There are a number of reasons why we study our competitors:
- “To improve your products and services and make them better than that of your competition
- To find your competitions’ weak points and exploit them
- To learn the way your competition operates so that you can always stay ahead of them.
- To generate your own ideas that are better.” (Good Keywords, 2016)
Barclays offer their own site dedicated to teaching young preofessions, teachers, parents and experienced professionals the fundamentals of business and importantly to my research social media.
On their site you can easily sign up as one of these options and begin learning straight away. The content is easily accessible and of a wide variety. The website is sleek and well presented and balanced with imgary content.
This site will be a serious competitor to me as it is a well respected bank already. As a bank they also offer opportunities I cannot such as start up finance. But what I did notice was that there wasn’t a lot of content for each specific topic and what was there was more to do with making your self employable not actually being the employer yourself.
Here I have presented a SWOT Analysis to better and easily understand my competitor and make sure I can build on my idea from this.
My second competitor is another social media advisor who set up a site dedicated to provdinig similar classes. The classes do though cost at a minimum subscription of $57 for one months subscription which gives you access to all the classes but not the 1-1 classes.
The content looks professional and of a high quality but because the classes are already set and ready to go they may be out of date or out of touch with how rapidly social media is growing and evolving.
She doesnt offer a blog from what I can see with the latest tips and news or reviews of apps which I will offer.
I could not think of any opportunites this site will offer me.
Competitor 3- YouTube
YouTube is a home for video of all content across the globe. Anyone and everyone can post about what they want (within the terms and conditions). Of course there are hundreds of videos already on utilising social media for your business. The videos in themselves are all different, presented differently, by differnt people for differnt people. In fact just under “utilize social media for your business” had “about 8, 530,000 results” alone.
THiNK Media TV is one of the main YouTubers I looked at on YouTube as a competitor and an inspiration. His videos do range from all sectors in media from which camera gear to use when filming on set to in your back room, to how to get paid to review products. His focus was much wider than mine which works for him well. The way he presents his videos are professional but also friendly and casual which I like and want to incorporate into my own videos. It would be useful to find out how much it would cost to get him on board with my website and how much it would cost to feature his shows on my site whenever he produces a relatable video.
Although YouTube is great and there are a vast amount of videos which I could compete against one of its downfalls is that it is so vast! There are so many videos it is hard to just find that one you need and want. Also because anyone can upload videos you don’t know if you are getting advice from someone who is actually skilled in social media with a history of working in social media sectors or just someone in their room who thinks they know everything. My site will only provide presenters who have this experience and skill set which reassures my audience that they are going to get the correct information and a high quality product and service each time they visit.
Competitor 4- The Content Factory
Here I have copied over some of their usual information on costs and what they offer for their price. With this I can learn how much my premium memberships should cost and what they should offer.
Social media consultants can range from “$1,000 per month to $20,000 per month.”
“Launching a new Twitter account, complete with setup and outsourcing content creation/consumer interaction (all 140 characters at a time), costs an average of$2,000-$4,000 per month – and that’s just for Twitter. With that said, the total price range was $1,000-$7,500 per month.”
“The cost of marketing with Facebook can run a bit higher than that of Twitter alone. To set up a new Facebook account and provide limited ongoing training to business partners, online PR agencies charge an average of $2,500-$5,000 per month, with some going as high as $9,000.”
“However, if you’d like to also do social media marketing on channels like Instagram, Pinterest, LinkedIn, and SnapChat, those additional channels can easily cost you$1,000 or more for each one that you add-on”
“For between $7,000-$10,000 per month, here’s a rough outline of the social media marketing, digital PR, web content writing and content marketing you can get with The Content Factory – and we’re also able to negotiate a smaller package for a smaller price tag:
Social Media Marketing
Each social media network is listed below, with details about what is included on a regular basis:
- Unique Posts – We will post 2-3 times on your Facebook page, on average, every day. These posts will be a combination of custom graphics, calls to action to visit the website and company-based news.
- Content Promotion – Every piece of unique content that we write for you will be promoted on social media. Not only will this increase the number of people who will read this content, but it will improve your SEO as well.
- Interacting with Other Pages – To help catch the eye of complementary, non-competing businesses. This will lead to more sharing of company content and status updates and introduce people to the brand.
- Creating Custom Images – Up to two custom graphics per week
- Customer Service – When people are unhappy or happy about a program or product, they’ll often head to social media to voice their opinions. We’ll respond to any feedback that’s received promptly and courteously. We’ll also answer any questions that potential users may have.
