Analysing your industry competitors does not have to be complicated and an overload of data. When it comes to competitor analysis people usually think there is going to be a never-ending process to the same. Competitive analysis in marketing is rather simple and can be carried out without any fuss. While there are many social media competitor analysis tools that can help you out, it is important to know which parameters are crucial to analyse and compare.
In most cases, brand managers end up comparing metrics that are not relevant to their comparison motive. This can be a waste of time and resources.
To get a detailed and useful competitors analysis report, it is important to know the competitor analysis framework.
Instead of just comparing the number of likes, comments, and shares, one needs to focus on deeper factors.
There is no one perfect way to research competitors but in this blog, we will give you a checklist for the same which will make competition tracking a super easy task.
It is true that every business/brand nowadays strives to be unique and this also gives rise to the question why one needs to analyse competitors. Let’s find out-
Why conduct competitive analysis?
- To know if you are targeting the right audience
- To understand how your competitors are performing
- To identify the unexplored audience base
- To gauge the response of the products and services
- To know what the competitors are doing to keep the consumers engaged
Before following the checklist, brand managers must be aware of their industry competitors. This is the basis of tracking competitors’ activity. If your selection for competitors is not well researched then the entire process of competitor analysis can go in vain. Make sure you create a list of competitors carefully after examining your industry as a whole. Doing this homework can make the process a lot easier.
Checklist for Competitor Analysis
1. Analyse their presence on the internet
Now that you have your list of competitors, the first thing you need to do is check their presence on the internet. Start by checking their website. Note down what they have highlighted, the services they offer, their USP, and other elements. Once you are aware of their business style, take note of their presence on social media platforms. Most businesses mention their social media handles on their websites.
2. Note the keywords they are showing up for
Every industry has a set of trending keywords and your competitors are likely to show up in those. This will help you understand what the audience is searching for and who is coming up on the search results. This method can also bring up businesses that may be your indirect competitors. Compare the search results and note when your business comes up in the results and which keywords you need to target for a wider reach.
3. Take up every social media platform they are active on
Social media will give you a goldmine of information on your competitors. Nowadays there are platform-specific tools like Instagram competitor analysis tools, Facebook competitor analysis tools, and so on to help you analyse. Apart from relying on these tools, you must keep a watch on your competitors’ social media activity on a regular basis. Analyse one platform at a time and compare your brand with it. This will help you see the level of competition too.
Initially, start by checking the frequency of posts, ads, and audience reaction.
4. Check the audience they are catering to
Every content or marketing strategy boils down to one thing and that is how the audience will respond to it. This is why audience analysis is extremely important in competition tracking. Social media competitor tools like Unbox Social can give you detailed insights into the audience demographics. By tracking the audience of your competitors you can also measure your campaigns.
Figuring out the audience of your competitors will tell you whether you are targeting the right audience. Additionally, it will also help you understand the psyche of your audience.
5. Compare the post performance
Some brands click with the audience because of their strong social media presence. This means that their content is fetching a lot of audience attention. In order to decode this, it is necessary to compare the post performance. Check the social metrics like engagement rate, reach, number of likes, comments and shares, and follower growth. This exercise can take up some time because along with metrics comparison you must also check the tonality of the content. Be it Twitter competitor analysis or Instagram competitor analysis, this needs to be done for all platforms wherever your competitors are present. See whether they are posting more videos or are they active with image-oriented content. This will also help you create better strategies for your brand.
6. Take a look at their marketing technique
Brands these days have to come up with unique marketing techniques to keep the audience engaged. Check whether your competitors are using any unique strategies for promoting their products and services. Social media marketing plans usually include influencers. Find out whether your industry competitors are collaborating with any influencers for marketing. This will also help you see what kind of influencers are teaming up with your competitors and how they are expanding their consumer base.
These 6 points have to be a part of your competitor strategy analysis regardless of the industry you cater to. Let’s take a look at Unbox Social’s competition tracking tool.
Competition tracking tool- Unbox Social
The overview of the tool will give you a general account of your competitors’ performance on social media wrt basic metrics. This will give you an upper crust of where you stand amongst your competitors.
Share of Voice
The Unbox Social tool has a Share of Voice feature that will allow you to compare the conversations around your brand and the competitors. This is extremely crucial because it also brings to light consumer preferences.
The sentiment analysis feature of the tool will tell you how the audience is perceiving your brand as compared to the competitors. The tool classifies the sentiment into three categories namely- positive, negative and neutral.
Brand score on social media
The tool helps you understand where your brand stands in comparison to the competitors. The brand score is an indicator of how well your brand marketing strategy has performed.
The 6-point checklist will help you analyse your competitors effortlessly. Make sure you implement the data in your strategies to get the desired results. Here are a few more blogs to help you with competition tracking.