This blog post, 4 Steps To Complete A Social Media Competitive Analysis, we will provide an overview of what 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.
Analyzing lets you understand your competitors’ actions on various platforms. The tactics they have used for potential opportunities can help you to improve your strategy.
Step 1: Identify Your Competitors
Identifying your competitors is the first step in performing a social media competitive analysis. For example, suppose you own an online clothing store.
In that case, your competitors might include other online clothing stores or brick-and-mortar stores in the same geographic area that offer similar products.
Once you’ve identified your competitors, the next step is to gather data about their performance on various social media platforms.
To do this, 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:
It shows many followers they have.
How often are they posting?
Do they post to stories, and how often?
Are they getting comments, and how many are on their 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
Once you have gathered the data from each platform, it’s time to it’s it and look for trends or patterns. This may indicate areas where there is room for improvement in your strategy.
For example, suppose one of your competitors is outperforming you regarding engagement rate.
In that case, it might be worth exploring why this is happening. Look for any changes that could be made to help boost engagement on your accounts.
Please pay close attention to any unique tactics or strategies they may be using. This 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 says 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 and knowledge, you can alter your social media strategy to become even more competitive.
Businesses can create a data-driven marketing approach to help them outpace their competition by improving their social media competitive analysis through social listening.
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.
Following the four steps outlined above, you can gain valuable information about what works (and doesn’t) in marketing and advertising campaigns.
With this information, businesses will be better prepared to optimize their strategies and stay ahead of the curve!
We hope you enjoyed reading 4 Steps To Complete A Social Media Competitive Analysis.
Not sure where to start? Contact Netvolution today for all of your website needs.