“Identify your competitors and evaluate their strategies to determine their strengths and weaknesses in relation to your product or service.” – Entrepreneur
Social media is the new battleground for brands.
To find out why your competitors are gaining ground; Where you should play to achieve your social media goals, start with a competitive social media analysis.
What is Competitive Analysis?
Social media competitive analysis is the constant monitoring, tracking and analysis of competitor activity on social media, to formulate winning marketing strategies.
But why a competitor analysis?
The following picture can help you understand that:
Let’s explore in sections given below:
Step 1: Identify Your Social Media Competitors
While some people call it spying, I would call it smart surveillance of your competition.
The first step in your competitive analysis is:
- Create a list of your competitors
- Find your potential competitors on Google using the right keywords
- Identify businesses that buy pay-per-click ads based on keywords.
- Identify marketers who advertise on similar industry platforms
- Look for competitors in eCommerce stores like Amazon or eBay
- Locate your competition on social media platforms like Facebook or Twitter
Step 2. Analyze your Competitors’ Social Media Activities to Identify their Customers
You need to actively listen and monitor the conversations that your competitors are having with your audience, you can find this conversation in the form of comments, likes, discussions, etc.
By actively listening, you can determine the size of your competitor’s audience; it will also lead you to them. What if they are unhappy with their current service provider / provider?
Let’s start with the collection of data on Facebook, Twitter, LinkedIn, Instagram and other social networks.
a. Gather competitor’s data on social media platforms
start with Facebook.
With more than 2.45 billion monthly active users, Facebook is the ideal platform to start following the audience of your competitors.
Take a look at your competitor’s Facebook posts and the “Total Likes” in the lower left corner. Here is an example of a Facebook post from Titan with the total number of likes.
Click on it and you display the list of customers who have been the subject of the publication (these are your new potential customers).
Also click on “Top Comments” on the piece below the drop and you get the audience information with a reel engagement. These are the people you will never target.
After Facebook, let’s move on to Twitter.
On Twitter, you need to track your competitor’s audience metrics, such as audience behavior, demographics, likes, and preferences, using proficient social media competitor analysis tools. Once you’ve analyzed your competitors’ social media marketing moves on Twitter, move on to other social media platforms like Instagram or Pinterest, where you’ll likely collect competitive analytics data.
b. Analyze the data
Create a spreadsheet and write down all the data you have gathered while exploring the competitor’s social media accounts. Some vital questions will arise when analyzing competition statistics.
- When was the last time you posted?
- What is the frequency of publication?
- What response do you get through comments, discussions, inquiries?
- What is their responsiveness? (to comments, discussions, requests)
Active brands typically post at least twice a week. You must carefully analyze the type of content they publish.
Another area that you need to analyze is the content of your competitor’s blog.
You can draw inspiration from competing blogs and develop impromptu content based on similar topics. You can connect your competitor’s posts to Buzzsumo to see which blog posts are shared the most.
Take a content audit where you should find out which blogging topics resonate the most with your audience. Pay special attention to the structure of the blog.
Finally, compare the content of your blog with that of your competitors. You will get answers about your delays and pain points you need to work on.
c. Perform a SWOT analysis
If you want your business to reach the exalted realm of top marketers, perform a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis.
Here you will understand your strengths and weaknesses; You can also do this for your competition and identify threats and opportunities in the industry.
This data analysis should be assessed by creating a spreadsheet and noting all the key factors.
After the SWOT analysis, you have identified the growth opportunities. Next is how to put that analysis to use.
Step 3: Use the competitive analysis data
Now you can use free social media analytics tools to collect data from your social media marketing profile and then compare it to your competition.
Analytics data helps marketers in more ways than one.
- Companies can assess their position in the social media market.
- You can identify the key influencers defending your brand
- Measure the success and achievements of your competitors.
- Find areas of opportunity where your competitor is falling behind.
Competitor strength and weaknesses – an overview
Your competitor will have niches where you will always manage to stay ahead of your competition.
Study it carefully and understand its strength. Make it your benchmark and start working on it.
Use the strength of your competition to inspire you. For example, your competitor is making a video, you are making a better one.
The weaknesses of your competition could become areas of opportunity to experience and exploit. Try to offer plausible alternatives to customers where your competitor is lagging behind.
Take inspiration from your competitors’ strength and be good at where your competitors are not performing good.
Step 4: Online tools for social media competitive analysis
Performing competitive analysis and monitoring your competition’s every move can be a tedious task.
Here are some great online tools to help you spy on your competition’s marketing strategies.
- SEMrush: to track the position of your competitors’ keywords.
- Alexa: to track and monitor your competitor’s website.
- BuzzSumo: To measure the social participation of your competitors’ publications.
- SE Ranking: To monitor the search results of the competition on Google and other search engines.
- Simply Measured : Gather information on your competitor’s brand strategy.
- OpenSiteExplorer: to analyze the backlink profile of a website.
Step 5: How Competitor Analysis Leads You to Success?
You’ve done a competitive social media analysis and the data is there. As a company, you clearly understand the strengths and weaknesses of your competitor’s products.
The time for self-analysis has come.
There are only two options for a company: to be different or to be better than the competition.
Once you integrate the strategy, it won’t necessarily be successful. At each stage of implementation, access and compare the results with your competitor.
Online social review competition analysis tools are effective in measuring participant performance. You need to immerse yourself in a sea of information to learn and improve for the benefit of your business.
Copying competitor’s content, keywords and traffic information crucial data to help you strategically design your social media strategies.
Hope you find it useful. Please feel free to share your thoughts in the comments section below.