Connect with us

Business

Competitive Brand Analysis On Facebook, Why and How

Published

on

facebook

As an entrepreneur and business owner, to find out if you’re making any progress, you can compare your current results with the previous achievements, establishing and tracking your own KPIs (key performance indicators). But if you want to know how your progress is good, bad or mediocre, you have to know how your competitors are performing and how they are advancing. While it’s valuable to learn from your own mistakes, it is actually better to learn from somebody else’s!

Following your competition and monitoring what they are doing can help you to avoid repeating their mistakes and the easiest way to do this is via social media. Learning what type of content performs best with their audiences or when it is best to post to get the highest engagement is really easy and we are going to tell you how you can do it for yourself.

This process is known as “competitive brand analysis”, and encapsulates such things as following ads which your competitors are running, listening to what their customers are saying, and keeping track of the problems and requests are being made online. When armed with this knowledge, you can quickly adjust your product or customer support strategy in order to better appeal to your market, and thus turn customers of another business into leads for your own. Taking advantage of opportunities is essential in business, and while it might seem cutthroat, it only makes sense to try to offer customers a better service or product from your own company. 

Let’s take a look at the questions you should be asking yourself before you carry out a competitive brand analysis:

Why Do Competitor Analysis on Facebook?

Facebook has grown to become far more than a platform where people upload cute dog pictures, share random quiz results, like their friends’ holiday photos, and announce the arrival of their new babies. It’s a powerful bridge between businesses and consumers, exerting its influence in every stage of the modern consumer’s path to purchase.

What factors should you take into consideration when conducting a competitor analysis on Facebook? 

A key element to consider is “audience growth”. One of the most effective ways to measure your performance on Facebook is to compare the growth of your audience versus that of your competitors. If you notice that they’re growing faster on Facebook than you are, try to understand what they’re doing right: have they recently ran a successful campaign? Are they more responsive to and engaged with their audience? What are their reviews and ratings on Facebook like? Your ability to ask and answer these questions about your competition will go a long way in helping you refine your social media marketing strategy.

Now that you know why it’s useful to spy on your competitors on Facebook, let’s see how you can do it. One way is to use the social media platform itself. Within Facebook itself, there are built-in and readily available insights you can monitor your competitors’ basic stats such as:

Reach and engagement
One of the most obvious ways to determine whether or not your competitors have a successful social presence is to look at their reach and engagement metrics. How many likes, reactions, and shares are they getting on their Facebook posts? How many comments? By measuring these, you can achieve a better understanding of what your audience loves, and what they like to share with their networks of friends.

Content
Go beyond metrics when running competitive analysis on Facebook; be sure to keep an eye on the types of content your competitors are posting, too. Actually read what they’re sharing. How many posts do they publish in a week? Do they simply share links, or are they also active in uploading new photos and videos? Which ones receive the most engagement? Gathering intelligence on your competitors’ posts activity will help you refine your content strategy, leading to more valuable, engaging pieces of content worthy of your audience’s time (and likes)

Reviews
Online reviews and ratings are one of the most accurate indicators of customer experience and sentiment. Facebook, in particular, has become a major player in the review space: according to our online reviews survey, the site ranks second (behind Google) in terms of review growth rate. Analyse your competitors’ reviews, read what their customers are saying about them, and see how well you’re doing against them.

So if you’re looking to improve your business performance on social media it is evident that there is a lot to be said for competitive brand analysis. Knowing how you are measuring up to competitors, getting an insight on what they are doing and how you could be doing it better is exactly what your and your business need to push forward and set yourself apart from the competition, but do not get complacent, this isn’t a one-off exercise, it is a process you should be carrying out on a regular basis.

About the author: Laura McLoughlin 

Laura McLoughlin is a Digital PR based in Armagh, Northern Ireland, with a background in web content creation and management. She writes for Omnia, a branding agency with offices in Dubai, UAE.

Photo by Tim Bennett on Unsplash

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Aussie Author Pens a Get Rich Slow Guide

Published

on

Whilst being a multi-millionaire entrepreneur is the dream, financial author David Allen believes that anyone can become a millionaire without the challenges of starting a business empire.  But the catch is that it will take at least 10 years of aggressive investing and living below your means.  

