Why you should follow competitors on Social Media
The question arises in ones mind that "should you attempt to follow your competitors on social media?"
Here are few reasons why you should follow your competitiors:
1. One can get ideas from them : Once in a while,you might see your competitors post a piece of content on social media that inspires a great idea of your own. You won't be stealing your competitors work but you can certainly use their content as a launching pad for your own great idea.
2. Reputation can be protected : By following your competitors, you can easily find out if they are spreading lies about your business. If you find inaccurate information being posted about your business, you should not get in a social media brawl with them. Instead, you should accurately convey the truth on your own web properties to make people aware of your business's perspective.
3.Know What you are up Against : As a rule of thumb, its not a bad idea to know what others who would like to put your business down are up to. Following your competitors can help inform your own marketing strategies and ensure you are truely differentiating yourself from the competition.
4. See how you build up against your competitors : Social media is a platform where one can connect to their current and potential consumers and to illustrate your brand's voice and thought leadership. It is important to monitor how you are doing compared to your competitors. By using the tool like Rival IQ,one can quikly gather information to compare the difference. Knowing how you stack up against your competitors can provide insights into how each brand is percieved and who has the highest reach and share of voice on social media.
5. See how audiences engage with your competitors : Captivating content generates engagements and from this, one can learn about a group of people. A competitive landscape social audit is necessary in understanding how users engage with your brand. Its likely your company's target audience overlaps with your competitors audiences. Through user engagements you can learn how active your audiences are.
Understanding exactly how your audiences and competitors audiences engage on social media can help you create better,more compelling content that resonates with users as the make their way through decision making process.
Hence,we can conclude that you dont have to stalk the competition on social media but its not a bad idea to follow them and see what they are up to, either. What do you have to lose? Nothing.
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