To thrive in a competitive business landscape, it is crucial to keep a close watch on your competitor’s activities. However, tracking your rivals doesn’t mean seeing them as adversaries or individuals aiming to bring you down. Rather, your perception of competitors determines whether they pose threats or can become potential supporters. While larger businesses may invest substantial resources in monitoring tools and specialists, smaller enterprises often face constraints in terms of time, effort, and budget. In this article, we will explore some free and time-efficient techniques that businesses of all sizes can employ to gain a competitive advantage.

Identify Your Top Competitors:

The initial step in a competitor analysis is to accurately identify your main rivals. Categorising them into category competitors and broader competitors helps create a comprehensive picture. For instance, if you run a Yoga studio, your category competitors would be other Yoga or Pilates studios within a 5 to 10-mile radius, while broader competitors may include HIIT centres, cycling studios, and strength training centres. Additionally, don’t limit yourself to just competitors; explore opportunities for collaboration as well. For example, partnering with a recovery centre can lead to mutually beneficial combined packages.

Weekly Monitoring of Competitors’ Facebook Pages and YouTube Channels:

One of the most effective and cost-free methods to track your competitors is by regularly visiting their social media platforms. By observing their Facebook pages and YouTube channels, you can gain valuable insights such as:

• Content Strategy: Analysing the type of content they publish helps you understand their messaging and engagement tactics.
• Best Performing Posts: Identifying their most successful posts based on reactions, shares, and views enables you to learn from their content that resonates most with the audience.
• Consumer Sentiment: Reading comments and reviews about their business provides insights into consumer perceptions and satisfaction levels.
• Ongoing Offers: Monitoring their social media presence helps you stay informed about their current promotions and discounts.

By leveraging this information, you can create a competitive set of creative offers and materials that attract customers seeking the most advantageous options.

Utilise Facebook Ads Library:

Another valuable tool for understanding your competitors’ strategies is the Facebook Ads Library. This free resource, introduced by Meta (formerly Facebook), offers transparency by displaying live ads for every Facebook page. To access it, simply visit https://www.facebook.com/ads/library/ and search for your competitor’s Facebook pages. The Ads Library provides insights into their current ad campaigns, allowing you to gain clarity on their offers and creative approaches.

Leverage Google Ads Transparency Center:

Similar to the Facebook Ads Library, the Google Ads Transparency Center provides insights into your competitors’ Google ads across various formats, including Search, Display, and YouTube. To access this information, conduct a Google search for your competitor’s name. If they are running Search ads, you can click on the three stacked dots next to their advertiser’s display URL to gain a deeper understanding of their advertising campaigns.