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3 Benefits of Monitoring your Competitor’s Social Media Activity

There are so many useful business apps out there that the majority of businesses are leveraging to help complete day-to-day tasks – e.g., HootSuite, Dropbox. Among the many apps that businesses have available today, there are hidden gems that might not catch your eye at first. Have you heard of Perch? It is an app designed for small businesses to help analyze social media activity.

Perch provides activity streams for Facebook, Twitter, Instagram, Yelp, Google+, Foursquare, Living Social and Groupon so businesses can see what competition is up to on one, central platform. You can also set up your profile to receive alerts regarding social media updates that mention your business. For example, when someone leaves a review of your business on Yelp, you receive a notification. This app has received awesome feedback. Even Forbes claims, “Perch is a must have for small business.”

So why is it so important to stay up-to-speed on what your competitors are doing anyway? We’ve compiled three benefits of monitoring your competitor’s social media activity:

1. Stand out from the competition. When customers are choosing between brands, they usually pick the company that stands out and is differentiating itself from competition. By having a good understanding of which type of promotional activities and services your competitors offer on social media channels, your business will know what they haven’t done yet. Be creative! Do something none of your competitors have done before – create a unique slogan or implement a distinctive feature that no other business offers. Your business doesn’t want to just blend in with the other companies in your industry. Standing out is key.
   
   
2. Gain industry insights. What are common trends in your industry? What are the preferences of your business’ target audience? What online buzz is generated about your business, your competitors or your specific industry? Analyzing what your competitor’s offer, in addition to the online buzz they are generating on social media, can provide your business a better understanding of current industry trends. After all, knowing the ins and outs of your industry will help your business find its niche.
   
   
3. Learn from competitors’ strengths and weaknesses. Is there a social campaign that one of your competitors has launched that is successful in generating online buzz? Or is there a social media method a competitor uses that is not effective in your business’ industry? Seeing what customers are saying about your competitors online will help your business know which types of marketing efforts to focus on. Keep standing out from competitors in mind, but there is nothing wrong with getting ideas from what other businesses are doing in the industry.

Have you used Perch or another tool to monitor social media activity? Tell us about your experience in the comment section below!

Mworks740 • March 24, 2014

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