Every industry has top players and newcomers and businesses have to study both these brackets carefully to create meaningful strategies. Having a competitor analysis framework is necessary because it tells you where you stand amidst your industry contemporaries. Moreover, the competitive analysis framework also tells you how well your strategies have performed as compared to competitors. All this data can help you plan better strategies for reaching brand goals and objectives.
Brand managers tend to analyse all the social media metrics when they conduct competition tracking. But they often forget to take a look at the hidden details in the reports.
Keeping a track of competitors’ activity is an important task because it helps in the evaluation and upgradation of marketing plans. But what more can a competition tracking report give other than numerical comparisons of metrics?
In this blog, we will tell you about the lesser-known insights that most brand managers miss out on in their competition tracking reports.
To get deep insights into what the competitors are doing, it is best to rely on competitor analysis tools. Choosing the right tool can save you a lot of time and resources. Tools like Unbox Social are equipped to give you timely reports so that you don’t ever miss out on competitors’ data.
Some crucial insights in the reports can make a huge difference in how you plan your brand strategies. Missing out on these tricky insights can be a disadvantage of sorts!
To make optimum use of the competitors’ research data, it is necessary to identify those details closely. Let’s take a look.
Crucial Details Hidden In The Competitor Analysis Report
Identify the social media platform that works the best
When you examine the competitors’ data take a look at the social media platforms they are active on. When you analyse the metrics of each platform you will know which platform is giving them more results. This can tell you which social media platforms work best for your niche and where you can find your audience. Additionally, if you are on any of the social media platforms, the reports will tell you whether you should be active on any of the other platforms. This helps you craft social media plans for achieving brand goals and objectives. The report will also highlight if you are missing out on any crucial social media platform.
The types of content your competitors are using
Social media competitor analysis will bring to light the content types being used by your competitors. Take a look at the posts that are fetching the highest engagement and reach, compare your posts with the high-performing posts of your competitors to know what kind of content works. This will save you the effort of trial and error. Moreover, if you have not explored a particular content type you can take inspiration from your rivals and start upgrading your content strategy.
Audience reaction to the competitors’ posts
The content performance numbers will tell you how the audience is reacting to your brand posts. The performance of a post signifies how well the audience is consuming the content. The Share of Voice feature on various competitor analysis tools also give you an insight into how the audience is talking about your competitors as compared to your brand.
Note their publishing schedule
Brand managers must also keep a check on their competitors’ posting schedule and several tools give that data. Apart from checking the likes and comments, one must also keep a check on the frequency of the posts and how they are scheduled. This will tell you whether you are posting the right number of posts each week or you need to increase or decrease the post count. These things matter a lot because it impacts the audience’s behaviour indirectly.
Check what they are posting about
The competition tracking process brings to light what your industry rivals are posting about. The topics they create content on can help you frame effective content strategies. Check what kind of posts are fetching them high reach and ER and try to cover those topics in your posts. In many cases, you can also find out what is trending in your niche with the help of competitor analysis.
Competitor analysis in marketing is not just to increase the number of likes and followers. This process streamlines the way you communicate with your audience and the manner in which you put across your brand message. The best way to get the most out of this analysis is to create a competitor analysis strategy. Note down the things you want to find out about your competitors and carefully examine the reports to get the details. This will also bring you closer to your brand goals and objectives. Competitors’ research has to be carried out smartly so that you can implement the information in your strategies without making it obvious.
Adding to the stated, make sure you take a look at the Unbox Social tool to get all the competitors’ data you need for framing a powerful marketing campaign. The tool is comprehensive and will provide you with deep insights which are super useful.
Hope this blog will help you understand how to make optimum use of social media competitor analysis. Here are a few more blogs to help you with competitor analysis and competition tracking.