Monitoring your competitors is one of the best ways to come up with your own winning social media marketing tactics. But the trick is not to blindly replicate what seems to work for the other guy of course.
The trick is to see what works, what doesn't and learn from their mistakes. Groucho Marx put it very well:
"Learn from the mistakes of others. You can never live long enough to make them all yourself."
And it perfectly applies to marketing as well - there's no point in making mistakes in order to learn from them. You'll be losing time and money, and while experience is priceless, there's a less expensive way to understand what you should not be doing when promoting your business on social media: Learn from your competitors' mistakes.
Monitoring your competitors' social media marketing struggles will help you:
Save time and money by not doing what doesn't work as well as prevent possible online reputation crises
Fill the gaps: Approach your customers and social media influencers by offering them something your competitor is lacking
Come up with better, more efficient social media marketing campaigns than your competitors.
Here are three important tools to identify and monitor your competitors' digital marketing mistakes:
Serpstat is a powerful keyword research and search engine optimization platform offering you a wide range of features, from competitor rank tracking to load time optimization and backlink checking.
I like using it to see how many social media domains rank for all kinds of my competitor search results.
For example, search for your competitor name and pay attention to social media icons for each suggested terms:
The above search results also give a perfect idea what your competitor's customers are interested in (and more importantly, what they couldn't solve using your competitor's site because they had to turn to Google to solve it).
I like using the data to structure my own site more efficiently.
2. Twitter Sentiment Search
Are you monitoring your competitors' brand name mentions on social media? You should be - but you can do more than just that.
Twitter supports so-called "sentiment" search enables you to search for tweets expressing a negative sentiment using the :( smiley. For example, search for [competitor name :(] and you'll see all tweets expressing a negative emotion, for example:
Now imagine watching all those unhappy customers of your competitor talk. You may want to chime in sometimes and softly offer your help too.
Now, to search for and monitor multiple competitors you may want to set up a social media monitoring dashboard. I use Cyfe because it's very cheap, limitless and easy to set up.
Just add "Twitter search" widget, search for [competitor name :(] using that widget and repeat the action for each of your competitors.