really what our goal is right?]. Here are three #tips to get started:
🦩Make list of competitors [be realistic AND aspirational] – choose six competitors to look at. Not too many, not too few. Choose 4-5 that are either direct competitors to your business or ones that are producing in a way that feels within reach to you. Choose 1-2 that are dream accounts you hope to have one day
🦩Get organized – first, make a list of the questions YOU have for yourself. Things like, what kind of content should I post? How often do I need to post? How do I make money doing this? Stick to max 10 so you’re not overwhelmed. Second, use a grid like excel or google spreadsheets and lay it all out. Accounts in the row to the far left and questions across the top of the columns
🦩Information gathering – now with your grid in place, go account by account asking the questions and filling in the cells. Do one account at a time and then put it down. Also give yourself a full 2-3 weeks to compete so you don’t burn out
By the end of it, I guarantee you will have a list of immediate tweaks to apply to strengthen your own #contentstrategy. It’s also far LESS INTIMIDATING when you break apart exactly what everyone is doing. Hint, it’s not rocket science. 🔌A little plug here, but if you are interested in getting some support with a competitive analysis, DM and let us help you!
And of course, as always, post questions in the comments. We want to help and it also gives us ideas for future posts 😊