When owning a business, constantly researching your competition and seeing what they are up to can help you stay one step ahead. Facebook is an easy place to review your competitors. There are many types of competitors out there including:
- Direct Competition: This is the competition that has the same product as you and they target the same audience. For example if you own an ice cream store, this might be the ice cream store down the street that sells a similar product to the same audience.
- Indirect Competition: This is the competition that targets the same audience but has different products or vice versa. They might be the cookie store down the street from your ice cream store. They have different products, but still fulfill the same overall need of the customer.
- Phantom Competition: This is the competition that has a different product and goal than you do but can still take away the same audience. An example of this would be a toy store next door to your ice cream shop. This type of competition is harder to target but still important to keep an eye on because your customers have limited discretionary income and once they spend it, it is gone. If that toy store offers a 75% discount one day, people may choose to take their kids there to buy a toy rather than ice cream.
Even though reviewing your competition is good for your business, don’t forget to stay true to your businesses brand. Social media is a good way to differentiate yourself from your competition. In the comments section of your posts, talk to your followers. Address them by their name and thank them if they are leaving good comments. Focus on your niche, but do try and get some ideas of what you can post and what will work for similar audiences on Facebook.
Steps to complete this task
First step is to identify your competitors. Dig deep and do some research to find Facebook pages for some of your competitors. We suggest just taking a look at competition that is much like your own company first, in other words your direct competitors. This will help you see a better comparison.
Do some more research on your indirect and phantom competitors. Although they won’t be posting the same things you are, you can still get other ideas from researching them.
Now that you know your competitors, analyze their Facebook pages. Review their posts and see which ones get the most likes and/or shares. This will give you a good idea on what works and what you can try out in the future.
Get a feel for what strategies you should avoid. Notice what posts had the least amount of likes and comments. Sometimes if a post has a lot of comments it’s not always a good thing. Look at the feedback that they have on their posts and what Facebook users like and don’t like.
Personalize your page. Although you are reviewing what has worked in the past for your competitors, don’t forget to keep your brand looking unique.
- Engage your followers by experimenting with new posting techniques.
- Don’t lose followers because of your mobile site.
- Make sure all Facebook posts have good call-to-actions to encourage your visitors to complete a specific action.
- Keep your Facebook followers engaged on your website.
- Build your online visibility by consistently posting on Facebook.
- Review your competitor’s Facebook pages.
- Brand your facebook page
- Stay Engaged with your followers on Facebook
- Decide what to post on Facebook
- Decide when to post on facebook
- Advertise on Facebook