Every brand has to face competition from its industry rivals. Both direct and indirect competitors have an impact on how your brand performs on social media and how the audience consumes your brand content. This is why it is necessary to analyse social media competitors regularly. Building brand identity on social media has become more challenging now because every product and service now has a competitor. This also applies to the content creation process. Brand managers have to rely on different content forms to distinguish their brand from the contemporaries.
Coming up with a trend and expecting it to go viral is almost like a dream! With an overload of content on all social media platforms, it is important to detect what is not yet done by the other players in the industry. This is when competitor monitoring comes into the picture.
Social media competitor monitoring is not just about comparing your brand with the industry rivals. It is more about analysing what is making other businesses a success story on social media. Brand managers need to observe how the competitors are using each of the platforms and which strategy is working for them. This will also give you an idea of what the audience prefers.
Social media managers know the significance of competitor monitoring but what they fail to do is track crucial factors. Simply counting how many posts your competitors upload or how many followers they have is not enough.
To build a strong social media strategy with the help of social media competitor analysis tools, it is essential to measure more than likes and followers.
In this blog, we will tell you about the 5 most important things you must know about your competitors.
5 Things You Must Know About Your Competitors on Social Media
The basis of every social media strategy is the audience. Brands need to set an audience base to market their products and services. The first thing you must know about your social media competitors is their audience base. This is important because it tells you whether you are missing out on an important audience set. Moreover, it also tells you who your competitors are targeting. The audience demographics will give you a deeper insight into what you must look for when setting a target audience for a campaign.
How similar are their offerings to yours?
Generally, when it comes to competitors they are usually businesses offering similar products and services. Try and find out how their offerings differ from yours. This will also help you frame result-oriented strategies wherein you can highlight those differences. This helps audiences differentiate between brands. Moreover, it will tell you what more you can do to upgrade your products and services.
Discover which social media platforms your competitors are active on
In many cases, brand managers target only popular social media platforms. There is a possibility that you are missing out on an important consumer base on some other platform. To find out that, it is necessary to see where your competitors are active. This will also give you a path to discover a new audience base. Sometimes lesser popular platforms can also be of help in terms of brand awareness and increase in sales.
Analyse the brand’s content style
The identity of a brand on social media is recognised through its content. Check the content style of your competitors. Check which content format your competitors are using to market their products (text, images, videos). Moreover, you can also check if they are using the newly launched features of different social media platforms. This will help you understand what kind of content you need to create for your audience.
Gauge the weak points of your competitors
Competitor analysis tools come in handy when you want to know where your competitors are falling short. This gap can be a hidden opportunity for you as a brand. Brands can often fail to connect with the audiences because they lack in one of the marketing areas. With the help of competitor monitoring and analysis, you can detect those loopholes and create a strategy that has no such gaps.
Now that you know what to monitor, let’s dig into the features of Unbox Social’s competition tracking solution.
Monitor Competitors with Unbox Social
Unbox Social is a comprehensive tool that offers competition tracking solutions. Let’s look at some of the crucial features of the tool.
The Unbox Social has a competition benchmarking feature that allows you to see how your brand is performing on social media in comparison to the competition. The graph will give you comparison details for content, audience, and posts.
Share of Voice
Share of Voice tells you how the audience is perceiving your brand on social media as compared to your competitors. This feature detects the conversations happening around your brand which helps you create better strategies for the future.
The tool provides data on sentiment analysis which helps in figuring out how the audience feels about your brand as compared to your competitors. The feature classifies the sentiments into three categories namely, positive, negative, and neutral.
The Unbox Social tool will give you a brand score that will help you measure your brand performance in comparison to your competitors. The brand score will give you a direct account of what is going right and wrong with your competitors This is extremely useful for framing social media marketing strategies.
Hope this brief guide will help you monitor competitors. Be it Facebook competitor analysis or Instagram competitor analysis, make sure you choose the right tools and measure the necessary parameters.
Check out a few more blogs to ace your competition tracking and monitoring process.