To keep up, you must balance strategic, long-term thinking with a heavy dose of agility. Gone are the days when you could create an entire month’s content in one sitting. Leaving room for constant experimentation is now the hallmark of a successful social media strategy.
Set your benchmarks
Competitor performance can give you an idea of how to botim data measure your own. Let’s say your competitor is extremely active on TikTok. Their engagement numbers are a good indicator of how you should expect your own posts to perform. Use their data as guideposts for your own strategy. In addition, if your competitors are expending a lot of energy on a platform without seeing strong results, learn from their mistakes. If their posts and strategy are high-quality but the results aren’t, that could signal that it isn’t the right channel for you.
Every person in your company can benefit from competitor intelligence research. Sales teams can adjust their pitch based on competitor claims and weaknesses. Marketing teams can tailor their messages to go head-to-head with the competition. Product teams can plan their roadmap around competitor features or blind spots. Robust and digestible competitor intelligence empowers teams to make stronger decisions.
Tips for conducting competitive intelligence research
Implementing a competitive intelligence strategy can seem daunting, but a comprehensive plan can simplify the process. Here are four steps to establishing your competitive intelligence analysis program.
Step 1. Identify your competitors
It’s tempting to keep track of every competitor in your industry, but focus will yield the best results for your competitive intelligence research. Hone in on your top two to three competitors and let the others go. Use competitive marketing to identify the most significant threat to your business.