Struggling to stand out from the online competition? Social media competitor analysis can help. Let’s understand social media competitor analysis and how to do it.
Introduction to Social Media Competitor Analysis
In this digital environment where everyone is going towards digital marketing, it is hard to stand out in the digital crowd. For new brands and businesses, it gets overwhelming to enter the online marketing world, and they often do not know what to do. Operating a social media analysis may be helpful to get knowledge of social media marketing and industry updates.
In this blog, we will discuss all you need to know about social media competitor analysis, including how to do a competitor analysis on social media.
What is a social media competitor analysis?
A social media competitor analysis is a process that evaluates your competitors’ social media performance and different aspects of their online marketing, like strengths, weaknesses, and content, to learn how others work in your niche and observe to help your brand make an effective social media strategy.
How to do a social media competitor analysis.
It might sound complicated, but doing a social media competitor analysis is simple and easy. The following are strategies for doing a social media competitor analysis:
1. Identifying your competitors.
You can use many sources, like niche, audience, and industry, to identify your competitors. You can use industry-related hashtags and keywords and find brands that use the same to make a competitor list.
2. Decide key metrics to analyze.
You need to determine the key elements that you will analyze in your competitors’ social media. It is beneficial to select metrics that help in making a social media strategy to anticipate their strategies and improve yours. Some of the key metrics to analyze are:
- Audience demographics like:
- Age
- Gender
- Location
- Interests
- Content type:
- Video
- Image posting
- Blogs
3. Analyze competitors’ content strategy.
Analyzing how your competitors share their content online may help create your effective content strategy. Many crucial elements are decided before making a content strategy and it impacts your rankings, audience interest, and even engagement and lead generation. Components to find for content strategy:
- Content type
- Time of posting
- Consistency in posting
- Engagement tactics
- Hashtags and keywords
- CTAs
- Captions
4. Tracking competitors’ social media tactics.
You need to watch closely to track their social media marketing strategy and tactics. Observe the tools that competitors might use and take the best of them that you are suitable with. Keep in check the following:
- Social media management and analytics
- Paid content
- Advertisement posts and sponsored posts
- Influencers they collaborate with
- Their interaction with the audience
5. List out the strengths and weaknesses of competitors.
Evaluating your competitors’ strategies and finding their strengths and weaknesses might work as a master move in your social media competitor analysis.
You can easily examine many elements, such as engagement metrics, by checking their top-performing posts and comparing them to their followers, you can determine their reach by seeking their content type and demographics, and you can check their creativity in their campaign designs, etc.
This will provide you with an opportunity to improve your brand metrics to match their strengths and fill the gap of their weaknesses by improving yourself better than them to outshine your competitors and stand out for the potential audience.
Conclusion
Today, we need more than just content to survive and stand out in the online crowd, and that is excellence. You need to be better than others in your niche and assert dominance. That is only possible when you master social media marketing, create a strategy, and fill the gap of remaining mistakes and improvements through social media competitors’ analysis. You can thrive your brand on social media with the right analysis and tactics.
You can also contact a social media marketing services provider to achieve your online goals effectively and efficiently. ArrowPace is a leading company dedicated to providing you with the best social media marketing services. Get your free consultation today!
FAQs
Q1: What is a social media competitor analysis?
Ans: A social media competitor analysis is a process that evaluates your competitors’ social media performance and different aspects of their online marketing.
Q2: Why is social media competitor analysis important?
Ans: Social media competitor analysis is important because it provides information about competitors, like their engagement tactics, content type, strengths, and weaknesses.
Q3: How do I know which content works for my competitors?
Ans: You can check their top-performing posts and check for posts with the most likes, comments, shares, etc. to determine audience engagement.
Q4: Is it enough to analyze competitors once?
Ans: No, you should perform competitor analysis from time to time and check their activity regularly.
Q5: What is the first step in competitor analysis?
Ans: The first step is to identify your competitors by researching businesses in your industry or niche.
