Looking at your competition is common in marketing and while sometimes it seems like a good idea to take inspiration from their strategy, there are several reasons this isn’t the case. Find out why below. You can read the full article here.
- They’re just as clueless as you are: You don’t know all the factors that went into their strategy. Often, especially in a space that changes as quickly as social, no one really knows what works all the time. Your competitors might be experimenting just as much as you are.
- You don’t know what’s actually working: While you can see outward indicators of success you have no way of knowing how much spend they’re putting behind something or what content is actually giving them the best ROI. You don’t have access to their data, so the real story might be a lot different than the way it appears by looking at their pages.
- You have different resources: There’s no way of knowing the research, budgets, manpower, and tools they’re using to run that content strategy. It’s better to create one that works for your brand with your resources.
- Your business might require a different strategy: While you and a competitor may have similar products, audience behaviors might be vastly different. What on the surface might seem one-size-fits-all likely actually isn’t.