I thought it’ll be safe to say that most businesses have their own competitors. Let this article guide you on how to track your competitors and perhaps overtake them. This winning Facebook marketing strategies will help you gain competitive advantage.
Knowing your Competitors
As a business owner, we should know our competitors information because it could give us an advantage on how could your business benefit your customers better as well as how it could it be unique than them.
Identifying your competitors is just simply finding those businesses that offer similar products or services.
There are two types of competitors:
- Direct Competitors
These are businesses that were offering similar goods or services just like your business.
- Indirect Competitors
These are businesses that were offering different types of products but they provide the same needs for your customers.
Example: Yellow Cab and Pizza Hut are direct competitors, while Goldilocks is their indirect competitor.
Important Things to Outline:
- Top 5 Direct Competitors
- Top 5 Indirect Competitors
- Products or Services you competitors were offering
- Competitors Strengths and Weaknesses
- Competitors Facebook Page URL
- Facebook Page Likes and Fans Count
- Customized Tabs they use
- Promotions or Events they use (If Any)
There should be more things that you can add on your competitive analysis, however let me share you first on how to easily track them before we proceed on more important things on knowing your Facebook Competitors better.
Facebook Competitive Analysis through Facebook Interest List
Facebook Interests lets you subscribe to interest lists or create your own. Guess by now, you already know that you don’t even need to like your Competitors Facebook Page just to track their post or what they were doing. Through Facebook Interests, you can actually track ALL of them by just visiting the Interest List you’ve made.
If you want to know more about Interest Lists, you might want to visit Facebook FAQ and learn more about it.
Steps on how to create Facebook Interest List
1. Login your account and proceed on this link. You can actually see your Interests list on your Facebook Account Dashboard that was located at the left side. It is usually located below your Apps (Apps Center and Games Feed).
2. Once you have clicked the link above, you should see the Interests List Dashboard. Just go ahead and click Create List (as shown at the image below).
3. Search your Competitors Pages or your Competitors Personal Profile and add them, you can select as many as you want (currently, I cannot tell what is the limit or how many People and Pages you can add on your Interests List).
4. Once you’ve added all the Accounts (Pages and Profiles) you want to track, just click Next.
5. Name your Interests List and choose who can see your list. After you’ve finished doing this, click Done.
Congratulations as your Interest List for Competitive Analysis and Tracking is now ready, what’s next then? What you can do is to know your Facebook Competitors better:
- Track the time your competitors post their updates
- How many post they do every day or weekly
- What kind of updates or contents their current Fans love most
- How they engage with their Fans
There are lots of things you can add and track about your competitors, just remember that your main goal is to make your business more better and unique than them on Facebook.
Control Facebook’s News Feed
Once you’ve successfully done the above steps, the next thing to do is to overtake and take control Facebook News feed especially if you know that you probably have some fans that were both liked your Page and your Competitor Page.
How to do this? Let me answer it in a simple and easy way. Let them post their updates ahead of you. E.g. if they post 12:00AM, post your updates around 12:01AM or 12:05AM.
Why? If you do this, your Post will be positioned higher than their Post on Facebook Newsfeed which will make your fans (assuming you have a Fan that was both ‘Liked’ your business page and your competitors page) sees the Update you’ve made than your Competitors Update.
Want to gain more advantage on News feed? You might want to run Facebook Ads by using “Promote Page Posts” and get people to see and engage with your important messages.
You can also try to promote your posts. You can promote Page posts while you’re creating them or within about 3 days after posting. More about Promoted Posts can be seen on Facebook Promoted Posts FAQ.
Now that you know how to track your competitors and overtake them, it’s now time to try Effective Facebook Marketing Strategies for Businesses and win your Facebook marketing competition.