There are so many brands that likely equate success of social media according to their own development. Your viewers and followers have improved by 20%. Isn’t that great news! You are averaging 10% more reviews or comments for each post; very good! Actually is it? Even if all those numbers are the best, how do they measure up against other brands in your industry? Without any difficulty, you can reply to all these questions and somehow or other perform a competitive analysis on social media. Though you must be conscious about getting trapped in comparing yourself to others, an analysis of social media of competitors can offer you helpful insights into what effectively works in your business, some possible areas you could improve on and lots more.
The thing is, where do you start? Don’t worry, here we have shortlisted some simple yet effective steps that can help you to uncover social media strategies of your competitors.
How to Do a Competitive Social Media Analysis?
● Check Your Social Media Competition
● Collect Information
● Analyse Activity of Your Competitors
● Check Content of Their Website
● Use the Information
Worry about starting from the beginning? You can:
1. Check Your Social Media Opponents
First, check your competition on social media through research, finding and searching which platforms they are utilising. Expectantly, you already have an idea of your main opponents. But there is more to it. You wish to concentrate on the opponents that actively utilise social media promotion to develop their business. Believe it or not, there are some brands that flourish even without a social media presence.
Even though they do have Instagram, Twitter and Pinterest accounts, it is obvious that they do not spend money on marketing. Thus, when they are a business competitor, hot sauce brands are possibly superior looking compared to some other brands which are more capitalised when doing an analysis of social media competitors. The simplest method to find your opposition is online research. Doing research for keyword consumers is a great way to explore your business.
2. Collect Information
After you have shortlisted your competitors, another important step is to collect data. The procedure would be somewhat different for each specific platform. Take a careful look at how to evaluate your brand against the opposition. For obvious reasons, we go with Twitter, Facebook and Instagram as they are the most popular.
For Competitive Facebook Analysis, you can start by doing a review of the page of your competitor with the assistance of a Digital Marketing Malaysia or Social Marketing Malaysia Agency. Selecting an agency may save your time and give you broader results because agencies have years of experiences. Some of them even offer free social media consultancy, i.e. GoGetSpace.com.
You can always find an expert on their live chat for a consultancy. With the help of your agency, you will be capable of collecting in-depth information on your competitors’ social media platforms.
3. Analyse Activity of Your Competitors
You have collected the numbers, but you still need to look at how your opponent utilises each specific platform. It needs a manual analysis.
The main thing you need to look at is how dynamic is the competition. Here are few important questions that you should ask yourself:
● Last post time
● Time between each post
● Response to user’s comments
It is very simple to check how active brands are by replying to these three major questions.They have to post a minimum once every couple of days to be considered as active. After that, you have to look at the type of material your competitors publish. Precisely, you have to check out what proportion of their posts are advertising. Check the last 10 posts of each competitor and compute what proportion of them are advertising.
4. Check the Content of Their Website
The concluding part of your competitive analysis contains their business website. As you are aware, social media and content marketing are closely connected. As a result, there are so many companies that use blogs to generate content to be circulated on different social media platforms. Take a careful look at your opposition and check how some of them run their own blogs.
5. Utilise the Information
Now that you have analysed all the aforementioned information, you have to put it to use. Utilising your own social media analytics of your brand, you will be able to relate your profiles against your opponents. A series of your own company data is incorporated into a template.