Social media competitor analysis determines how likely it is that your social media marketing campaigns will be effective. It is the most accurate way to determine how much attention your competitors get from their social media efforts. Social media advertising platforms like Facebook, LinkedIn, Twitter, and Instagram can give businesses an idea of how well a competitor’s campaign is doing.
For example, if you notice a competitor’s video on Facebook or a tweet that gets likes, you know that their campaign is working.
This type of analytics can help businesses determine what kind of social media marketing campaigns are popular among their competitors. Are they advertising on LinkedIn every day or just once a week? This information can determine what campaign strategy will achieve the best results. It is also possible for a business to build its own social media marketing campaign by including aspects of competitors’ successful strategies.
What is Social media competitor analysis?
Social media competitor analysis is the process of researching and examining the social media activities of your competitors. This analysis gives you insights into their online behaviour, how they communicate with their followers, and what type of content they create.
It is designed to assist businesses in understanding the strengths and weaknesses of their competitors’ online presence, so they can use this knowledge to refine their own approach. By understanding what your rivals are doing well and where they’re failing, you can craft a more effective social media campaign that will make you stand out in an increasingly crowded market.
Importance of competitor analysis
Social media marketing is a competitive industry. Every company is trying to get as much attention as possible from their campaign. Doing a competitive analysis offers your organisation the opportunity to find out missed opportunities and areas of improvement. In the wake of this, we have come up with the following factors to consider when doing competitive analysis for your social media marketing campaigns:
1. Identify Opportunities and Threats:
Assists businesses in recognising potential opportunities and threats in the market. By analysing your competitors, you can identify gaps, pinpoint areas where your rivals are weaker, and devise strategies to take advantage of these openings.
2. Enhance Your Product or Service:
Allows you to evaluate competitors’ offerings and compare them with your own. Doing this can help identify areas where improvements could be made in order to better satisfy customers’ demands.
3. Understanding Your Target Audience:
By studying competitors, you can gain invaluable insights into your target audience’s preferences, behaviours and buying habits. This allows for the creation of more tailored and successful marketing campaigns that resonate with your readers.
4. Stay Ahead of the Competition:
Competitor analysis can help businesses stay ahead of their rivals by keeping an eye on their strategies, strengths and weaknesses. By doing this, you can devise tactics to differentiate your business and gain a strategic edge over others.
5. Make Informed Decisions:
It provides businesses with the data and insights they need to make educated decisions about their marketing strategies, product development, and overall operations. Doing this helps businesses avoid costly errors and enhance their chances of success.
7 Steps for creating a social media competitor analysis
1. Identify Your Competitors:
Begin by recognising your top competitors on social media. This could include businesses in your industry with an established social media presence and similar target audiences. Create a list of these competitors to use in conducting an analysis.
2. Define Your Metrics:
Before beginning any analysis, identify the key performance indicators (KPIs) you will use to gauge the success of your social media efforts. This could include engagement rate (likes, comments and shares), follower growth, website traffic from social media channels and more. Identifying these metrics ahead of time will allow for focused analysis and help determine what information to collect when collecting data.
3. Gather Data:
Use social media analytics tools and other resources to gather information on your competitors’ social media performance. Measure metrics like follower count, engagement rate, content frequency and type. Depending on which platforms you are analysing, you may use native analytics programs or third-party services like Hootsuite, Sprout Social or SEMrush for data collection.
4. Analyse Your Data:
Once you’ve collected all the information, it’s time to analyse it. Look for patterns and trends in your competitors’ social media performance; identify areas where they excel and those where they struggle. Doing this will give you insight into their strategy for social media management and help identify any opportunities where you could gain an edge over them.
5. Identify Opportunities:
By analysing your analysis, identify areas for improvement in your own social media strategy. This could include creating more engaging content, posting more frequently, targeting a different audience or using different content formats. Look for areas where competitors are struggling or not active and consider how you can benefit from these mistakes.
6. Create a Strategy:
Utilise the information you’ve gleaned from your analysis to craft an effective social media strategy that capitalises on the opportunities identified. This could involve creating content, optimising your profiles, and more. Ensure your plan is in line with both your business goals and target audience expectations.
7. Monitor and Adjust:
Finally, keep tabs on your social media performance and adjust as necessary. Keep an eye out for competitors who might make major changes to their approach, and be prepared to pivot if they do. Regularly reviewing both of your strategies will help keep you ahead of the competition and continuously enhance your presence online.
Social media Competitive Analysis Tools
There are many social media competitive analysis tools available. Some of them are free, and some of them have a cost. You should choose the one that best suits your needs and the price you can afford.
Synapview is a free tool that features a competitive analysis for Facebook, Twitter, and LinkedIn. It can be used to find out which strategies are most effective for your business and then analyse the results of each. You can also see a list of suggestions for what you could do in the future to improve your social media marketing campaign. It will help you find ways to increase engagement and sales on your professional network.
Brandwatch is a paid tool for Twitter, Facebook, and LinkedIn. It can be used to analyse brand mentions and determine which keywords are being used in the responses. It can also look at your competitors’ brand mentions and find out what you should probably stop doing to increase sales.
BuzzSumo is a paid tool that features a competitive social media analysis on Facebook, Twitter, and other social media tools. It can get the best results from a campaign by analysing which types of posts are most successful. It can also be used to determine how well your competitors are doing on social media. It will allow you to see how you can get better social media marketing results.
Crowdbooster is a paid tool for Facebook and Twitter that is highly customisable to meet your needs. It can be used to track the number of likes and comments for each campaign, but it can also analyse the comments, tweets, and shares for each social media post. You can find out which content is the most engaging and what you should do to get more likes, shares, and comments.
CMI offers a free analysis tool that features a competitive analysis on Facebook, Twitter, LinkedIn, and YouTube. It can be used to determine who is most popular on social media and what that means for your business. It does this by letting you analyse your pages and posts and those of your competitors.
DataSift features a paid tool that provides information about posts, conversations, and media on social media. It can monitor content and find out which types of media and posts are most popular with your audience. It will help you use the most effective social media strategies for your business.
Talkwalker is a paid tool that features a social media competitive analysis that can be used to find out how your competitors are doing and how they are engaging with their audience. It helps you analyse how you should be doing your social media marketing to get the best results. The price tag is relatively high compared to the others, but it comes with many other features for an even better price.
It is essential to use social media competitive analysis to determine what your competition is doing and how well they are doing it.
If you are looking for more information on social media competitive analysis, there are many guides that you can read.
But nothing can beat the importance of getting professional help. With the end-to-end solutions of Expand My Business, not only do we focus on delivering social media marketing services but also on providing consultancy services.
Our solutions are centred on creating an overall impact for businesses. Stating this, we at Expand My Business follow a systematic approach to catering to the service requirement of any project. By getting in touch with our consultants, you can get the much needed professional expertise in assorting your business needs along with the complete delivery of solutions. This way, you can get the best results from your social media marketing campaign and save time and money.