Social Media Competitive Analysis includes a series of measures that you’ll need to complete more than once. And as creating and completing a successful project goes, the key to producing insightful analysis and doing a great job is planning.
Has a competitor’s social post worked viral? Should you copy it or not? If you do, what sort of results are you expecting to obtain? And is copying that social post-on-brand?
This blog post will crackdown on how to implement a social media competitive analysis for your business. We will cover how to recognize your competition, determine which data to focus on, and compile and analyze your data.
Once you’ve completed your analysis, you will receive significant insights. You’ll know which brands are producing the most compelling content, what kinds of content creates the most utmost engagement, and what you can do next to better position your brand on social media.
The question is, how do you start? Don’t worry. We open down the process into five simple steps.
- Identify Your Social Media Competitors
- Gather Data
- Analyze Competitors’ Activity
- Analyze Their Website Content
- Using the Data
1. Identify Your Social Media Competitors
Initial, recognize your social media competition and locate which platforms they use.
You now have a general opinion of your central competitors. But there’s more to it than that. You need to concentrate on the competitors that actively use social media marketing to grow their business.
The most straightforward method to get your competition is Google.
Search for the keywords customers would use to find your business. For example, if your company sale Cars, you would Google “car” or “car bands.”
Depending on your industry, it aims to get around five competitors and put them all of your data.
For your analysis, you can pick any social networks you’d prefer. You’ll likely notice the most top brands in your industry have three or four leading platforms in general.
This method can get a lot of time if you’re in an extremely competitive industry. But the more precise you are, the better results you’ll get.
2. Collect Informative Data
Next, you have narrowed under your competitors. The next level is to collect data.
The process will be slightly distinctive, depending on which platforms you target.
Take a look at how to differentiate your brand from the competition. For our goals, we’re going to stick to Facebook, Twitter, and Instagram since they’re the most popular.
Competitive Analysis of Instagram
Instagram does not have plenty of public data accessible about your competition. Instagram Competitors Report, you can simply examine and benchmark your brand against competitors in key areas:
- Hashtags: Locate your competitors’ common, regularly used hashtags. You can practice the related ones in your posts if they’re connected and gain exposure to more bodies.
- Top posts: Get a survey at your competitor’s various hot positions. Attempt to make an opinion of why these posts are performing well. Are they product photos? Do they use specific colors? Locate out what those posts have that your content doesn’t and utilize the info to update your images and videos.
- Audience growth: Are your competitors improving their audience faster than you?
- Media sent: Obtain a feeling of how regularly your competitors are distributing the content on the post. You may find you are not posting enough to hold your audience interested.
- Engagement: Examine how many likes and comments your competitors are getting on their content.
- The new tactic is to do a search for #brandname on Instagram and see how many results come up.
It provides you a reasonable opinion of your competitor’s popularity. If several people are seeking for #brandname, it’s a symbol the company is producing something best and has an active audience.
If you run into a position where there are differences in a brand’s hashtag, go with the most traditional choice. It will typically just be the company’s name.
You will end up with related Instagram posts that are what you were hunting for and then some. Get to ensure that your findings are similar to the business because some brands end up battling for the same hashtags.
Competitive Analysis on Twitter
Next, you will require to see at some Twitter-specific metrics using a social media analytics tool.
Comparison Report of Twitter is an excellent tool for the job. It analyzes your Twitter profiles against separately different or a contestant.
Choose your Twitter account, then start a competitor for the different slots.
The report shows your engagement, influence, mentions, and followers gained/lost. You can modify the period, but it’s sufficient to hold to the last 30 days to grip the data associated.
Once you have viewed overall the competitive social media analysis from the Twitter report, be sure to enter the data into your spreadsheet. Tracking this information can be extremely valuable.
Competitive Analysis on Facebook
Begin by creating a manual review of your competitor’s page. You’ll be able to look basics like the number of people that follow or like their page.
You look at how many messages your competitors receive & send. What kinds of content they’re posting (videos, text, or images), engagement, and much more.
Cover all of this in your spreadsheet, as well as any additional metrics that are essential to your brand.
3. Analyze Competitors Exercise
You have picked the numbers, but you also require to look at how your competitors use each platform. It needs a manual review.
The first point you need to look at is how active is the competition. Here are some questions to inquire yourself:
- Do they respond to comments?
- When was the last time they posted?
- Are there long periods between each post?
It’s relatively easy to gauge how powerful brands are by answering specific three inquiries.
They should post at least once each couple of days to be held alive.
Next, look at the kind of content competitors publish. Mainly, you need to figure out what percentage of their posts are promotional. Look at each competitor’s last ten posts and calculate what relationship of them are promotional.
Promotional posts add links to a contest, a product, or a sale. For retail brands, it’s a small complex to decipher between promotional and non-promotional posts. A great rule of thumb is if the posts have a call to action to make a purchase, it’s promotional.
4. Analyze Website Content of your competitor
The last section of your social media competitive analysis includes their website.
As you recognize, content marketing and social media are closely linked. While a result, a lot of companies use blogs to create content to be issued on social media. Get a look at your competition and recognize how many of them have blogs.
Looking by their blogs will provide you plans of the sort of content that may resonate with your viewers.
If you would prefer, go the extra step of plugging each site into Buzzsumo to see the posts with the many social shares.
5. Utilize the Collected Information
Now that you have to arrange gathered all of these details, you want to put it to utilize. Handling your brand’s own social media analytics, you will be ready to compare your profiles to the competition.
It is necessary to have in mind that this social media competitive analysis isn’t for you to copy what everyone is making. Instead, it will supervise you toward making began on the top foot.
For example, perhaps your analysis reveals most utmost of the competition just publishes promotional posts 12% of the time. You seemingly wouldn’t require to cover too far over that, or else you risk setting off your viewers.
A social media study of the competition can provide you essential insights into what runs in your industry, some fields you might need to update, and much more.
Utilizing social media competitive analysis, therefore, is essential. But you require to make your analysis frequently (at least once a quarter) to derive significant intelligence.
As you begin to improve your intelligence database, ensure to always look at how current data compares to previous reports. Competitive analysis is all about obtaining insights, so keep an open mind as you examine data.
Contact us for a Competitor analysis on social media.