Competitor analysis is one of the key aspects of marketing activities. Competitor analysis in social media is particularly important today. Learn what it entails, what it comprises, and the benefits you can gain from conducting a thorough competitor analysis in the realm of social media for your business.
What is the purpose of competitor analysis in social media?
Competitor analysis is used to identify who your competitors are and how they operate. Analyzing the profiles of competing companies or organizations can be a treasure trove of information. It allows you to learn where your competition is present on social media, what kind of content they publish, how frequently they post, how quickly they respond to inquiries, and whether they are effective in their efforts. By comparing this information to your own activities, you can identify your strengths and weaknesses, which is essential for improving your own endeavors.
What does competitor analysis in social media consist of?
Competitor analysis in social media can be divided into several stages.
- Identify your competition: This is the first and crucial step. You need to know which businesses compete with you. Some of them you may already be aware of, while others can be found by entering relevant industry-related keywords into Google and checking which companies are advertising there or are ranked at the top. For local businesses, it’s worth checking Google Maps to see what’s nearby. Choose around five main competitors to focus on.
- Monitor your competitors’ actions: The next step involves carefully examining what each of these competitors is doing on social media. It’s important to investigate various aspects, such as the social media platforms they use, the number of followers they have, whether followers engage with their content or use it solely for information, and the details like which hashtags they use and how people respond to their ideas.
- Conduct a SWOT analysis: The SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) helps you identify your strengths and weaknesses, reveals where you have opportunities for growth and improvement, and identifies potential threats.
- Establish a consistent social media monitoring strategy: Competitor analysis should be conducted regularly. It’s a good practice to use automated tools that track and analyze various parameters related to the activities of different brands on social media and beyond. Utilize this data to enhance your business’s performance.
What tools will you need for social media monitoring?
For continuous or periodic social media monitoring, you can use various paid tools:
- Senuto: A comprehensive analytical platform that allows you to gather diverse types of knowledge. It can be used to monitor three competitors and provides a vast keyword database.
- Similarweb: This tool will automatically show you which websites are competitors for your site.
- Hootsuite: A social media management tool used by large companies as well.
- Brandwatch: A tool for visually representing the online discussions about your competition.
- Synapview: Monitors competitors and hashtags on blogs and Reddit.
- Mentionlytics: An analysis tool that scrutinizes the actions of brands on platforms like Facebook, Twitter, Instagram, YouTube, and others.
- Talkwalker: Engages in monitoring across numerous platforms, expanding the analysis beyond social media. Sometimes, it’s beneficial to see what your competition is doing elsewhere and what’s being said about them.
If you desire a comprehensive and professional analysis, consider hiring us – we will undoubtedly provide you with a professional and valuable report regarding your competitors’ activities as well as your own.
What will you gain from implementing the insights from social media competitor analysis? Certainly, one of the benefits you can gain is greater visibility on social media, which naturally translates to more opportunities. This occurs because by observing your competitors, you gather ideas. For example, if everyone is running contests that attract a large audience, you can start doing the same. You also have the opportunity to avoid the mistakes your competition may have made.
Analyzing your actions allows you to better understand the people who follow you on social media. The more data you have about them, the easier it will be to tailor content and offers specifically to them.