- Facebook Ads – A $150 ad budget per month is part of our social media services. This includes:
- Ad concept and copy
- Management of the campaign
- Analytic reports
- Graphic design/appropriate paid for stock photo
- Audience targeting
- Adjusting ads as needed to maximize results
- Determining what content is best to send them to
- A/B testing between multiple ads within the same campaign
We can target whomever you’d like us to with Facebook ads, and if you want to spend more per month on ads we can accommodate that growth. If the campaign goes well and you want to expand, we charge a 10% ad management fee with a $250/month minimum fee.
- Daily Tweets – An average of 7-10 tweets a day. Approximately 20-30% of the content will be self promotional, the rest of the focus will be on providing value to the community and interacting with the company’s target audience.
- Hashtag Creation and Management – We’ll keep a close eye on trending topics, and when appropriate, jump in on the conversation using the appropriate hashtag. This will help increase visibility of the company, as well as lead to more followers and interaction.
- Interacting for PR Purposes – One of the most effective uses of Twitter is as a PR tool. Journalists are active on Twitter, and regularly use it to find sources to quote in their articles. We’ll create lists of journalists, bloggers and industry influencers to target on Twitter, build relationships and introduce them to the company. This is one of the fastest ways Twitter can deliver ROI.
- Content Promotion – We’ll continually share company content, which will help drive traffic to the site and raise awareness of the brand. This also sends signals to the search engines that your content is worth sharing, which can help improve the site’s SEO.
- Customer Service – We’ll monitor for people tweeting about the company, even if they don’t @them directly. If they have something awesome to say, we’ll make sure to retweet, favorite and let everyone know. If they have something negative to say, we’ll let you know immediately and respond to them promptly and courteously. And if they have questions, we’ll answer them right away.
- Keyword Monitoring – We’ll use Hootsuite to monitor for people talking about particular topics relevant to your company, and jump in and interact as necessary.
- Twitter Chats – We’ll participate in one Twitter chat per month on behalf of your brand. If no Twitter chats exist, we can create and manage our own (this isn’t easy, but we know what we’re doing).
- Updates – Studies have shown that daily updates on Google+ directly impact how well your site is ranked after 90 days. A percentage of these updates will link back to the company site directly, having an even greater impact on SEO.
- Communities – Many people use Google+ just for the purpose of engaging in the communities on the social network, and we’ll be active in all the relevant ones. We’ll check out what already exists and create our own communities when
- Adding Targeted Pages To Circles – Similar to Twitter lists, and effective in helping to regularly interact with the right people.
- Hashtags – We’ll include appropriate hashtags in updates. People use hashtags to search for posts that they’re interested in, so we’ll make sure that we’re using the ones that are the most relevant and popular.
- Original Pins – We’ll create original pins that will promote the company and engage people who love what it offers, but don’t know it yet. Infographics with writing tips, humorous memes, etc. are all great types of content that will get repinned, and put the company in front of the right audience. An average of three per day is included.
- Engagement – Interacting and pinning content from other sites that have a “Pin It” button next to them will help to build the relationships you need to bring the company to the next level. This will also ensure that you’re not being viewed by users as being overly self promotional.
- Creating Boards – We’ll create an average of one new board a week, based on what your followers are interested in.
- Updates – An average of two posts on the company’s LinkedIn page, which will reach those following it. All blog posts, articles and press mentions will be promoted via the page.
- Interaction – Following other LinkedIn pages, focusing on thought leaders and companies that are related to your brand, but are not your competitors. We’ll share their content periodically when it is the type of content that speaks to your audience.
- LinkedIn Group Involvement – Joining in and engaging with members of LinkedIn groups. This will increase engagement from those not already following the company page and drive traffic back to the website. We will join 5-7 group discussions a week. This includes promoting content from the site when appropriate.
- LinkedIn Group Management – Post once a week in each at least and jump into the discussions others are having when appropriate.
- Ad management – You provide the budget and we manage the targeting, monitoring and reporting. This will allow your posts to reach individuals and businesses who aren’t already familiar with your brand, who fit into your target audience and will convert into leads. (Additional ad management fee: 10% of ad budget)
- Copyright – We will only use images that we have the rights to. They will be stock photos, custom graphics (up to one per week) and photos that you provide us with, unless they are shared promoting another article. We always use the optimal images sizes for each social network.”
Good Keywords. 2016. Why Should You Research Your Competition & How Should You Do It?. [ONLINE] Available at: https://goodkeywords.com/kb/whycomp.php. [Accessed 2 November 2016].