A well-informed, well-planned social media marketing strategy takes all relevant factors into account. Monitoring your competitors’ activity is as important as tracking your own activity. After all, there are various brands and businesses out there, competing for their own share of voice. Use a reliable social media competitor analysis tool to uncover vital insights.
You need to analyze your social media efforts with a fine-tooth comb, and for that purpose, you need to crack your competitors’ strategy. How often are your competitors posting? What are they posting? What can you learn from your competitors on social media?
Cisco, for instance, is one of the brands that has been investing in competitive intelligence to derive vital data and insights as a part of their market research. The brand is utilizing this competitive intelligence to explore the shifts in the market and offer a top-notch experience for their customers.
In fact, Cisco has created 2 Twitter handles where customers can approach them.
Like Cisco, you too can dive into competitive intelligence to unveil insights about your competitors. You can use this data to feed into your business strategies across channels.
In this blog, we will take you through the different steps that you need to take for building a social media strategy based on competitive intelligence.
Uncovering Your Competitors’ Social Media Strategy
First and foremost, you need to get a social media competition analysis tool. The social media competition tracker by Unbox Social offers in-depth competitive intelligence.
So, without much further ado, let’s get started with tracking your competitors’ activity.
1) Start Creating Competition Buckets
Begin with creating competition buckets. Add the relevant details of your competitor (s) here and the tool will start tracking all your competitors’ activity.
You can create multiple buckets with up to 5 competitors and gather vital insights about their activity on different social media platforms.
2) Capture Competitors’ Performance Overview
Capture the larger picture with the help of an in-depth overview of your competitors’ performance.
To begin with, look at your competitors’ follower size.
How many followers do they have?
Look at their overall engagement metrics.
What is your competitors’ engagement rate on social media platforms? Which one of their social media posts drew most engagement?
Create a well-informed strategy for your brand by keeping an eye on your competitors’ performance. As a part of measuring your ROI, you must also capture your competitors’ activity on social media.
Here’s a snapshot of the competition tracker by Unbox Social:
Now that you have captured the larger picture and know how your competitors are faring, you need to dig deeper into the more intricate aspects of your social media strategy.
3) Gather The Frequency Of Posts
Find out the total number of posts that your competitors are putting out on their respective social media handles, during a given time period. The frequency of posts plays an important role in determining the audience’s response and overall brand performance.
In fact, knowing what number of posts your competitors are putting out helps provide context to other vital facets of your competitors’ performance.
The Social Media Competition Tracker by Unbox Social allows you to look into the total number of posts that your competitors are putting out during a given time period. Along with this number, the social media competition tracker breaks down the content format for the posts they are putting out.
Here’s a snapshot of the tool insights. Each color represents a different competitor brand.
4) Grasp The Audience Response To Competitors’ Content
Get a sense of how your competitors’ audience is responding to their content with the help of vital insights that this tool provides.
Look into the different types of responses that your competitors’ audience has made to the content that they are putting out.
These insights help you get a sense of what kind of reactions your competitors are evoking through their content.
The tool also provides you with insights on how the audience is responding to every content format that your competitors are putting out.
Finally, get a context into the different themes around which each of your competitors are creating content.
The tool provides you with important insights including the total number of posts dedicated to a given content theme. At the same time, the tool also provides you with the average engagement rate for the content surrounding a given content theme.
In this sense, you can understand what kind of content is working for your competitors and what isn’t.
5) Dive into In-depth Content Insights
Finally, dive into in-depth insights into every content piece that your competitors are putting out. Capture the important metrics for every post that they put out on the platform.
Take cues from your competitors’ content and accordingly create a winning strategy for your brand.
Look into important post-wise analytics including the total number of likes received on a given piece of content, the average engagement rate generated, the number of comments and interactions.
Summing It Up
Using these competitor insights, you can get a sense of your competitors’ strategy. With the help of social media competition tracking, you can build an effective, well-informed strategy that takes the competitors’ strategy into account.
With the help of the following aspects of your social media competitors’ activity on social media, you can get a grasp of how often you should post and what you should post on platforms:
The frequency of posts that your competitors put out during a given time period
The audience’s response to your competitors’ posts on social media
In-depth insights for every content piece including the total number of likes, comments, and interactions, along with average engagement rate