There are many ways to check what your competitors are doing on social media platforms but simply counting the followers they have or the likes they get on a post is not enough. Measuring social media competitors is also about analysing their content strategy, target audience selection, content presentation, and lots more.
Social media platforms have several features that need to be analysed for measuring brand performance and this is where social media competitor analysis comes into the picture. There are many ways to check the performance of industry competitors.
Competitors on social media need to be monitored closely because competition tracking gives you several details which make no sense if not analysed properly. Competitor insights can help you reassess your social media strategies and can help you fetch desired results. In this blog, we will focus on social media competitor analysis.
The fast-paced growth in the use of social media channels for marketing has made it mandatory of sorts to conduct social media analysis. Sure, there are several social media competitor analysis tools available, one must know the process of conducting this research.
Every digital marketer must know how to conduct social media competitor analysis in the quickest way possible. This does not mean you leave out essential data selection and analysis!
In this blog, we will help you conduct social media competitor analysis in 5 simple steps. These steps can be used to monitor and analyse brands/businesses on any social media platform.
5 Steps to Conduct Social Media Competitor Analysis
Step 1- Identify which metrics impact your sales and profits
The social media presence of a brand can have a heavy impact on the sales of its products and services. Most consumers now make buying decisions based on social media. The social media presence of a brand can either attract customers or repel them. But simply getting likes and comments does not mean your product is going to have high sales. Marketers must see which metrics are helping them reach their sales target. In most cases, brands enjoy a lot of likes but these likes fail to translate into sales. Likewise, some brands are not viral on social media but manage to generate a lot of profit.
So make sure you are comparing the relevant social media metrics when conducting social media competitor analysis.
Step 2- Note down the similarities and differences between your products and services
To convey what your brand offers, you must also know what your competitors are offering. Note down what makes their products and services unique. Identify what makes their offerings more valuable as compared to your brand. These pointers will help you frame social media strategies that highlight the features of your brand effectively. To get accurate insights, make sure to conduct platform-centric analysis like Instagram competitor analysis, Facebook competitor analysis, and so on.
Since every platform has different content features, the metrics to measure also differ. This is why it is best to choose each platform individually for detailed analysis.
Step 3- Keep a check on your audience base and your rivals’ target audience
Once you know which platform you want to analyse, take into consideration the audience base your industry competitor is catering to. This will help you check what kind of audience is responsible for their sales. Detect who needs your products and services with the help of this analysis. There is a possibility you might have missed a potential customer base.
Step 4- Track the pattern of their social media strategy
Brands often unknowingly form a pattern in their social media presence. The analysis will help you discover that pattern. Check the social media profiles and content of your industry competitors. You are likely to find a pattern wrt post formats, post consistency, content consistency, and so on. Know what kind of post strategy is fetching them higher engagement and try to implement the same in your social media campaign. In many cases, you will also come to know what does not work in the favour of your niche.
Step 5- Monitor the influencers your competitors are collaborating with
Social media strategies are now incomplete without the presence of influencers. Influencer marketing has changed the course of social media marketing and therefore, it is necessary to check the influencer marketing strategy of your industry competitors. Check which influencers they are collaborating with and what kind of content they are curating. The frequency of influencer posts can also tell you a lot about your competitors’ social media strategy.
Hope these five steps will help you track your competitors easily. Check out a few more blogs to streamline your competition analysis framework.
- How To Decode Your Competitor’s Marketing Strategy
- How To Enter New Markets To Beat Social Media Competitors
- How to do Competitor Analysis in 7 Steps (Includes 10 Competition Tracking Tools)