Today's Guide to the Marketing Jungle from Social Media Examiner...
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It’s Improve Your Home Office Week, Reader! What do you want? A new chair, a plant, mood lighting?
In today’s edition:
Having trouble getting traction with your Instagram hashtags? Looking for a magic wand to find hashtags that will get your content in front of a niche audience?
Use Meta AI for In-App Research
Open the Instagram search tab. If you see a glowing purple and blue ring icon, you’re in!
In the search bar, enter:
Please show me the top 10 hashtags for [topic or industry] with less than 1000 followers.
Tap the paper airplane icon, and Meta’s AI will give you a targeted top 10 list of hashtags to use.
Today's tip was inspired by Chelsea Peitz, a featured guest on the Social Media Marketing Talk Show.
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How to Use ChatGPT for Competitor Analysis
Staying ahead of your competition requires more than just intuition—it demands a structured, data-driven approach to analyzing competitors and spotting opportunities.
With tools like ChatGPT, you can simplify the competitor analysis process and make well-informed business decisions that drive growth.
Here’s a step-by-step guide to help you get started.
#1: Gather Key Details for Upload to ChatGPT
Before diving into the competitor analysis, you’ll need to collect the information ChatGPT will need to help you.
A description of your business, the type of products or services you offer, and your customer persona.
Next, it's time to identify who you're up against. ChatGPT can help you identify lesser-known competitors in your industry who might be flying under the radar.
My business is [your business name]. I provide [products/services] to help [target customers] [mission ]. I am focused on [objective]. Help me identify lesser-known competitors in [your industry/niche] who might be flying under the radar. I'm particularly interested in businesses that offer similar products or services but don't have as much market visibility as the major players.
Finally, you’ll need to visit the websites, social media, and customer review sites for the competitors the AI identified for you. Collect details such as:
This helps the AI form a baseline understanding of how your competitors operate and where they excel.
Upload all this information to a new chat, then ask it to analyze specific areas to help guide your decision-making.
The following prompts are starting points. You’ll need to adjust and refine them for your own business or industry.
#2: Analyze Products and Services for Competitive Gaps
This prompt will help ChatGPT summarize competitor reviews and feedback, allowing you spot recurring complaints or praises.
Help me summarize these customer reviews and feedback for [competitor's name or product]? Please focus on identifying recurring complaints or praises, common themes in the feedback, and any patterns related to product quality or overall satisfaction.
#3: Evaluate Pricing Models
Pricing is a critical part of any competitor analysis. ChatGPT can help you compare different pricing models and analyze trends in customer feedback about pricing.
Help me compare the pricing models of [competitor names or companies in the industry]? Please look at their price points, subscription or discount options, and how customers perceive the value based on feedback or reviews. I’d also like to identify any trends in customer satisfaction or complaints related to pricing.
#4: Assess Customer Feedback
Customer reviews offer a goldmine of information. Dive into reviews on sites like Yelp, Google, or Trustpilot to uncover what customers love (or hate) about your competitors. This feedback can guide product improvements or highlight areas where you can outperform.
ChatGPT can help by summarizing large volumes of customer reviews to pinpoint consistent patterns in feedback.
Help me summarize these customer reviews for [competitor name or product]. I’m looking for consistent patterns in the feedback, such as recurring complaints, common praises, or frequent mentions of product features or service quality.
#5: Perform a SWOT Analysis
Once you've gathered enough information, you can use the AI to conduct a SWOT analysis for you or a competitor.
Help me structure a SWOT analysis for [your business or a specific competitor] based on the insights I've gathered about [competitors’] strengths, weaknesses, opportunities, and threats? Please use the information I’ve collected on their products, marketing strategies, pricing, and customer feedback to complete the analysis.
#6: Benchmark Your Performance
Using your collected data, AI can help benchmark your business performance against competitors.
Help me calculate market benchmarks and evaluate key performance indicators (KPIs) for my business compared to competitors. I'd like to focus on market share, customer satisfaction, product quality, and marketing effectiveness metrics. Please provide insights on how I can identify areas for improvement based on these comparisons.
#7: Make Strategic Business Decisions
Now that you clearly understand your competitors, it’s time to make informed decisions. Whether it’s adjusting your pricing, tweaking your product offerings, or enhancing your marketing efforts, this analysis will help guide your next moves.
Based on the competitor analysis insights we've discussed, can you help me brainstorm actionable steps to improve my business strategy? Please suggest specific actions related to product development, pricing, marketing, and customer experience that I can implement to stay competitive and capitalize on opportunities.
Today's advice is provided with insights from Social Media Examiner’s Editorial team.
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Meta Ads Tools: Meta is testing a new feature that allows businesses to turn off comments on their Facebook and Instagram ads. The comment control feature is currently available to a limited number of businesses. Last year, Meta introduced the ability for businesses to run ads on Facebook and Instagram profiles. To give businesses more control, Meta tested a "publisher block list" feature on Instagram, allowing businesses to prevent their ads from appearing on certain profiles. This control is now being expanded to include Facebook profile ads. The company is also collaborating with Meta Business Partners to give businesses more control over ad placement in Feed and Reels through third-party content block lists. Businesses will work directly with Meta Business Partners to determine which categories they want to block. Source: Facebook
Threads Moderation Issues: Adam Mosseri, Head of Instagram, has acknowledged recent moderation issues on Instagram and Threads that wrongly deleted or locked accounts for various reasons and removed posts without clear explanations. He said a broken "tool" failed to provide human reviewers with sufficient context. Source: The Verge
Reddit Announces Keyword Targeting: Reddit has introduced a new Keyword Targeting feature for advertisers on their platform. The new Keyword Targeting feature allows advertisers to place ads in relevant conversations and feeds, use AI-suggested keywords to improve targeting, manage multiple targeting options in a single ad group, and access keyword-level performance data in the Reporting Center. Source: Reddit
YouTube Save Button for Shorts: The experiment involves adding a prominent "Save" button to the Shorts player. This new button aims to make it easier for users to bookmark Shorts they enjoy or want to watch later. Users in the test group will see a 'Save' icon to save Shorts to new or existing playlists. YouTube has rearranged the Shorts player menu to accommodate the new Save button. The "Dislike" button has been moved to the 3-dot menu icon as part of this reorganization. Users can now dislike a Short by clicking the 3-dot icon in the top right corner of the Short and selecting the 👎 'Dislike' option from the menu. The experiment is currently rolling out to a small number of viewers on mobile devices. Source: YouTube
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