Competitors are in every field. Without any competition, nothing will be entitled as an achievement. When there is more than one rival, the achieving position seems more worthy than its actual worth. But you should not just ignore your competitors either. You should begin competition tracking in order to win/succeed in your area of profession.
Why should you Track Your Competitors?
We know that you want to make your brand famous and earn lots of profit. We all want that! But you should also know about your rivals in the market. Or else you won’t be able to retain your followers and sales. Few points to keep in mind:
- Competitors can steal your audience away.
- They can decrease your sales.
- They can harm your brand image.
These are the only things that matter when you are running your organization. And competition tracking can help you to get one step ahead of your competitors.
Tips on Competition Tracking
You can track your competitors’ sales, audiences, and strategies to understand their game-plan and how they function on a regular basis. Here are a few helpful tips to track your competition.
Follow their social media accounts
Brands post about their latest updates and products on social media for their audience. You can add all your competitors to a private Twitter list. This way, you will also get notified if they launch a product or post any updates on their social media profiles.
Subscribe to their newsletter
Newsletters carry a lot of valuable information. Brands mention almost every activity and news related to themselves in newsletters. So, you can stay informed about their PR and marketing tactics they use to grow their brand’s social media presence. If analyzed carefully you can also find new marketing tactics that you can use to promote your brand on social media channels.
Monitor the keywords used in their content
Keyword monitoring can give insight into trending topics. And you can look for content for your website by analyzing the keywords used by your competitors. Use a competition tracking tool to carry out this operation.
Track trending posts of competitors
Consistently creating quality content to keep your target audience engaged is difficult even for seasoned marketers. But competition tracking can help you find new content topics and media that the consumers related to your industry like to engage with. This can help you plan effective content that not only keeps the followers engaged, but also attracts new followers or potential customers.
Analyze the features of their product
Features of their product can be the benefits of a physical product, the design, and presentation of their website, or other content. These things can lure the target audience, therefore you need to analyze the features and improve yours accordingly. If they have a unique feature then install an alternative one into your website/product/content.
Monitor the links they share
Brands/organizations commonly attach links to their content. Through this, you can tell what websites or accounts they follow. These websites could be the source of their content. Monitoring the posts of your competitors can also help you find influencers that engage with your competitors.
Analyze their audience
Analyze your competitor’s audience so that you can curate your content. Make relevant content according to the kind of audience you want to tempt. You can use a competition tracking tool for the same purpose.
Competition Tracking: How to Track Performance Metrics
Now that you understand what competition tracking is and how it can benefit you, you need to figure out how to track competitors. No need to be worried. I am here to solve your problem. Manually tracking your competitors is possible but, it’s too time-consuming and inefficient. It is best to use a third-party Twitter analytics tool for competition tracking.
TrackMyHashtag is an AI-enabled hashtag and event tracking Twitter analytics tool. It can track any hashtag, keyword, mention, or username in real-time. This tool can help you identify resonating content that users like to engage with as well as trending hashtags to increase the reach of your content. It can also help you identify influencers related to your industry.
Key Features of TrackMyHashtag:-
- Real-time hashtag tracking and analytics
- Find social media influencers
- Download Historical Hashtag data
- Track engagement metrics in real-time
- Find and track trending hashtags
How to perform Competition tracking using TrackMyHashtag
To track your competitor using TrackMyHashtag, you have to visit their website.
- Go to TrackMyHashtag.
- Enter the @username, #hashtag, or keyword.
- Choose a pricing plan of your choice and press ‘Buy now’.
- Now login with your account or create one.
- Then confirm the subscription and make payments.
You can download your report from the link provided after the payment. Start a free trial of 5 days by logging in here.
Competition tracking gives you an opportunity to find new marketing tactics as-well-as insights that can help you overcome your competitors or rivals. It can also help you find new potential customers to target and influencers to increase your social media authority and conversions.
Start tracking your competitors today if you want to propel your brand to new heights.
Let me know about your thoughts through comments.
Until next time!