Choosing the right competition tracking tool for your brand can be quite tough because of so many tools in the market. Competition tracking is no longer just restricted to the comparison of likes, comments, and shares but is also about understanding the strategy of the industry competitors and then working on your own marketing plans.
Social media marketing has now become the most crucial part of businesses and brands. Most brands focus on their strategies but fail to compare their performance with the competitors strategically. Social media competitors are present in almost all niches. Analysing the competitor performance will help you improve your own strategies. Right from the tonality to the kind of content your rivals post, everything can be analysed and implemented for better results.
In this blog, we will tell you about how you can analyse competitors data with Unbox Social. One of the most preferred tools for competitor analysis, Unbox Social’s competition tracking features are a must for brands and businesses.
Features of Unbox Social’s Competition Tracking Solution
The Unbox Social tool allows you to benchmark your social media performance against your competitors. This will also help you detect what you need to improve in your strategies, unexplored audience base, and much more. The feature helps you observe competitors’ activity on social media and gives you a glimpse of where you stand in the industry.
Content analysis and comparison
Competitor analysis tools must have content comparison because social media works on content and that is what attracts or repels users. The Unbox Social tool has a dedicated feature for content analysis. The feature will give you competitors data in terms of the number of posts, types of posts, audience interaction, interaction for each content type, engagement rate as per content form, content themes, and much more. Additionally, this feature also suggests you posts that are worth promoting for each brand.
Competitive analysis also requires post analysis. Brands must analyse the posts by their competitors to understand their content strategy. By analysing the posts you will also come to know what works in your niche and what attracts the audience. Once you know the posts that garner the maximum engagement rate you can frame better content plans for your marketing strategy.
The Unbox Social tool has an advanced compare feature in which you can see the data for all your competitors with regards to most interacted posts, total likes, total comments, and post volume. Apart from the stated, you can also compare the keywords and hashtags by filling in the query. This will help you see on which themes your competitors are posting content and which hashtags they are using.
These four important features of the Unbox Social tool will give you the blueprint of what your competitors are up to on social media. Apart from the stated metrics, make sure to check the Share of Voice and the Brand Score on the tool too.
By now you surely know how to conduct competition monitoring but the basis of this analysis is to find competitors. Brand managers often stick to their immediate competitors which gives them not so detailed information. Let’s understand how to find competitors to compare and analyse.
How to Find Competitors
1. Study your overall industry
Before terming businesses and brands as your rivals make sure to study your niche thoroughly. This will help you choose your competitors in a strategic manner. Rope in your sales team, SEO team, and marketing team to take a part in the research process. Right from the start-ups in your industry to already established businesses, make sure to curate a list of all.
2. Know about your competitors with the help of your consumers
Customers are the best way to find out about competitors. Brands must create customer feedback forms and polls to know who their competitors are. Try to find out which other brands your customers prefer apart from yours and why. This will also give you a reason whether your product or service is on par with others.
3. See which brands come up for similar products and services
There will be several brands selling products and services similar to yours. Check with the help of keywords which brands pop up along with your own brand’s products and services.
4. Check who your target audience is following
You can come to know about your industry rivals by checking who your audience is following on social media. This will tell you in which areas they are better than you and where you can improve.
Here are a few more blogs to help you with competition tracking-