Research is the most crucial part of social media marketing. Competitor research has found a strong holding in the marketing processes lately. Every social media platform is home to innumerable competitors and this has given rise to competitor analysis. The social media giant Facebook is first on the list for marketing activities. Every brand and business wants to market on Facebook simply because it has a huge audience base. But is creating viral content enough to make an impact? Sadly, the answer is no. Facebook competitor analysis will help you monitor your competitors on the platform which will help you frame effective strategies.
Even though there are competitor analysis tools available most brand managers are unaware of how to rightly measure the performance of their competitors. In social media competitor analysis, you conduct a thorough analysis of your industry competitors to identify their social media strategies. This analysis tells you what you need to improve in your social media plans to better your results.
Facebook is a crowded platform with all brands fighting for users’ attention. It becomes all the more necessary to know what is being liked by your audience and how are your competitors keeping the audience engaged.
In this blog, we will focus on Facebook competitor analysis. The problem with winning on Facebook is that every strategy you try as a brand/business might be already out there! This makes competition analysis all the more necessary.
But how to conduct Facebook competitor analysis? Let’s find out.
Steps to Conduct Facebook Competitor Analysis for Your Brand
Step 1- Identify your Facebook competitors
To analyse your competitors on Facebook, you must first know who your competitors are. Look at the top players in your industry and brands that offer products and services similar to yours. This will help you identify your competitors.
One of the ways to find competitors is to do keyword research and see which brands are using keywords related to your niche. Several lesser-known brands may also come up in your search! Divide the set of competitors into direct and indirect and accordingly check which ones you need to analyse and keep a check on.
Step 2- Know what you intend to discover from competitor analysis
Every competitor research plan has goals and objectives. Before you jump to note down your competitors’ followers, likes, and other metrics make sure you are clear of what you wish to achieve from the research. Keep a check on your goals and objectives and accordingly structure your Facebook competitor analysis plan.
Step 3- Start collecting data for metrics that are important to your research
It is necessary to start collecting data once you have identified your industry competitors. Conduct Facebook page analysis to get data on crucial metrics like followers, likes, comments, and so on. With the help of tools like Unbox Social, you can also get data for ER, sentiment analysis, and lots more. Create a spreadsheet and add all the elements you need to compare.
Step 4- Get insights into your Facebook competitors’ audience
Knowing your audience is the key to framing effective marketing strategies but knowing your competitors’ audience can also help a lot. Identifying who your competitor is catering to can tell if you are missing out on a particular audience set. It helps discover a passive audience base too.
Competitor analysis tools can help you get in-depth insights into audience demographics. The audience analysis will tell you whether you need to redefine your audience base and if you need to change your strategy to connect with them.
Step 5- Analyse their content strategy
Content is the driving force behind every brand’s position on social media. When conducting Facebook competitor analysis it is necessary to analyse the content strategy too. Keep a check on the competitor’s post frequency, content tonality, content forms, and so on. Take a look at what kind of content is fetching them the best results. Are they making use of videos? Is your rival brand hosting live sessions to attract the audience? Have answers to such questions to know their content strategy.
Step 6- Check who they are collaborating with
Influencers are a crucial part of social media marketing strategies. The social media influencers you choose can also impact your post performance. Keep a check on the influencers your competitors are opting for. This will help you shape your future marketing strategy and will help you in influencer selection. Brands often connect with industry experts too in order to keep the audience engaged. Such insights can help you figure out which new strategies you must try for your brand on Facebook.
Step 7- Take into account your competitors’ mistakes
The best way to get the most out of Facebook competitor analysis is to learn from your rivals’ mistakes. Simply taking note of what is performing well will not help. Make sure you identify the loopholes in their strategy so that you can save time and resources on trial and error.
These steps mentioned above will help you analyse your Facebook competitors thoroughly. Well, there’s more to this! Manually you might only be able to get basic data on your Facebook competitors. With the help of a tool, you can get deep insights into how your competitors are performing on Facebook. Let’s take a tour of how Unbox Social can help you with Facebook competitor analysis.
Unbox Social- Facebook Competitor Analysis tool
Unbox Social has three solutions that are super helpful for social media namely, influencer marketing, competition tracking, and social media analytics. Here is how the competition tracking solution helps with Facebook competitor analysis.
1. Compare ten competitors at once
If you are tired of opting for multiple Facebook competitor analysis tools to compare a different set of competitors, Unbox Social can help you. The tool allows you to compare ten competitors at once. This will save you a lot of time and will also help you gain a deep insight into your rivals.
2. Get an overview of competitor performance
The moment you land on the Competition Tracking solution of Unbox Social you will see an overview of your competitors. This overview gives you details for your social media competitor analysis. The overview will give you details on metrics such as fans, total posts, interactions, engagement rate, and the most engaging post. This social media analytics will give you an idea of how each of your competitors is faring on the platform.
3. Get detailed benchmarking reports
The competition tracking solution of the tool gives you detailed data on how your competitors are performing wrt audience interaction, post frequency, content format, interaction type, most engaging posts of a particular account, and so on. The benchmarking reports help you evaluate the competitors that can help you plan result-oriented strategies.
4. Find out about their content and audience
The two prime aspects that make or break a brand on Facebook are content and audience. The Unbox Social tool will give you a detailed account of everything related to your competitors’ content and audience. Check the brand score, audience sentiment, content themes, and much more. This is one of the most important parts of Facebook competitor analysis.
5. Check post performance
The tool gives you metrics for each post for each account. This will help you check which posts are working well for your competitors and what’s not working for them. Such insights can lead to a strong content strategy plan.
Facebook competitor analysis must be a part of your strategy planning because these insights give you a real picture of where your brand stands on the platform in comparison to the competitors. Check out a few more blogs to know more about competition analysis.