Don’t they say ‘keep your friends close and your enemies closer’?. Well you can apply the same concept to business, however your enemies in this scenario are your competitors. There is a fine line though when it comes to the occasional check up on your competitors. Yes, checking up to see what promotions / offers / products that they have within their range can be beneficial to your own business as you can apply similar tactics within your own strategies. However no, obsessing and checking up on your competitor’s activity before making your own moves can be detrimental to the success of your own business. Discover the difference and how occasional monitoring can work in your favour.

 

Who is your competitor?

For some, this may seem like a foolish question. Of course you know who your competitors are, right? Well there are different types of competitors and it is important to distinguish the difference between them both.

 

Direct Competitors: These are the brands that are in direct competition with you, meaning that you are both competing for the same transaction.

Shared Competitors: These brands have a shared audience with you, and do not necessarily sell the same product/service. Generally your target audience will have similar demographics.

 

Now the next question is, which type of competitors are safe to follow and interact with? As a general rule of thumb, stay away from your direct competitors as more often than not, it can do more harm than good. Yes, you can have the occasional stalk to see what they are up to and if there are any findings that you can introduce within your own tactics, but avoid following them. This is where businesses can fall down the track of relying on their competitors activity as motivation for their own and can often succumb to pressure if their competitors are seen to be succeeding. However, we do encourage businesses to follow brands that have a shared audience. Not only can it can provide beneficial insights about their target audience but it can also demonstrate how other businesses are communicating.

 

Insights

‘By analysing five of your competitors over the last three years, you effectively gain 15 years of industry-specific social’.

The insights that you can gain from following businesses with shared audiences is endless. You will be able to see their communication methods, meaning what tone of voice do they use to communicate to their audience? What content do they commonly use? Is it more visual based or text heavy? How do they respond to comments? Do they take a more serious, formal approach or have they headed down the more informal/casual route? More importantly, you will be able to judge how your shared audience responds to their communication and marketing approach. If it is successful for them, why not implement a few of their techniques within your own strategy? It goes both ways here though, as you can also learn from their mistakes.

 

As award-winning SEO Specialists SingaporeDigital Squad stays on top of all aspects of Digital Marketing and SEO so that you don’t have to. Get in touch with your digital marketing agency Singapore today to discover how they can add value to your marketing strategies, assist with all content marketing Singapore and keep you on track and in the lead within your industry.