Creating competitive advantages is essential since they will help us to endure on the market. But creating them is difficult and time-consuming if you don't know what are you doing.
Two years ago when I started my first startup, I thought that my business provides more value to my target audience than my competitors. Our competition was old. They were some old listing and ad websites.
With a better user interface, we thought that we are actually solving a real problem. The truth is - we weren't.
Our main marketing channels were social media networks, like Facebook and Instagram. We struggled months to create good competitive advantages. In the end - we failed.
The reason why we have failed is that we didn't provide enough value and we weren't capable to create good competitive advantages.
It passed a long time since we failed with our first startup. Now, actually, we have a much more knowledge both on marketing and competitive advantages.
Creating competitive advantages it's not the same for every business, but you should anyway follow some immutable laws and principles. We will mention and explain all of them.
Let's dive in!
Create competitive advantages on Facebook and Instagram
How to create great competitive advantages on Facebook and Instagram
3.1. Social media are all about the people and stories you tell
3.2. Create a great community
3.3. Recapture your competitors' users
3.4. Be unique
The first step in order to create a killer competitive advantages wether on Facebook and Instagram or with outreach, SEO, PPC, etc. is to know who is your competition.
Well, you have probably done that, but there is nothing bad if I tell how to do it right (if you didn't).
Type down 10 - 20 main and best keywords for your browser in the Google, check first 2 - 3 pages for every keyword, and then write down the names of websites or products similar to yours.
Insert your data in the spreadsheets.
When you have listed all of your competitors in a spreadsheet, it's time to research them a little bit more.
Try to find out the following information about your competitors:
- Founders – It’s very important to know who your competitor decision makers are
- Social media networks URLs – How are they, for the God sake, communicating with their customers? What content are they creating? Doing your competitors’ social media analysis is a must! :)
- Distribution channels – How are they finding the new customers?
- Core value propositions – What’s the main differences between them and me? What are their Core Value propositions, and how my product/service can be more useful to my customers than theirs?
- The number of employees, headquarters, stage and the size of the investment – This helps you to understand how big their resources are, and you can imagine for what are they capable of.
- Other information (Number of customers, website visitors, etc.)
Use the following websites to find a relevant information about your competition:
You will need around 10 - 20 minutes for each competitor. After you have very carefully conducted a competitors analysis, it's time to go on the next part.
Monitoring your competition is probably even more important than just researching your competition.
Carefully monitoring your competitors' next steps and campaigns can save and grow your business.
With monitoring your competition, you can easily find out what are their next steps, and based on your knowledge, create better competitive advantages!
This is the mistake we made 2 years ago. We didn't monitor them. And that costs us the company.
There are various things you can monitor about your competition, but only a few of them are actually important if you want to create good competitive advantages on Facebook and Instagram.
Monitoring your competition website changes is a good way to find out what are they planning to do next.
There are several useful case studies where monitoring website changes can help you.
For example, your competitor change their Call-to-Action button from "Register here" to "Claim your free 30-day trial account with no credit card required".
Knowing about this change as soon as it's happened, will help you to know what your competition is planning to do.
Or, here is another example:
Monitoring your competitors' website changes will help you to easily find out what are their new content writing and marketing strategies.
For example, your competition just decided to offer a new lead magnet: "Free ebook: an ultimate guide on how to outreach as a pro".
This can be quite useful for you.
As we have said above, monitoring your competition website changes will help you to determine their content writing and conversion strategies.
But monitoring your competition social media accounts will help you to find out what are their content distribution and customer relationships strategies.
With constant social media monitoring, we can find out:
- What are your competitors' content distribution strategies
- How are they communicating with their potential customers
- What types of ads are they using
- What's their target audience
- How are they building relationships with their potential customers
- And many more.
Monitoring social media is not hard. You can do it in several ways.
For example, you can daily check out their social media profiles, or you can use Socialinsider to do it for you and saves your time.
At the end of the day, it doesn't matter will you manually check social media profiles or will you use some product. What matters most is that you will do the job and find out their strategies.
Knowing your competitors' social media strategies will help you to:
- Have great insights into their plans.
- Be one step ahead of them all the time.
- Create better competitive strategies on social media.
If you carefully conducted everything above, the next step is to actually use the knowledge you gathered and beat your competition.
There are several ways how can you create competitive advantages and better strategies on Facebook and other social media strategies
Facebook and Instagram are not technologies. They are community driven platforms. So create your strategies based on that.
Engage with your potential customers. Offer them a real value. For example:
If your target audiences' biggest problem is maintaining WordPress sites, you can create an ultimate ebook and guide on "101 tips on How to maintain your WordPress site".
Narrow down your content. Create Facebook and Instagram stories, posts, and publish your content on your own social media channels and on other communities. Engage with your readers and answer on all questions.
Communities are one of the best ways to engage with your target audience. You can wether use some other community or create your own.
The best example of how to use the community to acquire new customers is certainly BAMF (Badass Marketers and Founders).
Josh Fechter created this group. The value you will find there, you can't find anywhere else.
After several months of creating a community, BAMF media (Josh's company), had an outstanding growth.
The first step if you want to recapture your competitors' users is to actually know who are them.
You can find them in your competitors' communities or on their social media pages.
Research these places and do the following:
- Gather their information.
- Send them friend requests and follow them.
After you did this, it's time for the second step! :)
Since you know what are your competitors' content strategies and lead magnets, you can use that in your advantage. For example:
If your competition is offering a "Best ways how can you create an elegant WordPress site", you can offer them a lead magnet we have mentioned above: "101 tips on How to maintain your WordPress site"
Create opposite, but still value-driven content for them. Ask them do they need help. And help them several times if you need. In social media, everything is about connecting, helping and building relationships.
Don't do your marketing and design like a machine. Avoid stuffy methodologies and templates.
Be unique and interesting. The goal of today's marketing is to tell stories and unleash empathy in your potential customers.
Think about this the next time when you create some visual or marketing campaign.
Creating competitive advantages on Social Media is not just about creating better ads. If you want to create great competitive advantages, then you should:
- Conduct a great competitive analysis.
- Monitor your competition very, very well
- Know your competitors' strategies and next steps
- Be one step ahead of them all the time
- Finally, create some really good and outstanding competitive advantage.
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