David has released a new book this week, titled “How To Buy Your Happiness” where he outlines strategies on how to achieve FIRE Sooner (Financial Independence Retire Early).

David states that efficiency is the magic word.  As an example, so many investors focus on passive cash flow, but this is a horribly inefficient way to become rich.  If you are earning a passive income whilst you are still employed, you will have 1/3 of your gains taxed away.  However, if you invested in growth assets, such as shares that don’t pay dividends, you will not have to pay tax until you are financially free, and then your gains will be taxed at a lower rate as the gains will not be added to a large salary income.  

Furthermore, many companies pay large dividends to attract investors, but this is always at the expense of future growth for the company.  They may be a good investment for a few years, but you will find that after 5 years, the stock will not have grown compared to its competition.  

His book is very strategy intensive, with 10 rules for investing, along with a 101 class for all the asset classes to choose from.

David was frustrated with other books that stated that investors should all be in a single asset class.  In reality, there is no one size fits all portfolio, as the correct allocation depends on your age, profession, skills, and psychology.  He is also a firm believer that you should not be invested solely into a single investment class.   He outlines the pros and cons of each investment medium so the readers can decide on the most appropriate investment allocations for themselves.   

His book can be purchased in paper, kindle, or audio format on Amazon.

Continue Reading

Featured

The Most Effective Ways To Protect Your Small Business From Cyber Attacks

Published

on

cyber security concerns

Cyber-attacks have proven to be a big threat to all owners of small businesses. Small businesses have had to fall victim to these attacks in recent times as a result of their admittance of the fact that they could be attacked as well. Yes, any business irrespective of the business scale or size remains a potential target of cyberattacks. 

What would be the result of a launched cyber attack on your business? Would the attack fall through or unsuccessful? Once you are unable to proffer the right and affirming answers to these questions, it is then certain that your small business is at the risk of cyberattacks. 

You need to pay huge attention to your business’s cybersecurity. Cybersecurity is everyone’s concern and not only for the top organizations or businesses. Cyber attacks keep having disastrous implications on both large and small businesses. Specifically, it has been found that about 60 percent of small businesses or ventures are forced to go out of business within six months of being faced with a cyber attack.

The only way out of this is for you to take the appropriate steps that will ensure that your business stays in the safe zone. Ignoring these would mean that your business may have to suffer for your negligence. Not only that, customers who have trusted you with their confidential data may hold you responsible in case there is a breach of vital customer profile. This further undermines the need for you to stay conscious of cybersecurity.

Effective Ways To Protect Small Businesses From Cyber Attacks

You have learned how deadly cyber-attacks could be on your business. Moe certainly, you need to know how to go about tightening and strengthening your cyber attacks against attacks.

1. Secure Your Wi-Fi network

Your business’ Wi-Fi device comes with a default password. To protect your business from being infiltrated via Wi-Fi, ensure that you change the password and also to encrypt the Wi-Fi network. An example of Wi-Fi encryption that is easy to use is the Wi-Fi Protected Access II (WPA2) Code. By doing this, only your employees and other authorized clients should be given access to the Wi-Fi.

2. Set up a firewall and antivirus system

Malware and viruses aim at deducing information from your website without your knowledge. A firewall then serves as a digital shield that protects your business from malware, phishing and other forms of cyberattacks. 

Viruses could either be sent to your system through hardware or software. Ensure that you regularly install antivirus software that removes any form of virus, and that also notifies you when there is a breach of your firewall defense system.

3. Enhance your email Security

You should ensure that all your employees see to it not to open suspicious email attachments or links. Only verified and trusted emails should be viewed on your business’ systems. Also, while sending personal data to clients, ensure that you encrypt such mails with passcodes to prevent unauthorized access.

4. Use Smart Passwords

Dora breaches happen often when you use passwords that are too weak or easy to guess. To prevent this, make use of smart and strong passwords with both alphabetical and numeric characters.

