Facts About Competitor Research In Digital Strategy
Competitor research in Digital strategy is a process of establishing a clear picture of your competitive landscape by identifying each of your competitors, the quality & size of their digital media channels and an interpretation of their strategies.
Competitor research is a process of understanding your place amongst your competitors. It gives a clear picture of what is the challenge that lies ahead of you. Ask yourself about the size of their digital footprint: how aggressively are they investing? What do you interpret to be their strategy? What do their content choices tell you about their goals? Is there even a strategy?
The key benefits of competitor research are:
- Comparing the size of channels
- Identifying the mobile ability of their site
- Comparison of channels: what social networks are being utilized?
- Identifying channel gaps: are there channels that are not being used and are there an opportunity?
- Content assessment: is the content good? What need is it addressing?
- Format gap assessment: are there specific formats on specific channels that are not being utilized?
- When you search for your competitors do they have a search presence?
Observing or collating live social conversations to derive insight from the language and topics that are appearing in conversation.
Although social listening is very effective, in order to be comprehensive, paid tools are required. If you don’t have access to paid tools, social listening can be achieved observationally when developing insights by searching keywords and making observational assumptions.
Just note that paid tools can go into incredible detail, looking at huge volumes of conversations. These large volumes allow you to make more accurate assumptions of insight into your audience.
If you do not have the budget to avail of a paid tool, you can achieve social listening outputs through observational social listening. It will not be as accurate as of the tools you pay for. However, through observing how people use keywords, hashtags and tags you can develop hypotheses of behaviour.
Observe how your audience is talking about specific topics by utilizing keywords and observing how they talk. Are they happy or unhappy? Do they use specific emojis?
Through your own data, match your assumed insight to empirical data. If your consumers are happy about a product, you should see high engagement on that product’s content.
Here are 5 simple steps you can use to conduct your own social listening study:
#1 Identify keywords: Identity commonly used keywords when discussing your brand, product or service.
#2 Use the social search: Search on social platforms to confirm these keywords are used by the consumer.
#3 Check for additional keywords: Check for additional keywords the customer is using that you have not considered.
#4 Identify trends: Identify trends in a subject, language or hashtags.
#5 Establish insight: Gain insight from the customer’s challenges, experience with competitors, etc.
Put all of your research and insights together and begin to understand what are the most interesting facts you have learned about your audience. You need to work with each piece of research collectively and identify key trends, patterns, insights and options in order to discover the biggest opportunities and routes to take with your audience.
Audience insights should be human insights. Facts about real people that help you to reach people with compelling messaging.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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