4 Steps To Complete A Social Media Competitive Analysis entails and how you can perform one. A competitive analysis is an excellent way to get started if you want to compare your social media and marketing strategies against the competition. This analysis allows you to gain insights into your competitors’ actions on various platforms.
The tactics they have used for potential opportunities can help you to improve your strategy. In this blog post about we will provide an overview of what the 4 Steps To Complete A Social Media Competitive Analysis entails and how you can perform one.
Step 1: Identify Your Competitors
Identifying your competitors is the first step in performing a social media competitive analysis. As an example, suppose you own an online clothing store. Your competitors might include other online clothing stores or brick-and-mortar stores in the same geographic area that offer similar products. After you’ve identified your competitors, the next step is to gather data about their performance on various social media platforms.
Do a Google search including your competitive keywords. In this case, it could be “clothing store” or “clothing store near me.” Google Adwords Keyword Planner is a great tool that is free to use.
Step 2: Gather Platform-Specific Data
Social media platforms offer a wealth of data that can be used in competitive analysis. For example:
~Followers – how many followers do they have?
~How often are they posting?
~Stories – how often do they post to stories?
~How many comments are they getting on posts?
Are they using a link in the bio tool?
You must collect data from all relevant social media platforms to comprehensively understand how your competitors perform across all channels.
Step 3: Analyze Competitors’ Strategy
After you have gathered the data from each platform, it’s time to look for trends or patterns. This may indicate areas where there is room for improvement in your strategy.
As an example, suppose one of your competitors is outperforming you in engagement rate. It might be worth exploring to see why this is happening and seeing if any changes could be made to help boost engagement on your accounts.
Pay close attention to any unique tactics or strategies they may be using, as these could provide valuable insights into how best to approach your social media campaigns.
Step 4: Include Social Listening In Your Research
Social listening is essential to stay ahead of the competition by understanding what your audience is saying about you and other social media brands. Social listening provides valuable insights and metrics about a brand’s presence, allowing for in-depth competitive analysis of social media.
Through sentiment analysis and keyword search, social listening can tell how customers interact with your competitors. With this valuable data, you can alter your social media strategy. This will help you to become more competitive.
By stepping up your social media competitive analysis through social listening, businesses can create a data-driven approach to marketing that will help them outpace their competition.
Performing a social media competitive analysis can provide invaluable insights into how well your competitors perform on different platforms and where potential opportunities exist to improve your strategy. The steps outlined above will give you valuable information about what works (and what doesn’t). We hope you enjoyed our article on 4 Steps To Complete A Social Media Competitive Analysis. With this information, businesses will be better prepared to optimize their strategies and stay ahead of the curve!
Not sure where to start? Feeling overwhelmed? Companies like Hootsuite, Semrush, and Sprout Social are able to do it for you.
If you want assistance along this pursuit, don’t hesitate to contact Netvolution today! Netvolution has been providing successful web solutions since 1997 – Let’s work together to ensure yours is next!
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