5. Educate your employees about the importance of cybersecurity.

Cybersecurity must remain at the forefront of your business and it must be imbibed into all your employees. With these essential and effective safety approaches, your business can be said to be protected from potential cyber-attacks. 

Remember that your website’s protection and safety has to be done regularly so that all vital business records, customer’s profile, and financial transactions will not fall into the wrong hands. Be cyber-security conscious.

Author’s Bio: Lori Wade is a content writer for DealRoom who is interested in a wide range of spheres from business to entrepreneurship and new technologies. If you are interested in M&A or virtual data room industry, you can find her on Twitter & LinkedIn. Read and take over Lori’s useful insights!

Featured image by Soumil Kumar from Pexels

Continue Reading

Business

Should an Entrepreneur Get an Advanced Degree?

Published

on

advanced degree

You’re an entrepreneur. Do you need an advanced degree?

Whether it be for external credibility or for internal confidence, an MBA, master’s degree, or PhD can be a great asset to an entrepreneur. That said, it takes a significant investment of time and money to get one. Is it worth it? Is there a positive ROI? This ultimately must be answered by you. However, if you’re wrestling with the question, here are some thoughts that might help.

Technical Degrees

There are advanced degrees in many fields including the hard sciences, business, and liberal arts. You may be thinking of adding a graduate degree on top of a similar undergraduate degree or moving in a different direction. Ultimately as an entrepreneur the return on investment must be positive.

One of the first things to consider is the type of business involved. An entrepreneur dealing in highly technical products or services might be well served with an advanced degree. 
For example, if you have created a new medical device based upon complicated engineering or physics concepts, then having an advanced degree can lend you credibility when dealing with customers who most likely have advanced degrees themselves. 
In the pharmaceutical industry, most new ideas are generated from those who have advanced degrees and access to university labs, so advanced degrees can be helpful here.

Business Degrees

An MBA can benefit entrepreneurs on two fronts. If you are looking for technical information in areas like marketing or finance, then something like an MBA (or an MS in a specific discipline) could be helpful.

However, most business schools do not offer deep coursework for entrepreneurs, as many academics think that entrepreneurship is very difficult to teach. The traditional disciplines are covered, but out of the box thinking needed by an entrepreneur is typically not a strength of most advanced business degree programs. To put it simply, a business degree can train you in the skill you’ll need to implement your idea, but it won’t turn you into the type of person who has the idea in the first place. 

Certificate Programs

Certificate programs can be a better approach for many entrepreneurs as you can take classes in just what you need. A number of schools have begun to unbundle their degree programs and allow people to take two to five courses in a specific discipline. This way you get much of the technical information without the courses that don’t interest you.

Soft Skills

The other major thing that can come out of an advanced degree has to do with completing the process. Many people find confidence in making it through something difficult as well as skills like project management, writing, presentation skills, etc. There are many things that can be done with the skills acquired while getting an advanced academic degree. These tangential benefits can accrue to those who complete advanced degrees in any field.

The Costs of a Degree

However, many people argue that taking any time away from developing your business is a waste of time. You should channel all of your energy into developing and growing your business. In the long run this investment will payoff more than time away working on a degree.

The cost of a degree in dollars must be considered as well. Money spent on school may take away from investment in your growing business. This argument has some merit, and starting and growing a business takes focus, drive and dedication. Pursuing an advanced degree may bring conflicts. For example, you may have a big presentation for a potential client and a large school project due during a similar timeframe. Competing demands for your attention may generate less than optimal results in both areas.

Summary

In the end, the decision to get an advanced degree as an entrepreneur is not an easy one. There are many factors to consider including internal rewards and costs. Ultimately the decision is yours. Whatever you decide, do it with conviction and dedication and you will win.

About the Author

Steve Tippins, PhD has been a professor and entrepreneur in various forms for 30 years. His true passion lies in helping people achieve their goals, which he does as a Career Coach at BeyondPhDCoaching.com.

Photos by Muhammad Rizwan Austin Distel on Unsplash

Continue Reading

Trending