Analyzing the Competitions Social Media
With social media networks growing at a fast pace, using its data is a crucial part of your growth strategy. Daily, we see intense brand competition on social media from all sectors. Now how can you keep your brand on top of the competition? By scanning your competitors’ social media accounts.
By learning how your market moves, you’ll find the most effective ways to compare the strengths and weaknesses that will improve your brand. In this manual, we will show you the ropes on how to find, analyze & see the benefits of learning more about your competitors.
What is social media competitor analysis?
This process is what every successful brand uses in order to crush their competition. Social media gives the best insight and opportunity for you to see how you can grow your brand & its identity. Learning your competitor brands social media presence gives you an insight on what is already showing results within your audience. Upon doing so, you’re able to assess the strengths and weaknesses to help you develop your brand with a seamless strategy.
How is competitive analysis important?
This method, along with the other parts of your strategy will give you the change to:
1. Get personal with your ideal audience
Getting to know the audience you plan to market yourself in front of gives your brand the advantage to get better results because you took the time to understand them.
Things to look our for are:
- What platform is your audience using the most
- How they interact with your competitors content
- The time of day they are most active online
2. Rebuild your social Strategy
After you can see where your competitors have an advantage on your brand, you can take the time to start working on your new strategy. This analysis can give you the opportunity to put your brand’s best foot forward against the competition. The filled gaps between your strategy and theirs will give you a better insight for your own brands growth & the potential issues you may face.
3. Keep up with the winning content
Content is key when it comes to your social media strategy, and seeing where your competitors are doing it right- will help you in the long run. It’s proven that your audience will interact with the content that is aligned with their needs. Keeping up with this part of your competitors movement will allow you to be at the frontline of your audience’s reach.
After seeing what works, you can make space for your brand in the market by creating a unique and valuable experience to your audience with the content you decide to deliver.
4. Solidify your position in the market
Completing a social media analysis can level out the playing field so that your brand has a better chance of reaching your target audience. Your eye will be trained to seek out a more creative or even underused way to engage your audience.
Overall, these advantages will give your strategy a competitive edge, setting yourself apart from the rest.
Other resources used for my competitive analysis
Here is a list of specific social media tools that allow you to perform the most efficient analysis possible to help you build your strategy.
- Not Just Analytics – Monitor growth, hashtags, and engagement rate
- SocialMention – A search engine for collecting user-generated content on social media, blogs, news, and videos
- Socialbakers – A social media management tool that makes it easy to monitor all your social media platforms in one place
- Sprout Social – A suite of social media management tools for scheduling and analytics
- Sociality.io – Insights into your competitors’ paid ad campaigns, social media performance metrics, and content strategy
- BigSpy – A free tool for analyzing your competitors’ ads on social media
Great now let’s help you start!
This process should not be intimidating, especially after you familiarize yourself with the tools at hand. From Facebook, TikTok, Pinterest, Instagram, YouTube, or LinkedIn, follow these steps & everything will be a breeze.
Access your brands personal goals
The best way to compare your competition’s performance is to figure out what you want for your own brand.
Here’s some things you can ask yourself:
- What are your goals for marketing online?
- Are your goals aligning with your brand identity?
- What key performance indicators (KPIs) will you track to measure success?
- What is the desired audience you want to reach?
Pin-point your market competition
In order to follow through with the proper competitive analysis, you need to know where your competitors are & how they use it. Browse your market, between the small & the big competitors on the platform.
You can find your competitors by:
- Using google search
- Using the target platform
Collect and analyze data
And while you have your brand KPIs, here are the important social media metrics to track during competitive analysis:
- Account reach/impressions
- Number of followers
- Engagement rates
- Social media ad insights
- Share of voices
- Estimated organic traffic to the page
- Quantity of keywords the competitor
- PPC advertising cost
- Social media marketing costs
Create your strategy
Now that you have the tools you need to wipe away your competitors, lay it all out to get the seamless execution your brand deserves. Remember to keep tabs on your progress, and always look for new and creative ways to stay on top of the competition. By mastering these steps, you’ll keep your brand ahead of the crowd. Still need us? We’re here to help, book your call with us today so The Marz Agency can help your brand reach new heights.
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