The Importance of Social Media Competitor Analysis
Social media presence is inevitable in today’s age of digital marketing. Along with social media marketing, competitors’ analysis on social media is also equally important. Well, here we have some of the tips that are going to be a great help to you. Now we know what you are thinking here.
Why would anyone want to have a competitor analysis done in the first place? Do you know how to make sure that you are ahead of the competitors when it comes to the ranking of the website? Where everyone is jostling for their share of their prospects’ attention on social media, social media competitor analysis gives you a strategic advantage.
Well, don’t you want to have a better business and better understanding of the market where you are trying to establish your businesses?
To do that you need to make sure that you are following the footsteps of your competitors so that one day you can go ahead of them.
This is where competitor analysis comes ahead and helps you out for sure.
Introduction to Social Media Competitor Analysis
You need to keep your friends close to you, but in the online business world, it is important to keep the enemies closer as well. Only this time they will just be your competitors and not enemies in the best way.
There is simply not a single speck of doubt about the fact that the whole internet is your school, and when it comes to learning, you can do it from anyone for sure. It doesn’t matter that the person is your friend or your competitor.
So, we bet that you don’t want to miss out on a chance like that in any way. That is one of the most important things that you always need to keep in mind when you are doing the competitor analysis in the best way.
We assure you that the results that you get are going to be awesome in every single way for sure. So, why don’t you go ahead and try it out?
Well, how are you going to perform the competitor analysis in the best way when you don’t have an understanding of the entire concept?
That is why we are here to help you out with it. We are going to tell you all about competitor analysis and how you can do it in the best way to have some impressive results for your website. So, make sure that you are listening to what we have to say in the best way.
What Exactly Is Social Media Competitor Analysis?
When you are doing a competitor analysis, you are doing a particular evaluation of all the weaknesses and the strengths that your competitor might have in the first place.
This way, you will be able to compete with the people and make sure that you are going ahead of the businesses that are always found on the internet for sure.
To have a complete understanding of the concept, you need to know what it does in the first place. Competitor analysis is something that can help a lot when you are on social media. You will be able to accomplish a lot of goals with the help of proper competitor analysis for sure.
When you have competitor analysis by your side, you will easily be able to make sure that you are easily able to identify all the competitors that are present in social media.
Also, you will be able to know the platforms in which you will be able to find the competitors. This will also help you in knowing the amazing platforms where you will be able to compete with them and find the results as well.
Do you think that we are done here? That is not the case as there are so many other things that you can do. You will be able to track all the activities which are performed by the competitors of yours and also know about the activities of the past.
There is no doubt that you will also be able to make sure that you have all the information about the strategies that are working for them. Not to mention that you will be able to see what the threats are for the businesses of yours.
With this knowledge, you will not only be able to create some new and amazing strategies for your businesses, but you will also be able to make sure that you have all the ideas about updating the new ones.
So, there is no doubt about the fact that you need to make sure that you perform all the competitor analysis activities. That is one of the main reasons why companies all over the world want to make sure that they can have a competitor analysis in the best way. Make sure that you know for sure.
How Can You Conduct Social Media Competitor Analysis?
Now, this is where it will get a few interesting people. You will be able to see so many amazing new things in here. You can easily get to know everything that there is to know about the competitors of yours in social media.
Get to know exactly what they are behaving on the different platforms of social media, and you will also have some access to the information.
In this way, you will be able to make all the sense of the data that you collect. So, we can say this without a single speck of doubt that with the help of competitor analysis, you will be able to solve a lot of problems that you might have in the businesses of yours.
However, when it comes to doing a competitor analysis in the best way, there are some things that you need to know about to make sure that you can do it in the best way.
#1. Identify the Competitors That You Have
Now, this is something that you might not take that seriously. There are so many businesses out there who might be your competitors. Hence, you must identify these businesses to make sure that you can have the best results as well.
But then again, how can you identify the competitors that you have?
To do that you might have to face some challenges for sure. This is especially the case when you have a business that is not localized in any way.
Also if you are offering the products or services on an international front, then you might have some problem as well. So, there is no doubt that you will have too many competitors and identifying potential clients as well. Know all about their keywords, social media channels, and so much more.
You can use an Excel Template for Social Media Competitor Analysis in which you can compare the details of your competitors.
Excel Template for Social Media Competitive Analysis
You can see in the afore-shared template that how it enables you in doing Social Media Competitor analysis on three different Social Media Platforms that are Facebook, Twitter, and Instagram.
#2. Gather Intel and Important Data
Now that you know how to find out the competitors that you have, we can get into some other details right here for sure. You will be able to make sure that you can know all the people better in the best way.
You will have to snoop around a little bit to investigate all that you can about your competitors. This is certainly one of the most important things that you need to do if you want to have the best results with the competitor analysis in the best way.
Get to know all about their social networks and how they behave in the best way. You can have some amazing results with that.
Different data that you need to pay attention to are0
Data important for Social Media Competitor Analysis
- % of promotional posts
- New Page Likes
- Messages sent and received
- Followers Lost/ Gained
- Media Sent
- Text Posts
- Engagement per Post
- of Posts with #BRANDNAME
#3. Do a SWOT Analysis
Now that you have known all about the competitors of yours, you need to have a more structured and creative analysis of the matter in here. There is no doubt about the fact that you have heard about SWOT Analysis.
There is simply not a single speck of doubt about the fact that you need to make sure that you find out all about their strengths, weaknesses, opportunities, and threats.
This is where the SWOT analysis will be able to help you out. With the help of this technique, you will get to know all that there is to know about your competitors. So, there is no doubt that you need to focus on that for sure.
#4. Do proper Analysis of their Website Content
When it comes to Social Media Competitor analysis, it is important to pay heed to the content marketing of competitors. Businesses use their websites for creating top-notch content that they later share on Social Media Platforms for widening their reach and generating more traffics and leads.
Having a proper template for analyzing the website content of your competitors is also very significant for effective Social Media Competitor Analysis. Their top-performing blogs can tell you about the type of content that best resonate with your target audiences.
Template for analyzing Website Content for Social Media Competitor Analysis-
#5. Take Inspiration from Your Competitors but Don’t Copy
Now that is something that you always need to keep in mind.
When you are doing the competitor analysis to get the results that you want to have, you need to make sure that the competitors of yours always inspire you.
Trust me when I say this that you don’t want to copy them if you want to have some actual results. This is certainly an important thing to make sure that you do. After all, if you copy them, then you will not be able to get ahead of them.
That is surely something that you don’t want. So, make sure that you take an idea from the strategies that you have but then you need to make sure that you don’t copy from the competitors for sure. This is the only way you will be able to get the results for sure.
Wrapping it up!
So, that is all you need to know about performing Social Media Competitor analysis.
We hope this article was helpful to you. For running a successful Social Media Marketing and Advertising Campaigns, it is important that you perform a proper analysis of your competitors’ campaign.
This will help you win the race in the time of cut-throat competitions.
So, how do you perform Social Media Competitor Analysis? Did we miss any of the strategies that you incorporate for analyzing your competitors? Update us in the comments below.