Most businesses first instinct when asked if they would follow their competitors on social media is to say no. Businesses do not typically want to draw attention to what they are doing, particularly if their industry is highly competitive. However, by doing this businesses are restricting the reach of their social accounts and could be missing out on opportunities. Below, we’ve listed a few reasons why we think you should take notes and follow your competitors on social media.
The first thing to do when on social media is to find your indirect competitors. These are the type of competitors that will help by creating a mutually beneficial relationship with you and your business. Through creating conversations on current trends and insights within the industry, this will help both of your brands and show them in a positive light.
Following indirect competitors is one of the best ways to network and can help to build your profile. This can also help your business grow its name and increase your chances of being widely recognized within your industry online.
Both Instagram and Twitter now have a feature where they offer suggestions of who to follow. By following these accounts, you are linking yourself to their audience and are more likely to become recommended as a similar account to follow. This will inevitably help to grow your audience in a big way.
Overall, following your indirect competitors on social media can be an extremely helpful tool in growing your business online. It is a great way to see what other companies and sales staff are doing, and understanding what successes they've had. By following both the successes and failures of similar companies, you have the ability to grow your own and learn from others in your field in a new way.