Steps for creating Social Media Competitor Analysis

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Key Takeaways

Over half of the respondents in a Gartner survey indicated that choosing a well-known brand is less important now than it was three years ago, emphasizing the need for distinct strategies in social media marketing​.

A Sprout pulse survey from Q1 2023 found that 53% of participants cited changing content formats as a major challenge in planning and scheduling content, highlighting the dynamic nature of social media content​.

In 2021, Sprout’s social listening tools helped Grammarly identify that their brand owned 71% of their competitive share of voice on social media, demonstrating the effectiveness of social media monitoring tools​.

Identifying competitors involves analyzing keywords, checking Google rankings, and observing who your audience follows on social platforms, narrowing down to 3-5 main competitors for focused analysis​.

Gathering intel on competitors includes examining their social network presence, follower growth, posting frequency, engagement rates, and hashtag usage, forming a comprehensive understanding of their social media strategy​.

Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) helps in comparing internal and external factors with competitors, and regular updates with social media monitoring keep the analysis current and relevant​.

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.

1. What is Social Media Competitor Analysis?

social media competitor analysis

Social media competitor analysis is about studying and understanding what your competitors are doing on social media. This includes looking at how they interact with their followers and the kind of content they post. The goal is to figure out what they’re good at and what they’re not so good at.

This helps businesses see where they can improve and what they can learn from their competitors. By knowing what works and what doesn’t for others, you can make your own social media strategy even better. This way, you can stand out in a busy market.

Importance of Competitor Analysis

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Social media competitor analysis is essential to creating an effective digital marketing strategy. Not just spying on competitors; rather it provides a holistic view of your operating environment by understanding trends and uncovering opportunities which could benefit your brand. Here’s why it matters so much:

Benchmarking Performance:

Being aware of where you stand against competitors on social media allows you to set realistic goals and benchmarks for growth. It provides an accurate representation of what can be accomplished within an industry while helping ensure continuous improvement.

Understanding Audience Preferences:

Your competitors are targeting the same audience that you do, so analyzing their social media activity can give insight into what resonates with them and their shared audience. You’ll gain an idea of which types of posts generate the highest levels of engagement for them as well as when and how frequently to post.

Social media can be unpredictable, with trends emerging and dissipating quickly. Monitoring competitors can help you detect emerging trends early and ensure you don’t get left behind when markets shift.

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Competitor Analysis Can Reveal Content Gaps:

Competitor analysis can reveal content strategies used by your competitors that you can take advantage of by filling gaps that they don’t even realize exist – filling voids they may have no awareness of yet!

Inspiration for Content:

While originality is key, drawing inspiration from what works can also help generate ideas for your own content strategy. Analyzing the most successful posts by competitors may offer ideas to give a unique touch on proven concepts.

Refining Your Content Strategy:

By understanding what works well for competitors, you can tailor your content strategy to focus on posts with the highest engagement rates and most promising growth on social media platforms. Doing this may result in higher engagement rates and overall increased growth on those platforms.

Cost Efficiency:

Implementing strategies proven successful within your industry can result in more cost-efficient marketing. By allocating resources to tactics proven to work, you reduce the risk of expensive experiments or failed campaigns.

Crisis Management Insights:

Watching competitors manage crises on social media is a great way to gain invaluable lessons for handling similar situations in your own organization more efficiently. Learn from their successes and failures so that when similar situations arise, you will know exactly how best to deal with them.

Innovative Strategies:

Your competitors may employ strategies you haven’t considered when it comes to social media marketing, from unique engagement tactics and creative content formats. Studying their actions could reveal unexplored approaches.

Enhancing Customer Service:

Social media has become a primary channel for customer service, providing vital insight into how competitors manage customer interactions – which may allow you to develop improved response strategies, thus increasing customer satisfaction and loyalty.

Factors to Consider for Conducting Social Media 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. 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

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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. Analyze 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 Competitor Analysis Tools

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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.

1. Synapview

Synapview

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.

2. Brandwatch

Brandwatch

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.

3. BuzzSumo

BuzzSumo

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.

4. Crowdbooster

Crowdbooster

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.

5. CMI

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.

6. DataSift

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.

7. Talkwalker

Talkwalker is a paid tool that offers social media competitive analysis. It helps you see what your competitors are up to and how they’re connecting with their audience. By using this tool, you can figure out the best strategies for your own social media marketing to get great results. While it might be pricier than some other options, it offers a lot of additional features for a comprehensive solution.

Final Words

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.

FAQs

What is social media competitor analysis?

Social media competitor analysis is a strategic process where businesses examine and evaluate their competitors’ social media activities. It involves analyzing their online behavior, communication with followers, content strategy, and overall presence to identify strengths, weaknesses, and opportunities for improvement in your own social media strategy.

Why is social media competitor analysis Important?

The importance of social media competitor analysis lies in its ability to offer a holistic view of the competitive landscape. It helps in benchmarking performance, understanding audience preferences, spotting trends, revealing content gaps, and refining content strategies. This analysis is crucial for staying competitive and making informed decisions in your social media marketing efforts.

How can social media competitor analysis enhance my marketing strategy?

Enhancing your marketing strategy through social media competitor analysis involves identifying what types of campaigns are successful for your competitors, understanding the frequency and type of content that resonates with the shared audience, and incorporating successful aspects of their strategies into your own to improve engagement, reach, and overall performance.

What Are the Steps for Creating a Social Media Competitor Analysis?

Creating a Social Media Competitor Analysis involves several key steps: identifying your main competitors, defining your metrics for comparison, gathering relevant data using analytics tools, analyzing the data to spot trends and opportunities, identifying areas for improvement in your strategy, crafting a tailored strategy based on insights, and continuously monitoring and adjusting your approach based on competitive landscape changes.

What Tools Can I Use for Social Media Competitor Analysis?

Tools for Social Media Competitor Analysis range from free to paid solutions, including Synapview for basic analysis on platforms like Facebook and LinkedIn, Brandwatch for brand mentions analysis, BuzzSumo for content success metrics, and advanced tools like Talkwalker for comprehensive social media insights. These tools help businesses track, analyze, and compare their performance against competitors.

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