A good social media marketing strategy is not only about monitoring and measuring your own growth. You also need to look out for what’s happening in your industry.
To be on top of your social media game, only focusing on your own social media growth will not help. You will also have to be well aware of how you stand in comparison to your competitors.
Social media platforms are brimming with competition and if you want to stand out from your competitors in the market, you need to actively analyze their performance and activities and benchmark them against your own.
A social media competitor analysis helps you dig deeper into your industry and provides you with insights about your competitors. Using these insights, you can build effective social media marketing strategies for your brand. Let’s get started with a social media competitor analysis by following these steps-
Identify Your Social Media Competitors
To get started with your social media competitor analysis, you need to be clear about who your competitors are. While it is easy to identify competitors when you are operating in the local context, it is not the same for social media.
You have to watch out for competitors from across geographical borders when measuring your performance on social media. A good way to identify your competitors is by looking at brands that are offering products similar to yours, and are also targeting the same audience segments as your own.
Conduct thorough research about who your competitors across social media platforms are and stack them up in a list. You will be needing this list of competitors in all the steps that follow now.
Start Gathering Insights And Intelligence About Your Competitors
Now that you have your list of social media competitors, you need to employ a good tool that will help you track their activities and performance.
Unbox Social offers a competition tracking tool that helps you gather important insights and intelligence about your competitors. Dig deeper into your industry with the tool’s brand sentiment analysis. Knowing what your audience thinks about your competitors can offer deep insights into what you can do to improve your own performance. It gives you a clue as to what you can do to enhance the experience for your audience. Use this tool to also get a grasp of all the topics trending in your industry.
Monitor your share of voice to understand where you stand against your competitors in the industry. Measure your position in comparison to that of your competitors in terms of your interactions as well as posting consistency. Use the derived insights to create an efficient content delivery strategy. Take cues from this information to create content that generates better engagement levels.
Using comment analysis, you can extract important information about competitors’ performance from audience conversations. You can use the comment analysis to dig deeper into what your competitor brands are up to. Understand what kind of content is working for your competitors and use this information to build more engaging and effective social media campaigns for your brand.
Benchmark Your Performance Against Your Competitors’
Once you have gathered all the data about your competitors, you need to start benchmarking your performance against that of your competitors.
Using a social media analytics tool, track all the important information associated with your social media performance. Know how your content is faring amongst your audience, and capture important social media KPIs like engagement, and reach.
Compare all your data against that of your competitors. Collate all the numbers that you have gathered, into an excel sheet. Start segregating across platforms and further bifurcate by different metrics. This will help you gain a better perspective of how your social media performance is faring across social media platforms, as against your competitors.
Once you have compared your numbers against that of your competitors, you will be able to understand what all you need to do to improve your performance. This takes us to the next step, that is, leveraging competitor analysis data to enhance your social media strategy.
Optimize Your Social Media Strategy
The exercise of conducting a social media competitor analysis would end up going in vain if you don’t have a plan of action to learn from it.
Now that you know which aspects of your social media activities you need attention, you can start working on enhancing your performance. Take cues from your social media insights to create a social media strategy that helps you gain an edge in the industry, against your competitors.
Work on your strengths and weaknesses. Inculcate all the good practices that your competitors are following, into your own social media strategy. Learn from all the strategies that helped your competitors achieve better engagement levels and a positive audience sentiment.
Conduct competitor analysis regularly if you want to stay ahead of your competitors. The idea is to constantly revamp your strategy and win the trust of your target audience in the process.
WINDING IT UP
Measuring your own social media growth is important. But, if you want to gain an edge over your competitors, you need to dig deeper. With the help of a social media competitive analysis, you can build a strategy that puts you ahead of your competitors in the industry. Here’s a quick snapshot of our guide to social media competitive analysis:
- Get started by identifying your social media competitors
- Analyze your competition using a competition tracking tool
- Track your own social media performance and benchmark against that of your competitors
- Use insights to build a more effective social media strategy that helps you gain an edge in the industry