Building a successful social media strategy is not that easy. Right from creating effective content to targeting the right audience, it requires a lot. Another important element in forming a strategy is to know what the social media competitors are doing.
Facebook is one of the most crucial platforms for social media marketing and that makes Facebook competitor analysis unavoidable for brands. Even though there are competitor analysis tools available most brand managers are unaware of how to rightly measure the performance of their competitors.
Social media analysis and social media competitor analysis are two different aspects of measuring one’s performance on digital platforms.
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.
Facebook competitor analysis not only lets you understand what is clicking with the audience in your industry but also lets you identify what is not working.
In this blog, we’ll tell you how to conduct Facebook competitor analysis for your brand.
Steps to Conduct Facebook Competitor Analysis for Your Brand
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!
2. Get insights into your Facebook competitors’ audience
Knowing your audience is surely 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.
3. Know what content is not giving results to your competitors
A glance at your Facebook competitors’ posts will give you an idea of what is not fetching good engagement. You can avoid similar posts on your brand’s Facebook page! Learning from the mistakes your competitors are making will save you a lot of time and resources. Tracking your competitors on Facebook can also give you answers to questions like-
-What is the best time to post content?
-What content type works the best for a particular niche?
4. 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.
5. Analyse the audience sentiment on your competitors’ posts
Social media competitor analysis is not just comparing the number of likes, comments, and shares. Brand managers must also pay close attention to the audience sentiment. Analyse whether the comments are negative or positive. See whether they are complaining about something and whether the brands are replying.
6. Keep in mind your brand objective and compare crucial KPIs
To track your Facebook competitors, it is necessary to first know your brand goals. Know what you want to achieve from that campaign and accordingly compare the crucial KPIs with your competitors. This will also help you get to the root of why your strategies are not working.
It is manually not possible to conduct Facebook competitor analysis for every brand in your niche. This is why it is best to opt for a competitor analysis tool.
Unbox Social- Facebook Competitor Analysis tool
A competitor analysis tool can give you in-depth reports on your competitors. Unbox Social is a tool that helps you in competition tracking. Monitoring your competitors on social media should be a part of your analysis because only then can you spot the trends on the platform and curate effective strategies.
Here is how Unbox Social can help you conduct social media competitor analysis.
1. 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.
The glimpse below shows the tool’s overview board.
- Share of Voice
2. Get benchmarking report for competitor analysis
The benchmarking report gives you insights into how the audience is consuming your competitor’s content. Check the audience interactions on posts, see which content format gained the highest interactions, and know about the most engaging posts of your competitors.
The glimpse of the tool below shows the benchmarking comparison of competing brands.
- Audience interaction with each brand
- Interactions based on content format (Image, video, link, status)
3. Measure competitor performance based on audience and content
The tool also allows you to measure the audience sentiment towards competing brands, content themes your rival brands are posting on, and brand score. These insights can help you know about the topics you should cover in your content. Moreover, this data also tells you what the audience feels for a particular brand on Facebook. Know what they are doing right if the sentiment is majorly positive and vice versa!
The glimpse of the tool below shows the competition analysis of brands on the basis of audience and content.
- Brand Score
- Audience sentiment analysis for competing brands
- Sentiment analysis by emoji
4. Get in-depth details on brand post and track competitor performance
This competitor analysis tool also allows you to measure post-wise performance for competing brands. This social media data helps you understand what kind of content works in your niche.
The glimpse below shows the post performance metrics for a post.
Having a social media competitor analysis tool can give you accurate insights into your competitors. Moreover, the reports from competitor analysis tools help you track your competing brands regularly.
Tracking Facebook competitors needs to be done smartly by measuring crucial metrics. Brands managers often pause at pages likes and followers but there’s a lot more to these analyses.
PRO TIP- What to Track in doing Facebook Competitor Analysis?
Every metric reveals something that can be fruitful in framing marketing strategies. In order to decode your Facebook presence in comparison to your competitors, you need to read between the lines!
Here’s what you should pay attention to when conducting Facebook competitor analysis.
1. Checking the interactions of your Facebook competitors
Knowing about the interactions will automatically tell whether the brand content is being liked by the audience. You can alter your brand content based on the interactions garnered by your competitors.
2. Track the most engaging posts of your Facebook competitors
Everything on social media revolves around what you post. Make sure to check which post of your competitor gained the highest engagement. With this data, it becomes easier to frame content that clicks with the audience. Moreover, it will also tell you about the content format that gains the most engagement.
3. Keep a track of the brand score
Rely on a competitor analysis tool to know about the brand score. The brand score is calculated on the basis of engagement rate, quality of interactions, sentiments of the audience, and content. This score gives you an overall understanding of how each brand is faring on the platform and where you stand.
The three points mentioned above are critical and need to be tracked regularly. Want to know more about Facebook analysis? Check out the blogs below.