Research competitor activity on each Social Media platform

To research competitor activity on each platform effectively, you'll want to employ a multi-faceted approach using both manual and automated tools to gather insights. Here’s a step-by-step guide tailored to your needs:

1. Platform Analysis:

   • Google Search & Ads:

     • Use tools like SEMrush or Ahrefs to analyse competitor SEO strategies, including keyword targeting and backlink profiles. Pay attention to high-ranking keywords and the content that drives organic traffic.

     • For Google Ads, use the Auction Insights report to understand how competitors are bidding and their ad copy strategies. Look for patterns in ad extensions and landing page quality.

   • Social Media:

     • On platforms like Facebook and Instagram, use the Facebook Ad Library to see active ad campaigns from competitors. Note their targeting, creative formats, and engagement levels.

     • Use social listening tools like Brandwatch or Hootsuite Insights to track mentions and sentiment on Twitter and LinkedIn. Identify the content types (e.g., videos, infographics) that garner the most engagement.

2. Media Buying Strategy:

   • Allocate a portion of your budget to test new platforms where competitors are less active. This could include TikTok or emerging platforms in niche markets. Use small-scale A/B tests to gauge potential ROI.

   • For established platforms, consider retargeting strategies based on competitor audience overlap. Use custom audiences on Facebook and Google Display Network to target users who have interacted with competitor content.

3. Budget Management:

   • Implement a flexible budgeting model where funds can be reallocated quickly based on real-time performance data. Use automated rules in Google Ads to adjust bids and budgets dynamically.

   • Track Cost Per Acquisition (CPA) and Customer Lifetime Value (CLV) closely to ensure that media spend is aligned with long-term profitability goals. Use this data to justify budget increases or identify areas for cost-cutting.

4. Content and Creative Insights:

   • Evaluate the tone and messaging of competitor content. Are they pushing more educational content, promotional offers, or brand storytelling? Apply these insights to refine your content calendar and adapt your BIG12 approach.

   • Look for gaps in competitor content strategies. If they’re not leveraging certain formats like webinars or podcasts, consider these as opportunities to differentiate your brand.

5. Continuous Monitoring:

   • Set up alerts for competitor activity using Google Alerts or Mention. This will help you stay updated on their latest campaigns and public announcements.

   • Regularly review analytics dashboards to track shifts in competitor performance and market positioning. Use these insights to inform strategic pivots in your own campaigns.

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By systematically analysing competitor activity and aligning it with your budget management strategies, you can enhance your media buying efficiency and maintain a competitive edge in the market.